HCL Technologies Q2 Results FY2024, Net profit at Rs. 3833 crores

On 12th October 2023, HCL Technologies announced its quarterly results.

Key Highlights:

- The company reported revenue from operations at Rs. 26,672 crore, up by 8% YoY. Revenues in CC terms grew by 2.5% YoY and 2.3% QoQ
- Profit before tax for the quarter ended September 30, 2023 was Rs.5128 crores
- Profit after tax for the quarter ended September 30, 2023 was Rs.3833 crores.
-  Large deal TCV for the quarter was $ 3969 million, with net new of 48%.
- Attrition at 14.2%.

Segment Highlights:

- Industry segment growth was led by Financial services which grew by 20.6%, Manufacturing which grew 19.3% and Life Sciences & Healthcare which grew 16.5%. Telecommunications, Media and Publishing Entertainment grew by 9.2%, Technology and Services grew by 15.1% andPublic Services by 10.2%
- Among major markets, America grew 64.8% and Europe grew 27.5%. Rest of the World grew 7.7%. 

Key Deals Won:

- Verizon Business select HCL Tech as its Managed Network Services (MNS) collaborator
- Siemens AG selected HCL Tech to modernize its IT Landscape worldwide and power cloud-led digital transformation.
- A US-based financial services company partnered with HCL Tech to expand its scope of data services with the insurance division.
-  A Europe-based global automative technology company selected HCL Tech to transform the workplace experience for its employees through next-gen digital technologies.

Commenting on the results,  C Vijayakumar, CEO and MD, HCL Tech said: “Our revenue-growth of 1% QoQ and 3.4% YoY on a constant currency basis, with a 154 bps QoQ improvement in operating margin and improving cashflows, reflect our ability to execute well in an evolving business environment and our commitment to operational efficiency. Our new bookings of US$ 4 Bn this quarter is at an all-time high, driven by a standout mega deal. This achievement underscores our ability to seize exceptional opportunities in the market and gives us optimism for our medium-term growth prospects."