HCL Tech Q2 FY24 Results: Attrition decreases to 14.2%, net profit rises 9.8% YoY

HCL Tech’s Q2 results FY24 reported a remarkable increase in the net profit with an overall reduction in the attrition.

In its Q2 financial results for the fiscal year 2023-24, HCL Technologies (HCL Tech) revealed a notable reduction in attrition and a YoY growth in net profit. HCL Tech shared good news about its team. The attrition rate, which measures how many people leave, dropped to 14.2% in the September quarter. This is much better than last year when it was 23.8%. Even compared to the June quarter of this year, where it was 16.3%, it’s an improvement.

The total number of people working at HCL Tech was 2,21,139 in September 2023, showing a decrease of 2,299 employees during the quarter. Even with this decrease, the company hired 3,630 new employees in the same time. In June 2023, the total number of employees was 2,23,438, and they hired even more new people compared to the previous quarter.

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HCL Tech reported a noteworthy 9.8% YoY rise in its net profit, reaching ₹3,832 crore in the September quarter, compared to ₹3,489 crore in the corresponding period last year, this shows that company did well in making deals, showing it can handling challenges in the IT sector. HCL Tech, keeping up with its tradition of paying dividends, announced an interim dividend of ₹12 per share for the financial year 2023-24.

The record date for this dividend is October 20, and if the Board of Directors approves, the payment will be made on October 31, 2023.Roshni Nadar, who leads HCL Tech, shared her happiness about how well the company is doing despite challenges in the business world. She also mentioned the company’s commitment to fighting climate change through initiatives like HOLTech Grant Americas, expanding their efforts for global sustainability.