HCL Technologies reported 5.4% rise in consolidated net profit to Rs 3,442 crore as revenue increased by 8.1% to Rs 22,331 crore in Q3 FY22 over Q2 FY22.
Sequentially, EBIT improved by 8.5% to Rs 4,251 crore in the third quarter. EBIT margin at the end of the December 2021 quarter was 19%.
As compared with Q3 last year, net profit was 13.6% lower but topline was higher 15.7% in the December 2021 quarter.
In dollar terms, the company’s net profit was $458 million (up 3.8% QoQ) and its revenue was $2,977 million (up 6.7% QoQ) in Q3 FY22.
Total Contract Value (TCV) of new deal wins in Q3 FY22 was at $2,135 million, up 64% YoY.
In constant currency terms (cc), the company’s revenue growth was 7.6% QoQ, highest in the last 12 years.
The company’s Products & Platforms segment led the growth with 24.5% QoQ cc, followed by Engineering and R&D Services with 8.3% QoQ cc and IT and Business Services with 4.7% QoQ cc.
Hiring continued at a brisk pace with net addition of 10,143 during the quarter. Total headcount was at 197,777. Attrition (on the last 12-month basis) was at 19.8% in Q3 FY22 as against 10.2% in Q3 FY21 and 15.7% in Q2 FY22.
Gross Cash stands at US$ 2,666 mn and Net Cash at US$ 2,140 mn at the end of 31 December 2021.
HCL Tech expects revenue to grow in double digits in constant currency, while EBIT margin is projected to be between 19% and 21% for FY22.
C Vijayakumar, Chief Executive Officer & Managing Director, HCL Technologies, said: We have delivered all round stellar performance this quarter with a revenue growth of 7.6% in constant currency QoQ, the highest recorded in the last 46 quarters. Our future looks bright as we had a very strong net new booking of $2.1 billion, a 64% YoY increase.
The company has declared a dividend of Rs 10 per share for Q3 FY22.
HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).
The scrip closed 0.32% lower before the results were announced on Friday compared with a flat Nifty 50.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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