HCL Tech Q4 Results: Net profit falls to Rs 2,962 crores in March quarter



News24

LAST UPDATED: April 24, 2021, 12:08 p.m.

New Delhi (Anish Yande): HCL Technologies announced its quarterly results for the March quarter. The shares of HCL Tech reached an intraday high of Rs 974.85 per share on Friday’s close. Shares of the IT firm declined by 1 percent ahead of the announcement of the quarterly results.

HCL Tech March quarter results:

The net profit of HCL Tech was recorded at Rs 3,982 crore in the December quarter of 2020. The consolidated profit declined to Rs 2,962 crore in the quarter ended March 2021.  HCL Tech’s profit declined by 25.6 percent. 

The decline in profits is attributed to wage hikes and a one-time bonus of over Rs 700 crore. The IT firm had announced a special one-time bonus for employees for marking surpassing the $10-billion revenue milestone in 2020. 

HCL Tech’s revenue was recorded at Rs 19,302 crore in the March 2020 quarter. The revenue from operations rose to Rs 19,642 crore, at an increase of 1.8 percent.

The digital business segment drove revenue for HCL Tech by 23.4%. The revenue rose by 25.2% on a year-on-year basis.

HCL Tech’s revenue for FY21 was recorded at Rs 75,379 crore, up 6.7 percent on a year-on-year basis. The IT firm’s revenue rose to Rs 19,642 crore, at an increase of 5.7%. 

HCL Tech FY21 results:

For the fiscal year 2021, the consolidated net profit of HCL Tech rose to Rs 13,011 crore, at an increase of 17.6%. The revenue of the IT firm increased to Rs 75,379 crore, at an increase of 6.7%.

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HCL’s Mode-2 and Mode-3 (digital services) recorded a growth of 18.8 percent and 11.8 percent respectively. 

C. Vijayakumar, the president and CEO of HCL Technologies has stated that the IT firm had secured new deals amounting to $3.1 billion in the March quarter. In FY21, HCL Technologies has signed new deals amounting to $7.3 billion.  

Prateek Aggarwal, the CFO of HCL Technologies stated that the company generated a strong operating cash flow of $2,602 million, at an increase of 49 percent on a year-on-year basis. 

HCL Technologies would be paying an interim dividend of Rs 6 per share and a special dividend of Rs 10 per share.

Image Credit: Google



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