HCL Technologies (HCLTech) on April 26 reported a net profit of INR 3,986 crore in Q4FY24 as against INR 3,983 crore in the year-ago period. The IT firm declared an INR 18 dividend.

The company posted a 7.1% increase in revenue at INR 28,499 crore in Q4FY24 as compared to INR 26,606 crore in the year-ago period. It was lower than Street's estimates of INR 4,080 crore.

On April 26, HCLTech's shares on BSE closed 1.8% lower at INR 1,477 apiece.

"HCLTech continues to lead the industry in FY24 with good USD revenue growth of 5.4% YoY during challenging times through our strong commitment to our clients and our people. More importantly, we have translated this growth into even higher value creation for our shareholders with our OCF coming at USD 2,711 Million, up 21.6% YoY and FCF at USD 2,584 Million, up 27.7% YoY. As we look ahead, global enterprise technology spending will only grow with the adoption of AI. We are well positioned to capitalize with our AI-led propositions, Global delivery model and ideal mix of technology services and products," said C Vijayakumar, CEO & Managing Director, HCLTech.

The IT firm also announced an interim dividend of INR 18 per share of INR 2 face value. May 7, 2024, has been fixed as the record date for payment of the interim dividend.

The profit after tax was down 8% on a quarter-on-quarter basis versus INR 4,351 crore reported in the October-December period. The consolidated revenue from operations was reported at INR 28,499 crore, up 5.3% from INR 27,059 crore in Q4FY23.

Full-year revenue came in at INR 109,913 crores, growing 8.3% YoY. This was a 5% growth YoY in constant currency terms, in line with the company’s guidance of 5-5.5% growth.

“HCLTech’s FY24 performance underlines the resilience of our business model with Revenue at INR 1,09,913 crore, growing 8.3%. We delivered this industry-leading growth with EBIT at 20,027 Crore, up 8.4%. Net Income (NI) for the year came in at INR 15,702 crore, up 5.7%, translating to an EPS of INR 57.86. Our Board is pleased to declare INR 18 per share as the dividend for the quarter, bringing the total to INR 52 per share for FY24, which is 90% of the EPS. Our razor-sharp focus on cash generation resulted in OCF/NI coming at 143% and FCF/NI at 136%. We continue to expand ROIC, with the company’s ROIC up 341 bps YoY at 33.8% and Services’ ROIC up 430 bps YoY at 41.6%," said Prateek Aggarwal, Chief Financial Officer, HCL Tech.

HCL Tech shares price closed 1.8% lower at INR 1,477 on April 26, 2024, on the Bombay Stock Exchange (BSE).

HCL Technologies Limited formerly Hindustan Computers Pvt. Limited, is an Indian multinational information technology (IT) consulting company headquartered in Noida. Founded by Shiv Nadar, it was spun out in 1991 when HCL entered the software services business. The company has offices in 52 countries and over 225,944 employees.

Article Source – HCL Tech, MoneyControl

HCL Technologies (HCLTech) on April 26 reported a net profit of INR 3,986 crore in Q4FY24 as against INR 3,983 crore in the year-ago period. The IT firm declared an INR 18 dividend.

The company posted a 7.1% increase in revenue at INR 28,499 crore in Q4FY24 as compared to INR 26,606 crore in the year-ago period. It was lower than Street's estimates of INR 4,080 crore.

On April 26, HCLTech's shares on BSE closed 1.8% lower at INR 1,477 apiece.

"HCLTech continues to lead the industry in FY24 with good USD revenue growth of 5.4% YoY during challenging times through our strong commitment to our clients and our people. More importantly, we have translated this growth into even higher value creation for our shareholders with our OCF coming at USD 2,711 Million, up 21.6% YoY and FCF at USD 2,584 Million, up 27.7% YoY. As we look ahead, global enterprise technology spending will only grow with the adoption of AI. We are well positioned to capitalize with our AI-led propositions, Global delivery model and ideal mix of technology services and products," said C Vijayakumar, CEO & Managing Director, HCLTech.

The IT firm also announced an interim dividend of INR 18 per share of INR 2 face value. May 7, 2024, has been fixed as the record date for payment of the interim dividend.

The profit after tax was down 8% on a quarter-on-quarter basis versus INR 4,351 crore reported in the October-December period. The consolidated revenue from operations was reported at INR 28,499 crore, up 5.3% from INR 27,059 crore in Q4FY23.

Full-year revenue came in at INR 109,913 crores, growing 8.3% YoY. This was a 5% growth YoY in constant currency terms, in line with the company’s guidance of 5-5.5% growth.

“HCLTech’s FY24 performance underlines the resilience of our business model with Revenue at INR 1,09,913 crore, growing 8.3%. We delivered this industry-leading growth with EBIT at 20,027 Crore, up 8.4%. Net Income (NI) for the year came in at INR 15,702 crore, up 5.7%, translating to an EPS of INR 57.86. Our Board is pleased to declare INR 18 per share as the dividend for the quarter, bringing the total to INR 52 per share for FY24, which is 90% of the EPS. Our razor-sharp focus on cash generation resulted in OCF/NI coming at 143% and FCF/NI at 136%. We continue to expand ROIC, with the company’s ROIC up 341 bps YoY at 33.8% and Services’ ROIC up 430 bps YoY at 41.6%," said Prateek Aggarwal, Chief Financial Officer, HCL Tech.

HCL Tech shares price closed 1.8% lower at INR 1,477 on April 26, 2024, on the Bombay Stock Exchange (BSE).

HCL Technologies Limited formerly Hindustan Computers Pvt. Limited, is an Indian multinational information technology (IT) consulting company headquartered in Noida. Founded by Shiv Nadar, it was spun out in 1991 when HCL entered the software services business. The company has offices in 52 countries and over 225,944 employees.

Article Source – HCL Tech, MoneyControl