Q1 results: Beating estimates, HCL’s profits rose over 8% in the quarter

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Kriti
Business news author and curator at The Indian Wire.

On Friday, HCL technologies reported a 7.9% rise in it’s net profits for the quarter, which went up to ₹2,227, as compared to ₹2,171 crore in the same period last year. The company also posted a 10.7% year-on-year (YoY) growth to ₹2,431 crore.

The company’s revenue from operations for the quarter rose by 14.2% YoY to ₹13,878 crore, and was up by 5.3% on a quarter-to-quarter basis, which was led by a 15.6% jump in it’s software services subdivision.

Analysts from Thomson Reuters were expecting a net profit of ₹2,296 crore, and a revenue of ₹13,936 crore. The company’s reported revenue was 5.3% higher than the expected revenue.

The firm has announced a dividend of ₹2 per share of ₹2 face value for investors. This is the 62nd consecutive quarter the company has announced dividend payout. It has also announced buyback of equity shares aggregating to ₹4,000 crores at ₹1,000 per share for the fiscal year 2019.

During the quarter, HCL filed 21 patents in various next generation technologies and platforms, such as automation and machine learning and data analytics and simulation. The company also signed 27 deals during the quarter in the retail industry, telecom industry, consumer package goods energy and utilities and financial services. Besides that, the company also recruited 12,558 employees during the quarter, making the total headcount of the company 124,121.

After the HCL declared it’s Q1 results, shares of the company rose by 1.18% to ₹11.25, to ₹963.70 on the Bombay Stock Exchange (BSE).

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