HCL Tech Q4 Net Profit Slips 2.8 Percent to Rs. 1,783 Crores

HCL Tech Q4 Net Profit Slips 2.8 Percent to Rs. 1,783 Crores
India's fourth-largest software services firm HCL Technologies on Monday reported a 2.8 percent decline in its consolidated net profit at Rs. 1,783 crores for the fourth quarter ended June 30, 2015.

The company had posted a net profit of Rs. 1,834 crores in the year-ago period, it said in a statement. However, its consolidated revenues rose 16.1 percent to Rs. 9,777 crores in April-June as against Rs. 8,424 crores in the same period last year as per US GAAP accounting.

The firm follows July-June as the fiscal year. Commenting on the performance, HCL Technologies President and CEO Anant Gupta said: "HCL has yet again posted a broad-based performance for the financial year led by a robust revenue growth of 15.1 percent last 12 months (LTM) year-on-year and 2.9 percent sequentially in constant currency."

All verticals posted strong double-digit performance in 2014-15 and industry-leading growth in the US and Europe with 14 percent and 18.7 percent Y-o-Y constant currency growth, respectively, on an LTM basis, he added.

"FY15 also saw us signing of 58 transformational engagements with more than $5 billion (roughly Rs. 31,970 crores) of total contract value," he said.

These bookings saw significant momentum driven by next-gen IT outsourcing, engineering services outsourcing, digital, and modern apps deals.

These engagements reflected a broad-based spread across verticals, service lines and geographies.

For the full year ended June 30, 2015, its net profit moved up 13.9 percent to Rs. 7,254 crores as against Rs. 6,369 crores in the previous fiscal. Revenues rose 12.6 percent to Rs. 37,061 crores during the year compared with Rs. 32,917 crores in 2013-14. In US dollar terms, HCL Technologies reported an 8.8 percent decline in net profit for the June quarter to $278.7 million (roughly Rs. 1,782 crores) as against $305.4 million (roughly Rs. 1,952 crores) in the corresponding period a year earlier.

Its revenues rose 9.3 percent to $1.53 billion (roughly Rs. 9,783 crores) from $1.40 billion (roughly Rs. 8,951 crores). For the fiscal, net profit was up 12.2 percent at $1.16 billion (roughly Rs. 7,416 crores) while revenue grew 11.1 percent to $5.95 billion (roughly Rs. 38,043 crores) in 2014-15. HCL's cash and cash equivalents, investments and borrowings at the end of June 2015 stood at Rs. 1,352 crores. Its total headcount was recorded at 106,107 with the gross addition of 9,448 people.

The company announced a dividend of Rs. 5 per share, its 50th consecutive quarter of dividend payout. The stock was trading at Rs. 955.20, down 4.15 percent, on BSE.


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Further reading: HCL, India, US
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