HCL Tech Q4 FY18 results: Net profit slips 10% to Rs 2,230 crore; misses Street estimates

HCL Technology, country's fourth largest software services firm, on Wednesday reported a 9.86 per cent year-on-year drop and 7.46 per cent quarter-on-quarter rise in consolidated net profit at Rs 2,230 crore for the March quarter, below Street's expectations.  The IT firm had reported a net profit of Rs 2,075 crore in the December quarter of financial year 2017-18 and Rs 2,474 crore in the corresponding quarter of last year. 

Revenue from operations rose 2.2 per cent to Rs 13180 crore. The company said it expected revenue in the current year to rise 9.5 per cent-11.5 per cent in constant currency terms.

Net income came in at Rs 2,227 crores, a jump of 1.5 per cent QoQ.

“We conclude the fourth quarter and the financial year 2018 with an industry-leading performance backed by broadbased growth across verticals, robust client additions and accelerated revenues from Mode 2 and 3 Services. Our
quarterly revenues have exceeded the $2 billion mark while our YoY revenues grew by 10.5 per cent YoY," said C Vijayakumar, President & CEO, HCL Technologies.

"We remain confident of the new Fiscal in light of the increasing relevance of our business offerings coupled with our strategic investments in technologies of the future," he added.

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HCL Tech Board also declared the interim dividend of Rs 2 per equity share of Rs each of the company for the financial year 2018-19.

"The Board of Directors has fixed May 10, 2018 as the Record Date for determining the entitlement of the shareholders to the aforesaid interim dividend. The Payment date of the said interim dividend shall be May 17, 2018," the company said in a press release.