HCL posts 9.9% rise in consolidated net profit for June quarter
IT firm HCL Technologies on Monday posted a 9.9 per cent rise in consolidated net profit at Rs 3,214 crore for the June 2021 quarter, and said it expected double-digit growth in constant currency revenue in 2021-22 on the back of strong deal pipeline.
Shiv Nadar has stepped down as the managing director and board member of the company, a year after handing over the reins of the IT major to his daughter, Roshni Nadar Malhotra. C. Vijayakumar, president and CEO of the company, will take on the role of managing director with a title of CEO and MD for a term of five years with effect from July 20.
The IT major had registered a net profit of Rs 2,925 crore in the April-June 2020 quarter (according to US GAAP).
Its revenue grew 12.5 per cent to Rs 20,068 crore in the quarter under review from Rs 17,841 crore in the corresponding period last year.
Indian Bank expects its corporate credit demand to improve with the bank estimating a disbursement pipeline of Rs 20,000 crore over the next two quarters.
The bank’s advances to corporate houses at the end of June 2021 stood at Rs 1,59,011 crore, down 3 per cent over the corresponding previous period.
Managing director and CEO Padmaja Chunduru on Monday said that the Covid pandemic and deleveraging by corporate houses have slowed down corporate credit offtake. “But there are proposals that are coming in,” she said.
The bank posted a net profit of Rs 1,182 crore for the June quarter, a growth of 220 per cent over Rs 369 crore a year ago. Net interest income grew 3 per cent to Rs 3,994 crore from Rs 3,874 crore a year ago.
ACC profit doubles
Cement maker ACC has reported an over two-fold jump in net profit at Rs 569.45 crore for June quarter of 2021 against Rs 270.95 crore a year ago, helped by a lower base, increase in sales and cost efficiency.
HDFC Life net declines
HDFC Life has reported a 33 per cent decline in its net profit at Rs 302 crore in the June quarter against Rs 451 crore a year ago.