HCL Tech net profit increases 8% yoy to Rs 3,534 crore in Q1FY24, revenue rises 12%

IT services company HCL Technologies announced its quarterly results on Wednesday and reported a nearly 8% yoy rise in consolidated net profit for the June quarter to Rs 3,534 crore. 

IT major's consolidated revenue grew 12% yoy to Rs 26,296 crore.

In a board meeting, the Board of Directors has also declared an interim dividend of Rs 10 per equity share of Rs 2 each of the company for the Financial Year 2023-24," the company said in a regulatory filing on Wednesday.

On registering strong quarter numbers, the company further informed that in the quarter, it has bagged 18 large deals with total deal wins worth $1.6 billion. The deal pipeline remained at an all-time high, growing 18% sequentially and 26% YoY.

During the quarter, HCL Technologies saw high double-digit YoY growth in its leading verticals financial services, manufacturing, lifesciences, and healthcare, fueled by large deals.

Commenting on the strong quarter results, C Vijaykumar, CEO and MD said, “In Q1FY24, our revenue and people strength sequentially moderated in line with the demand environment.”

Source: Media Reports