BENGALURU: HCLTech on Thursday reported a 9.8% increase in its consolidated net profit to Rs 3,832 crore for the second quarter (Q2FY24) as compared to the year-ago period.
The company had reported Rs 3,489 crore net profit in the corresponding period last year.
The company’s revenue for the second quarter stood at Rs 26,672 crore, up 8% year-on-year (YoY). The company has won 16 large deals in the second quarter.
Roshni Nadar Malhotra, Chairperson of HCLTech, said they continue to execute well in a challenging business environment.
C Vijayakumar, CEO and MD of HCLTech, said, “Our revenue growth of 1.0% quarter-on-quarter (QoQ) and 3.4% YoY on a constant currency basis, with a 154 bps QoQ improvement in operating margin and improving cashflows, reflect our ability to execute well in an evolving business environment and our commitment to operational efficiency. Our new bookings of $ 4 billion this quarter is at an all-time high, driven by a standout mega deal.”
He also said there is no business impact in Israel and that it employs about 100 people there. The CEO said the company continues to have a strong run in financial services.
HCLTech has a fresher hiring target of 10,000 for FY24. HCLTech’s total headcount at the end of September quarter stood at 2,21,139, a decline of 2,299 employees.
It has added 3,630 freshers. Its attrition eases at 14.2%.
The company also expects its organic revenue growth in FY24 to be between 4.0% and 5.0% YoY in CC. Its services organic revenue growth is expected to be between 4.5% and 5.5% yoy in CC.
EBIT margin is expected to be between 18% and 19%.
The Board of Directors has declared an interim dividend of Rs 12 per equity share, and the record date of October 20, 2023 has been fixed for the payment.
Prateek Aggarwal, CFO, HCLTech said EBIT margins increased to 18.5% an increase of 50 bps YoY. The executives also said that it expects very healthy sequential organic growth in its services business.
No business impact in Israel due to conflict
Roshni Nadar Malhotra said there is no business impact in Israel and that it employs about 100 people there. he said the company continues to have a strong run in financial services. HCLTech has a fresher hiring target of 10,000 for FY24. HCLTech’s total headcount at the end of September quarter stood at 2,21,139, a decline of 2,299 employees.