HCL Technologies profit rises to ~21.94 billion

IT major H CL Technologies on Friday said its consolidated net profit grew 6 percent to ~21.94 billion in the December 2017 quarter and exuded confidence over meeting its revenue and margins forecast for FY2018. The country' s fourth largest IT services firm had posted a net profit of ~20.7 billion in the year-ago period. H CL Te ch' s revenues grew 8.4 percent to ~128.08 billion, from ~118.14 billion in the year-ago period, as per the US GA AP accounting norms ." We finished last quarter on a strong note, with a growth of 3.3 percent sequentially and 11.2 percent year-on-year in constant currency terms ," H CL Technologies President and CEO C Vi jay a kumar told reporters here. He added that going ahead, the company remains bullish on the market.

“...( We) intend to close the year within our guided range of revenue and margins, though you may see us deliver revenue at the lower end of our guidance. FY '19 also looks promising from the vantage point where west and today ,” he added.

In July, the company had said it expects FY 18 revenue for the company to grow in 10.5-12.5 percent in constant currency terms. Operating margin( eb it) range for the ongoing fiscal was forecast to be from 19.5-20.5percent. Vi jay a kumar said the December 2017 quarter was a strong one in terms of deal signings where H CL signed 20 transformation al deals across services. He, however, declined to comment on the contract value ." Our bookings have been the highest this quarter since the last 12 quarters," hesaid. Vi jay a kumar said clients’ IT budgets are expected to be flat or margin ally up and" even though there is tax element( from the US ), but it will take some more time to start reflecting in the budgets ".