In a recent announcement, HCL Technologies Ltd revealed its strong performance for the third quarter or Q3, showcasing a 6.23% increase in net profit. The Noida-based IT company reported a net profit of Rs 4,351 crore, up from Rs 4,096 crore during the same period last year.
The positive financial trajectory continued as the total income surged to Rs 28,816 crore in Q3 FY24, marking a notable increase from Rs 26,960 crore in the corresponding period the previous year.
HCL Technologies Q3 Results
The news of the impressive quarterly results caused a surge in HCL Tech’s share value, settling with a 3.85% gain at Rs 1,543. This announcement came after market hours, leaving a positive impact on investor sentiments that has created an impressive lookout for the company.
What is Q3 Results?
The Q3 result, or third-quarter result, is a report that shows how well a company performed during the third quarter of its financial year. It includes information about the company’s earnings, expenses, and overall financial health during that specific three-month period. Investors and analysts closely examine Q3 results to understand the company’s profitability, growth, and potential challenges.
HCL Tech’s performance in Q3 reflects a strong financial position, strategic growth initiatives, and a positive outlook for the remainder of the fiscal year. The company’s ability to secure large deals and manage attrition rates demonstrates resilience and effective management strategies in the dynamic IT landscape. Investors and stakeholders are likely to view these results as a positive indicator of HCL Technologies’ continued success in the ever-evolving technology sector.
HCL Tech results dividend
In further good news for shareholders, HCL Tech’s board declared an interim dividend of Rs 12 per equity share of Rs 2 each for the financial year 2023-24. The record date for this interim dividend is set for January 20, with the payment date scheduled for January 31. Marked the date as it will give you an update on dividend.
Looking ahead, HCL Technologies shared its guidance for FY24, indicating a revenue growth forecast between 5% and 5.5% on a year-on-year (YoY) basis. This projection includes the revenue contribution from the acquisition of the German engineering firm ASAP, completed in July 2023 for $279 million.
HCl Technologies Q3 Results 2024
C Vijayakumar, CEO and managing director at HCL Tech, expressed satisfaction with the company’s performance. He highlighted a stellar operating margin of 19.8%, showcasing a 126 basis points (bps) improvement quarter-on-quarter (QoQ) and a 16 bps improvement YoY. Vijayakumar also emphasized the strategic progress made by HCL Software over the past year.
During the third quarter of the current fiscal year, HCL Technologies secured 18 large deals, with six in services and 12 in software. The company’s total headcount reached 2,24,756, reflecting a net addition of 3,617 employees. Notably, the attrition rate decreased to 12.8%, a significant improvement from 21.7% recorded in Q3 of the previous year.