HCL Tech Q4 net dips 6% to ₹2,962 crore

IT firm HCL Technologies on Friday posted a 6.1 per cent decline in consolidated net profit to ₹2,962 crore for the March quarter.

The Noida-headquartered firm has also announced a special interim dividend of ₹10 per share to mark the ₹10 billion annual revenue milestone.

The IT major had registered a net profit of ₹3,154 crore in the January-March 2020 quarter, HCL said in a regulatory filing.

Including the impact of a one-time milestone bonus, the company’s net profit for March 2021 quarter was at ₹2,387 crore.

Its revenue grew 5.65 per cent to ₹ 19,642 crore in the quarter, from ₹18,590 crore in the corresponding quarter last year, as per US GAAP.

For FY21, HCL Tech’s consolidated net profit increased 17.6 per cent to ₹13,011 crore, while revenue grew 6.7 per cent to ₹75,379 crore from the previous financial year.

The company expects its FY22 revenue to grow in double-digits in constant currency.

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Revenue in dollar terms

In dollar terms, net income declined 5.1 per cent to USD 410 million, while revenue grew 6 per cent to USD 2,696 million in the March 2021 quarter over the year-ago period.

For FY21, net income grew 13.2 per cent to USD 1,760 million and revenue was up 2.4 per cent to USD 10,175 million over the previous fiscal.

“We have posted a robust Q4 FY’21 sequential constant currency revenue growth of 2.5 per cent. Our FY’21 Revenue stands at USD 10.175 billion, a growth of 2.4 per cent year-on-year and a net income growth of 13.2 per cent y-o-y (ex milestone bonus),” HCL Technologies President and CEO C Vijayakumar said.

The company has also registered the highest-ever new deal booking this quarter of USD 3.1 billion with an all-time high exit pipeline, he added.

“The booking and pipeline represent a well-balanced mix of service lines, geographies and industries…With these solid financials, a passionate employee family and a business model that has consistently proven itself for its resilience and relevance, we step confidently into FY’22,” he said.

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HCL won 19 new large deals in the fourth quarter across industry verticals.

The company has declared a dividend of ₹6 per share. In addition, the Board has declared a special interim dividend of ₹10 per share to mark the company crossing the USD 10 billion milestone in revenue.

With a total interim dividend at ₹16 per share, the company’s total dividend for the year is at ₹26 per share.