New Delhi: IT giant HCL Tech on Wednesday reported a year-on-year (YoY) increase of 7.6 per cent in its consolidated net profit at Rs 3,534 crore for the June quarter.
The consolidated revenue of the companies increased by 12 per cent year-on-year to Rs 26,296 crore. The company’s board further declared an interim dividend of Rs 10 per share.
The record date for dividend distribution has been fixed as 20 July.
The software services provider saw a decline of 1.2 percent in the topline and 11.3 percent in the bottom line.
HCL Tech maintained its revenue guidance for the financial year at 6-8 per cent and operating margin at 18-19 per cent.
C Vijayakumar, Chief Executive Officer and Managing Director, said, “In Q1FY24, our revenue and manpower grew sequentially in line with the demand environment. These larger deals helped offset reductions in discretionary spending in these areas. We are expecting other verticals to pick up the pace soon.”
The total workforce of the IT company stood at 2,25,035 at the end of the June quarter.
Unlike TCS, which rewarded employees with annual increments, HCL Tech deferred the annual pay review of its employees by a quarter.
(Author – Mehak Nigam
(Editing – Prateek Gautam)