HCLTech Q1 net profit up 20% y-o-y at ₹4,257 crore

Noida-based information technology giant, HCL Technologies (HCLTech), on Friday reported a consolidated net profit of ₹4,257 crore for the first quarter (Q1) ended June, up 20.4 per cent year-on-year, compared with ₹3,534 crore in the corresponding period last year.

Consolidated revenue for the quarter in review rose 6.6 per cent y-o-y to ₹28,057 crore.

The Board of Directors declared an interim dividend of ₹12 per equity share of ₹2 each for the financial year 2024-25. The company has a fixed record date of July 23 for the payment of the interim dividend, the company said, adding that the payment date of the said interim dividend will be August 1.

• Also read: HCLTech Q4 FY24 net profit flat at ₹3,986 crore

‘Well placed’

“With our future-ready portfolio, we are well placed to tap emerging opportunities led by GenAI. We remain committed to doing business sustainably and responsibly as we continue to supercharge progress for our clients,” Roshni Nadar Malhotra, Chairperson, HCLTech, said.

As of June 30, the headcount of the company was 2,19,401 people, compared with 2,23,438 people in June 2023.

“Our Q1 revenue and EBIT performance was slightly better than our expectations. We clocked in $2 billion TCV of new business bookings. We are confident of decent growth in the coming quarters, positioning us well to deliver our revenue guidance for the year as clients continue to spend on GenAI and other emerging technologies,” C Vijayakumar, Chief Executive Officer and Managing Director, HCLTech said.

During the quarter, the company won 22 deals worth over $100 million, compared with 20 deals in the same quarter last year.

Meanwhile, during its meeting, the Board also approved the reconstitution of the Board Committees, considering the end of the term of five Independent Directors on August 5.

For instance, S Madhavan would cease to be the Member and Chairperson, and Robin Abrams would cease to be the Member of the Audit Committee and the Risk Management Committee, on cessation of their respective terms as independent directors.

“With effect from August 5, the AC and the RMC would comprise Deepak Kapoor, Bhavani Balasubramanian, Nishi Vasudeva, and Thomas Sieber, all being Independent Directors. Deepak Kapoor would be the Chairperson of both the Committees (AC and RMC) with effect from the said date,” the company added.

Shares of HCLTech closed at ₹1,560.40 apiece on the BSE on Friday, up 3.20 per cent from the previous close.