HCL Technologies, India’s third-largest IT services firm, witnessed a nearly 3% surge in its shares as it reported a 6.23% year-on-year (YoY) growth in net profit for the third quarter of the current financial year. The net profit stood at Rs 4,351 crore, demonstrating a sequential increase of 13.51%.
Despite facing challenges like higher-than-expected furloughs, particularly in the BFSI and hi-tech sectors, HCLTech’s performance remained robust. The positive results were attributed to a $50-million incremental revenue from the Verizon deal and additional income from Germany’s ASAP post-acquisition.
The consolidated revenue for the quarter showed a significant 6.54% YoY growth, reaching Rs 28,446 crore, surpassing Moneycontrol’s estimates of Rs 26,026 crore. However, recognizing the evolving landscape, the company adjusted its revenue growth guidance for the full year FY24 from the previous quarter’s 5-6% YoY in constant currency terms to the current 5-5.5%, inclusive of the ASAP acquisition. Notably, the initial Q1 revenue growth guidance was 6-8%.
As of 10:33 am, HCL Tech shares continued their positive trajectory, surging 2.54% higher at ₹1,579.95. The market responded favorably to the company’s resilience and strategic moves amid the evolving business landscape.
