BENGALURU: HCLTech on Friday posted a 6.2% year-on-year (YoY) increase in consolidated net profit for the December quarter at Rs 4,350 crore. The company had posted a net profit of Rs 4,096 crore in the year-ago period.
The company’s revenue for the quarter stood at Rs 28,446 crore, up 6.5% YoY. The company won 18 large deals- six in services and 12 in software- in the third quarter. Its new deal wins stood at $1,927 million. C Vijayakumar, CEO and MD, HCLTech said the company has delivered an operating margin of 19.8%, a 126 bps improvement sequentially and 16 bps improvement YoY.
“We are quite excited about the strategic progress HCLSoftware has made over the last year, delivering 5% YoY CC revenue growth with a significant increase in subscription and support revenue and consistently growing annual recurring revenue,” Vijayakumar said.
He said the company is continuing to invest in AI, specifically Gen AI as well as cloud native capabilities across its products and services to address evolving client needs. Prateek Aggarwal, CFO, HCLTech, said the company’s services revenue has crossed a milestone of $12 billion (Rs 1 lakh crore) on a run rate basis. The company has added 3,818 freshers and its attrition rate stood at 12.8%. HCLTech expects its constant currency revenue growth for FY24 including ASAP acquisition to be between 5% and 5.5% y-o-y.
Its EBIT margin is expected to be between 18% and 19%. The company’s net headcount also increased by 3,617 in the December quarter. The Board of Directors has declared an interim dividend of `12 per equity share and the record date of January 20 is fixed for the payment.
“The payment date of the said interim dividend shall be January 31, 2024,” it said in a filing. The company also announced the appointment of Bhavani Balasubramanian as an Independent Director with effect from January 12, 2024.A Chartered Accountant by qualification, Bhavani has over four decades of experience in auditing a variety of clients, including listed companies and multinationals across different industries, the company said.