HCL Tech Q2 net profit up 8.6%; maintains FY18 revenue outlook | business-news | Hindustan Times
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HCL Tech Q2 net profit up 8.6%; maintains FY18 revenue outlook

The company maintained its 2017-18 revenue growth forecast at 10.5-12.5 per cent in constant currency terms.

business Updated: Oct 25, 2017 10:55 IST
A view of the HCL Technologies Ltd office in Noida.
A view of the HCL Technologies Ltd office in Noida.(Mint)

India’s fourth largest software firm HCL Technologies on Wednesday reported a net profit of Rs 2,188 crore for the quarter ended September 30, 2017, up 8.6 per cent over the year-ago period.

The company maintained its 2017-18 revenue growth forecast at 10.5-12.5 per cent in constant currency terms.

HCL Tech’s revenue stood at Rs 12,434 crore during the second quarter of FY2017-18, about 7.9 per cent higher than the same period previous year.

“This quarter marks the end of H1 (first half) of FY-18 which has seen us deliver a strong broad-based growth across businesses,” C Vijayakumar, the president & CEO of HCL Technologies Ltd, said in a statement.

He said that the company’s mature verticals like manufacturing and financial services, which together account for 60 per cent of the revenue, grew at 21.9 per cent and 14.2 per cent respectively, during the quarter.

“Our top 20 customers have grown faster than the company average, reflecting the strong performance of our client partner program,” Vijayakumar added.

In dollar terms, the net profit came in at $ 339 million for July-September, up 0.7 per cent sequentially and 12.6 per cent over same period previous year. The dollar revenue at $ 1928 million was 2.3 per cent higher sequentially and 11.9 per cent increase over the year ago period.

HCL Tech chairman & chief strategy officer Shiv Nadar said the company with its “responsible and responsive leadership and a focus on good Corporate Governance, Sustainable Business Model and Value Centric offerings”, continues to deliver value to its stakeholders.