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HCL Technologies skips Q1 target

HCL Technologies, India's fourth-largest software services provider reported 2.7 percent drop in consolidated net profit at Rs 1,823 crore for Q12015

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Sonal Desai
New Update
HCL

NEW DELHI, INDIA: HCL Technologies, India's fourth-largest software services provider reported 2.7 percent drop in consolidated net profit at Rs 1,823 crore for Q12015.

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It must be noted that the company had already warned investors of a tepid September quarter on account of adverse currency impact and a client-specific issue.

Without the adjustment, the reported quarter's revenues stood at Rs 1,726 crore.

Consolidated revenues grew 15.6 percent to Rs 10,097 crore (ex-adjustment) in July-September of this fiscal as against Rs 8,735 crore in the same quarter previous fiscal. (The firm follows July-June as the fiscal year.)

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In dollar terms, net profit declined 9.3 percent to $278.5 million (ex-adjustment) in the period under review as against $307.2 million in the year-ago period.

Revenues rose 7.7 percent to $1.54 billion during the review period, from $1.43 billion in the corresponding quarter last fiscal.

"We have started FY16 on a strong footing with LTM revenue growth of 15 percent y-o-y in constant currency. Our investments in BEYONDigital, Next-Gen ITO and IoT offerings are reflected in our healthy bookings and deal pipeline," Anant Gupta, CEO, HCL Technologies, said.

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Revenues from Europe grew 18.2 percent y-o-y while those from the Americas jumped 12.3 percent during the said quarter.

Vertical growth was led by life sciences and healthcare at 40.5 percent, telecommunications, media, publishing and entertainment at 23.2 percent, retail and CPG at 6.6 percent, public services at 22 per cent, manufacturing at 12.7 percent and financial services at 7.7 percent y-o-y, respectively.

Besides, the company signed 10 transformational engagements worth more than $1 billion of total contract value this quarter.

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