HCL Tech Q3 results updates, on January 12 reported a 20 percent rise in its consolidated net profit for the quarter ended December 2022 (Q3FY23) at Rs 4,096 crore as against Rs 3,442 crore a year back.
Its consolidated revenue from operations increased 19.61 percent to Rs 26,700 crore against Rs 22,321 crore in the corresponding quarter last year, the company said in an exchange filing.
The numbers beat estimates as according to a poll of brokerages, consolidated revenue was expected to come in Rs 26,026 crore, up 16.6 percent year-on-year (YoY) growth, while consolidated profit after tax (PAT) was estimated to increase 10.6 percent YoY to Rs 3,796 crore.
Revenue in terms of constant currency was up 5 percent sequentially and 13.1 percent year-on-year (YoY).
The company said it won 17 large deals during the quarter – seven in the services segment and 10 in software. The total contract value (TCV) of new deal wins was at $2.35 billion, up 10 percent YoY.
The last twelve-month attrition rate – a measure of employees leaving the company voluntarily – was at 21.7 percent down from 23.8 percent in the September quarter and higher than 19.8 percent in the December quarter last year.The company overall added 2,945 employees during the quarter, taking the total headcount to 2,22,270. It also added 5,892 freshers during the quarter.
On Thursday, HCL Tech scrip closed 1.68% higher at ₹1,072.50 apiece on the NSE. The IT stock has declined more than 21% in a year’s period.
Management View on Hcl tech Q3 Results ?
“We are committed to bringing together the best of technology and our people to supercharge progress for clients in their digital transformation journeys. And we continue to execute our strategy by aligning to the highest standards of governance and transparency,” said HCL Tech Chairperson Roshni Nadar Malhotra.
Providing guidance for FY23, the company said revenue is expected to be between 13.5-14 percent YoY in constant currency. Services revenue is expected to be 16-16.5 percent YoY in constant currency. It said the EBIT margin will likely narrow to 18-18.5 percent.