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HCL Tech posts 13.6%  decline in Q3 net profit

IT services major HCL Technologies posted a 13.6% year on year decline in net profit for Q3 at Rs 3,442 crore on revenue of Rs 22,331 crore, 15.7% higher from Q3FY21.

Published: 15th January 2022 07:39 AM  |   Last Updated: 15th January 2022 07:39 AM   |  A+A-

HCL Logo (Photo | hcltech.com)

By Express News Service

MUMBAI:  IT services major HCL Technologies posted a 13.6% year on year decline in net profit for Q3 at Rs 3,442 crore on revenue of Rs 22,331 crore, 15.7% higher from Q3FY21.The company declared an interim dividend of Rs 10 per share for the third quarter. 

The company attributed the fall in Q3 net to higher PAT of Rs 438 crore for the year-ago quarter due to reversal of prior years’ tax provision after the change in the method of calculating tax deduction, excluding which PAT for Q3FY22 was down by 2.9% in rupee terms. 

Operating profit (before interest, tax, depreciation) for Q3FY22 declined 3.7% from a year ago to Rs 5,242 crore. However, the company reported q-o-q revenue growth at 7.6% in constant currency, the highest in the past 12 years. 

The company has guided for revenue growth in double digits and EBIT margin between 19% and 21% for the current fiscal year (FY22). “We have delivered an all round stellar performance this quarter with a revenue growth of 7.6% in constant currency QoQ, the highest recorded in the last 46 quarters,” said C Vijayakumar, CEO & MD, HCL Tech. “.....Our future looks bright as we had a very strong net new booking of $ 2.1 bn, a 64% YoY increase.”



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