HCL Tech net up 2.4% to 3,283 cr in Q1

Bengaluru: HCL Technologies on Tuesday posted a consolidated net profit of Rs 3,283 crore in the first quarter of current financial year, up 2.4 per cent over the same period of last fiscal. Total income of the IT major was at Rs 23,464 crore, which was 16.9 per cent higher than a year ago period. In dollar term, revenue in Q1 was at $3.02 billion. Revenue growth was up 2.7 per cent sequentially.

"We have started FY23 on a strong note with an overall growth of 2.7 per cent QoQ and 15.6 per cent YoY in constant currency. Our services business continues to have robust growth momentum, growing at 2.3 per cent QoQ and 19.0 per cent YoY in constant currency, driven by our digital engineering and digital application services with cloud adoption being a horizontal theme across all services and verticals", said C Vijayakumar, CEO & MD of HCL Technologies.

"Our new bookings grew 23.4 per cent YoY supported by a good mix of large and mid-sized deals and our pipeline remains near record high. Our operating margin came in at 17.0 per cent. We have put in place the right measures that will improve our profitability going forward," he added.

In the first quarter ended March 2022, TCV was at $2.05 billion, registering 23.4 per cent growth over the same period of last fiscal. Out of the total deal wins, services segment contributed $1.95 billion with seven net new large services deal wins. Products TCV was at $104 million with nine net new large product deal wins.

Operating margin of the company was at 17 per cent for the first quarter, a fall of 410 basis points over preceding quarter.