IT Major HCL Tech Q1 Net Profit Soars 7.6%, Declares Dividend

HCL Technologies Ltd. recorded a net profit of Rs. 3,534 Crore in the first quarter of the current financial year 2023-24. The company's net profit jumped 7.6% year over year (YoY) in the first quarter of its financial year, which concluded on June 30. However, sequentially, net profit decreased by 11.2% as a result of ramp-downs in transactions in industries like hi-tech and telecom.

In comparison to Q1FY23, the quarter's total revenue increased by 12% YoY to Rs 26,296 crore from Rs 23,464 crore.

The company retained its guidance of 6-8% constant currency revenue growth for FY24, and operating margin at 18-19%.

For the fiscal year 2023-2024, the board of directors of HCL Tech declared an interim dividend of Rs. 10 per equity share.

"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 2023-24," the Board of Directors of HCL tech said in an exchange filing.

It added, "The Record date of July 20, 2023 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 August 1, 2023."

Meanwhile, the shares of HCL Tech closed 0.42% down at Rs 1110.05 with an intraday high of Rs 1124.15 and an intraday low of Rs 1103 on BSE. Stock declined 0.08% in 1 week. In 1 year, it jumped 21.35%. While in 3 and 5 years, it jumped 78.70% and 78.92%, respectively.