HCL Techs Q3 net profit falls 13.6% to Rs 3,442 crore
IT firm HCL Technologies on Friday posted a 13.6 per cent decline in net profit at Rs 3,442 crore in the December quarter but said it had seen all round “stellar performance” across verticals and geographies.
The IT major had registered a net profit of Rs 3,982 crore in the October-December 2020 quarter (according to US GAAP).
Its revenues grew 15.7 per cent to Rs 22,331 crore in the quarter under review. In the year-ago period, the same stood at Rs 19,302 crore, HCL Technologies said in a regulatory filing.
The profit after tax for the third quarter ended December 2021 was higher by $59.4 million (Rs 438 crore) on account of reversal of prior years’ tax provision due to change in the method of calculating a tax deduction, basis evaluation of judicial rulings, the filing said.
Excluding the above, on an annual basis, profit after tax in the latest December quarter was down 4.7 per cent in dollar terms and lower by 2.9 per cent in rupee terms.
On a sequential basis, net profit was 5.4 per cent higher in the 2021 December quarter from Rs 3,265 crore, and topline was up 8.1 per cent from Rs 20,655 crore in September quarter last year.
In the third quarter, HCL Technologies recorded a revenue growth of 7.6 per cent sequentially on a constant currency basis, highest in the last 12 years.
Total Contract Value (TCV) of new deal wins was at $2,135 million in the latest December quarter, up 64 per cent year-on-year.