HCL Q3 growth: HCL Technologies has released its Q3FY24 results, revealing a consolidated net profit of Rs 4,350 crore, marking a 13.5 per cent increase from the previous quarter. The company's consolidated revenue from operations also rose by 6.65 per cent to Rs 28,446 crore compared to Rs 26,672 crore in Q2FY24.

On a yearly basis, the consolidated net profit increased by 6.2 per cent, and the consolidated revenue from operations grew by 6.5 per cent. Revenues in constant currency terms saw a 6 per cent QoQ increase and a 4.3 per cent YoY rise to $3,415 million. The operating margin for the quarter stood at 19.8 per cent, reaching Rs 5,615 crore, a 140 basis points QoQ improvement.

HCL Tech closed 18 deals in Q3FY24, with a total contract value (TCV) of $1,927 million. The company reported sector-wise growth, with telecommunications, media, publishing, and entertainment leading at 25.9 per cent sequentially.

Attrition rate decline

The company also noted a decline in the attrition rate to 12.8 per cent in Q3FY24, down from 14.2 per cent in the previous quarter and 21.7 per cent YoY. The total employee count as of December 2023 was 2,24,756. HCL Tech declared an interim dividend of Rs 12 per equity share for FY 2023-24, with a record date of January 20, 2024, and a payment date of January 31, 2024.

Looking ahead, HCL Technologies expects a strong performance for FY24, projecting a CC revenue growth of 5.0 per cent to 5.5 per cent YoY, including the recently acquired ASAP. The Earnings Before Interest and Taxes (EBIT) margin is anticipated to be between 18.0 per cent and 19.0 per cent. Additionally, the company appointed Bhavani Balasubramanian as an Independent Director for a five-year term starting January 12, 2024.