HCL Tech Q4 net Declines 9.8% to Rs 2,230 cr

The country's fourth largest software services firm, HCL Technologies has posted a 9.8 per cent decrease in consolidated net profit at Rs 2,230 crore for the quarter ended March 2018 compared to its previous year earnings.

The IT firm had recorded a net profit of Rs 2,474 crore in the January-March 2017 quarter as per Indian Accounting Standards (Ind AS), HCL said in a BSE filing.

The company's total income was up 2.2 per cent to Rs 13,480 crore in the quarter under review from Rs 13,183 crore in the corresponding quarter last year, it added.

For 2017-18, net profit was up 1.3 per cent to Rs 8,722 crore, while total income grew by 6.4 per cent to Rs 51,786 crore from the previous financial year.

HCL Technologies expects its revenues to grow between 9.5-11.5 per cent on constant currency basis in the fiscal 2018-19.

HCL Technologies President and CEO C Vijayakumar said, "We conclude the fourth quarter and the financial year 2018 with an industry-leading performance backed by broad-based growth across verticals, robust client additions and accelerated revenues from mode 2 and 3 services.”

He added that the company remains confident of the new fiscal in light of the increasing relevance of the business offerings coupled with strategic investments in technologies of the future.

During the quarter, HCL signed 15 transformational deals, led by verticals of financial services, manufacturing, public services, life sciences and healthcare.

At the end of March 2018, HCL had 1.2 lakh employees with a gross addition of 8,476 people. Its attrition for IT services (on last 12-month basis) was at 15.5 per cent.

The board of directors has declared an interim dividend of Rs 2 per equity share.