HCLTech has reported strong financial results for the third quarter of the fiscal year 2024. The company’s consolidated net profit witnessed a noteworthy 6 per cent year-on-year (YoY) increase, reaching Rs 4,350 crore for the quarter ending 31 December 2023, compared to Rs 4,096 crore in the corresponding period of the previous year.
The consolidated revenue for the quarter marked a 6.5 per cent YoY growth, totaling Rs 28,446 crore, up from Rs 26,700 crore in Q3 FY23.
Sequentially, the net profit surged by an impressive 13.51 per cent, attributed to a USD 50-million incremental revenue from the Verizon deal and additional income from the acquisition of Germany’s ASAP.
Deals
HCLTech also announced securing New Deal wins with a Total Contract Value (TCV) of USD 1,927 million. The company clinched a total of 18 large deals during the quarter, comprising six in services and 12 in software.
Dividend
The Board of Directors declared an interim dividend of Rs 12 per equity share.
Guidance
Despite the positive financial performance, HCLTech adjusted its revenue growth guidance for the full fiscal year 2024. The revised guidance now stands at 5-5.5 per cent YoY in constant currency terms, including the impact of the ASAP acquisition. This comes as a slight reduction from the previous quarter’s forecast of 5-6 per cent. The company’s Q1 revenue growth guidance was initially set at 6-8 per cent.
The company maintained its full-year margin guidance of 18-19 per cent for FY24, exceeding expectations with an operating margin of 19.8 per cent.
