HCL Tech Q1 net profit up 10% to Rs 2,431 crore

New Delhi: IT firm HCL Technologies on Friday reported a 10 percent increase in consolidated net profit at Rs 2,431 crore for the first quarter ended June 30, 2018.

The company had posted a net profit of Rs 2,210 crore in the year-ago period (as per Indian Accounting Standards), HCL Technologies said in a BSE filing.

Its consolidated revenues from operations grew 14.2 percent to Rs 13,878 crore in April-June 2018 as against Rs 12,149 crore in the same quarter of 2017-18.

In dollar terms, the company's net profit increased 5.7 percent to USD 356 million in the reported quarter, while revenues grew 9 percent to USD 2.05 billion.

HCL Technologies has overtaken Wipro -- the third largest Indian IT services firm -- in terms of dollar topline. Wipro's IT services revenues stood at USD 2.02 billion in the June 2018 quarter.

HCL Technologies expects its FY19 revenues to grow between 9.5 percent to 11.5 percent in constant currency.

The company has also announced a Rs 4,000 crore buyback programme for FY19 at a price of Rs 1,100 per equity share.

"We achieved highest ever bookings in this quarter led by our next-gen Infrastructure services as well as Mode 2 offerings. Our combined Mode 2 and 3 offerings contributed 26.6 percent of our revenues and it grew 9.6 percent quarter-on-quarter," HCL Technologies President and CEO C Vijayakumar said.

The company will continue to invest in its next-generation portfolio to help enterprises build their digital future, he added.

During the quarter, the company signed 27 transformational deals during the quarter, led by strong momentum in telecom, financial services, retail - CPG and energy and utilities verticals.

It saw broad-based growth driven by Technology and Services (36 percent), Lifesciences and Healthcare (10.2 percent), Financial Services (9 percent) and Retail and CPG (7 percent) on LTM (last twelve months) constant currency basis.

Total headcount stood at 124,121 at the end of June 2018. The attrition for IT services on LTM basis stood at 16.3 percent. The company has announced a dividend of Rs 2 per share.