HCL Tech net profit rises to 7% to INR 3,489 Crs in Q2

The IT industry powerhouse HCL Technologies, now known as HCLTech, declared its consolidated net profit for the three months ended September 2022 grew 7.05 percent to Rs 3,489 crore from Rs 3,259 core reported a year earlier, to Rs 3,489 crore, on October 12. According to a stock exchange statement, operating revenue was Rs 24,686 crore, an increase of 19.5% over Rs 20,655 crore the previous year. From Rs 23,464 crore, revenue increased sequentially by 5.2 percent quarter over quarter (QoQ). Compared to Rs 3,283 crore in the preceding quarter, profit increased by 6.27 percent.

The results exceeded expectations. Brokerages surveyed by Moneycontrol predicted that revenue would rise by 3.4 percent, helped by rupee depreciation, while net profit would improve by 2.7 percent sequentially. HCLTech claimed to have secured 11 sizable contracts, 8 for services and 3 for goods. The total contract value of the new business wins was $ 2,384 million, up 6 percent annually and 16 percent quarter over quarter. According to C Vijayakumar, CEO & Managing Director of HCLTech, “Our bookings and pipeline continue to be quite robust, which augurs well for our future development.” These demonstrate our ongoing efforts to improve results for all of our stakeholders.

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