HCL Tech Q2 Net Surges 7%, Declares Rs 10 Interim Dividend

Leading IT services company HCL Technologies Ltd has declared a 7% year-on-year surge in consolidated net profit to Rs 3,489 crore for the September quarter and raised the full-year revenue guidance. HCL Tech's net profit is declared at Rs 3,259 crore in the year-ago period.

The revenue for the three months ended September 30, 2022, came in at Rs 24,686 crore, 19.5 per cent higher than the same period the previous year, according to a PTI report.

The Board of Directors has declared an Interim Dividend of Rs. 10/- per equity share of Rs.2/- each of the Company for the Financial Year 2022-23. The Record date of October 20, 2022, fixed for the payment of the aforesaid interim dividend has been confirmed by the Board of Directors. The Payment date of the said interim dividend shall be November 2, 2022, as per HCL Tech's regulatory filing.

The company has increased its full-year revenue guidance to 13.5-14.5% year-on-year in constant currency terms, according to the company statement. The company has earlier projected 12-14% growth in revenue for the full year, added the
PTI report.

HCL Tech CEO C Vijayakumar said that the company's bookings and pipeline continue to be very strong which augurs well for our future growth.

"HCLTech has delivered yet another solid performance this quarter with revenue growing at 3.8% QoQ and 15.8% YoY in constant currency and EBIT at 18% up 93 bps QoQ. Our services business grew 5.3% QoQ and 18.9% YoY in constant currency, led by strong demand for Cloud, Engineering and Digital services. This is a validation of the strategic choices we made and the effectiveness of our operational framework. Our bookings and pipeline continue to be very strong, that augurs well for our future growth," said Vijayakumar.

The stock of HCL Tech gained 1.39% intraday. The last trading price of the stock is Rs 951 apiece with its 52-week high at Rs 1359 apiece and 52-week low at Rs 875 apiece, respectively.

The company has a market capitalisation of Rs 2,58,245.94 crore.

The stock has given a return of 107% in the last 5 years and 76% in the last 3 years. The stock has fallen 24% in the last 1 year. The large cap company operates in IT Software sector.