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HCL Tech's profit rises 7.6% in Q1
July 13, 2023
|Hindustan Times
HCL Technologies Ltd, India's third-largest software services exporter, reported on Wednesday a 7.6% rise from a year earlier in fiscal first-quarter net profit at ₹3,534 crore.
The company posted rupee revenues of ₹26,296 crore during the June quarter, which marked a 12.1% rise from a year earlier but fell 1.2% sequentially. Revenues grew 6.3% from a year earlier in constant currency (CC) terms.
The earnings lagged expectations of the company as well as of the Street. Commenting on the results, chief executive C. Vijayakumar said while Q1 is typically a soft quarter for the company with productivity benefits for a large number of contracts kicking in during the quarter, the performance has been "lower than our own expectations".
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