HCL Tech Q4FY21 Results: Profit falls 26% QoQ to Rs 2,962 crore

Information technology major HCL Technologies has reported a 25.6 per cent quarter-on-quarter (QoQ) fall in its consolidated net profit to Rs 2,962 crore for the quarter ended March 31, 2021. Profit in the December quarter of 2020 was at Rs 3,982 crore. The profit was dented by wage hikes and a one-time bonus of over Rs 700 crore.

The company's consolidated revenues, however, grew 1.8 per cent to 19,642 in Q4FY21 as compared to Rs 19,302 crore posted in the previous quarter. Sequentially, EBIT fell 9.9% to Rs 3,980 as compared to Rs 4,416 crore. The EBIT margin declined to 20.4% in Q4FY21 as compared to 22.9% posted in Q3FY21.

IT services company HCL Technologies on April 22 reported a 25.6 per cent sequential decline in consolidated profit at Rs 2,962 crore for the quarter ended March 2021, dented by wage hikes and a one-time bonus of over Rs 700 crore.

The ongoing COVID-19 pandemic has drastically changed our world – society at all levels, businesses around the globe, and our own individual lives, as well as those of families, friends, and colleagues. In the past year, we have worked relentlessly to respond to the disruption of the pandemic, a sign of the tenacity of the human spirit," said Shiv Nadar, Chairman & Chief Strategy Officer, HCL Technologies Ltd.

"We have posted a robust Q4FY21 sequential constant currency revenue growth of 2.5 per cent. Our FY21 Revenue stands at the US $ 10.175 B, a growth of 2.4 per cent YoY and a Net income growth of 13.2 per cent YoY (ex milestone bonus)," said, C Vijayakumar, President & CEO, HCL Technologies Ltd, He added, "We also registered the highest ever New deal booking this quarter of US $ 3.1 B with an all-time high exit pipeline."

Besides, the board has declared a dividend of Rs 6 per share, being the 73rd consecutive quarter of dividend pay-out. Also, the board has declared a Special Interim Dividend of Rs 10 per share as a milestone to mark the Company crossing the $10 Billion milestones. The total interim dividend is Rs 16 per share, bringing up the total for the year to Rs 26 per share.

As of March 31, 2021, HCL's full-time headcount is 1,68,977. HCL's gross hiring was 44,695 globally for the year ending March 2021. As of March 31, 2021, localization in the US is 70.4 per cent.