HCL Tech’s announces Q4 data, standalone net profit up over 10%

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Kunwar Prithvi Singh Chauhan
Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

New Delhi, May 9 IT major HCL Technologies on Thursday reported a 10.32 per cent rise in its standalone net profit (profit for the period) for the fourth quarter of 2018-19 at Rs 2,031 crore against Rs 1,841 crore reported in the corresponding period of the previous fiscal.

For the fiscal, the standalone net profit rose by 11.17 per cent to Rs 8,185 crore from Rs 7,362 crore in the previous fiscal.

The company’s consolidated net profit during the quarter under review increased to Rs 2,550 crore from Rs 2,230 crore in the corresponding period of the previous fiscal.

The IT firms’s consolidated net profit in 2018-19 rose 16.02 per cent to Rs 10,120 crore from Rs 8,722 crore in the previous fiscal.

Segment-wise, the infrastructure services of the company grew by 7.3 per cent on a quarter on quarter basis, the company said. During the previous fiscal, the infrastructure segment grew by 11.1 per cent as compared to FY 2018-19.

On the outlook for the financial year 2019-20, the company expects to grow at 14-16 per cent, out of which 7-9 per cent is likely to come from organic growth and around 7 per cent from the acquisition deals of IBM’s seven products.

The acquisition deals are likely to conclude by May end, said Prateek Aggarwal, HCL’s Chief Financial Officer.

Speaking on the impact of the likely hike in fees for H1B visa, the companies Chief Executive Officer (CEO) and President C. Vijayakumar said: “It will impact and cost will go up but in the larger scheme of things, it may not be material.”

For FY 2019-20, the impact of a likely hike does not seem significant, he added.

Regarding the impact of the ongoing global trade tensions, Vijayakumar said that although tensions affect the customers, which eventually impacts the company, as of now the situation was under control for the IT major.

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