HCL Tech Q1 net slips 8.2%

New Delhi: IT services major HCL Technologies on Wednesday reported an 8.2% fall in consolidated net profit to Rs 2,230 crore for the June quarter, and said it was "cautiously optimistic" about growth in the ongoing fiscal.

HCL Technologies' net profit stood at Rs 2,431 crore in the year-ago period, as per the Indian Accounting Standards (Ind-AS). Its revenue from operations rose 18.3% to Rs 16,427 crore in the June quarter from Rs 13,878 crore a year ago.

The company has maintained its forecast of FY2020 revenue growth to be between 14-16% in constant currency terms.

HCL Technologies' performance in the June quarter continues to be better than that of rival Wipro that clocked 8.9% rise in revenue from operations to Rs 15,006.3 crore in the June 2019 quarter.

Larger rivals Tata Consultancy Services and Infosys logged a revenue growth of 11.4% (to Rs 38,172 crore) and 14% (to Rs 21,803 crore), respectively.

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Free Press Journal