IT Q2 Results FY24 LIVE Updates: After TCS kicks off earnings season, Infosys, HCL Tech post single-digit sequential PAT growth
IT Q2 Results FY24 LIVE Updates: Infosys (INFY)—India's second largest IT company—reported its financial financial results for the July-September period on October 12, a day after the country's biggest IT company, Tata Consultancy Services (TCS), kicked off the Q2 results season for India Inc. Infosys revised its revenue growth guidance for the financial year 2023-24 to 1-2.5 per cent in constant currency terms from 1-3.5 per cent, while maintaining its operating margin forecast at 20-22 per cent.
TCS Q2 Results: The Tata group IT giant reported a 2.4 per cent sequential increase in consolidated net profit over 0.5 per cent growth in revenue, both of which fell short of analysts' estimates, but managed to clock a better-than-expected 110 bps improvement in margin. The TCS board gave nod to a share buyback worth up to Rs 17,000 crore as well as an interim dividend of Rs 9 per share.
Follow this space to catch all the latest updates on the IT Q2 FY24 results (HCL Tech and Infosys on October 12), and the views of Zee Business Managing Editor Anil Singhvi and other experts—and much more—only on the Zeebiz.com blog:
IT Q2 Results FY24 LIVE Updates: Infosys (INFY)—India's second largest IT company—reported its financial financial results for the July-September period on October 12, a day after the country's biggest IT company, Tata Consultancy Services (TCS), kicked off the Q2 results season for India Inc. Infosys revised its revenue growth guidance for the financial year 2023-24 to 1-2.5 per cent in constant currency terms from 1-3.5 per cent, while maintaining its operating margin forecast at 20-22 per cent.
TCS Q2 Results: The Tata group IT giant reported a 2.4 per cent sequential increase in consolidated net profit over 0.5 per cent growth in revenue, both of which fell short of analysts' estimates, but managed to clock a better-than-expected 110 bps improvement in margin. The TCS board gave nod to a share buyback worth up to Rs 17,000 crore as well as an interim dividend of Rs 9 per share.
Follow this space to catch all the latest updates on the IT Q2 FY24 results (HCL Tech and Infosys on October 12), and the views of Zee Business Managing Editor Anil Singhvi and other experts—and much more—only on the Zeebiz.com blog:
Latest Updates
HCL Tech Q2 Results LIVE | Revenue growth, margin expansion, improving cashflows reflect HCL Tech's ability to execute well in evolving business environment, says CEO C Vijayakumar
"Our new bookings of $4 billion this quarter are at an all-time high, driven by a standout mega deal," says C Vijayakumar, CEO and MD, HCL Technologies. "This achievement underscores our ability to seize exceptional opportunities in the market and gives us optimism for our medium-term growth prospects."
HCL Tech Q2 Results LIVE | IT major wins 16 large deals in July-September period
The company says the total contract value (TCV) of its new deal wins during the quarter stands at $3,969 million.
HCL Tech bags 16 large deals during the quarter under review, comprising 10 in services and six in software.
HCL Tech Q2 Results LIVE | BREAKING—Attrition eases to 14.2%
Attrition at the IT major stands at 14.2 per cent in Q2 FY24, having eased from 16.3 per cent in the previous three months and 23.8 per cent in Q2 FY23.
HCL Tech Q2 Results LIVE | BREAKING—HCL Technologies announces 600% dividend
HCL Tech's board declares an interim dividend of Rs 12 per equity share. This makes it a 600 per cent payout given the face value of Rs 2 apiece.
The company announces October 20 as the record date and October 31 as the payment date for the dividend, which will be its 83rd quarterly payout.
HCL Tech Q2 Results LIVE | BREAKING—Margin improves to 18.4% from 16.9% in Q1
HCL Technologies reports a margin of 18.4 per cent for Q2 as against 16.9 per cent for the previous three months.
HCL Tech Q2 Results LIVE | Revenue growth at 1.4% sequentially
HCL Technologies, the country's third largest IT company by market value, registers revenue of Rs 26,672 crore for the quarter ended September 30, 2023, translating into a quarter-on-quarter increase of 1.4 per cent but falling short of analysts' expectations.
According to Zee Business research, the IT company's revenue was estimated at Rs 27,000 crore for the quarter under review.
Image: Reuters
HCL Tech Q2 Results LIVE | BREAKING—Net profit up 8.4% sequentially at Rs 3,832 crore, in line with Street expectations
HCL Technologies reports consolidated net profit of Rs 3,832 crore for Q2, marking an increase of 8.4 per cent compared with the previous three months.
According to Zee Business research, the IT company was estimated to post a consolidated net profit of Rs 3,800 crore for the second quarter of the current financial year.
Infosys Q2 Results LIVE | Record large deals in an uncertain macro environment, says CEO Salil Parekh
“We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale," says Salil Parekh, CEO and MD, Infosys.
“Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share," he adds.
Infosys Q2 Results LIVE | Attrition at IT major eases to 14.6% from 17.3% in Q1
Attrition at the country's second largest IT company comes in at 14.6 per cent in Q2 FY24, having eased from 17.3 per cent in the previous quarter< and 27.1 per cent in Q2 FY23.
Infosys Q2 Results LIVE | IT major's operating margin up 40 bps sequentially
The company says its operating margin stands at 21.2 per cent for Q2. That is is line with analysts' expectations.
According to Zee Business research, Infosys's operating margin for the three-month period was estimated at 21 per cent.
Infosys Q2 Results LIVE | India's second largest IT firm reports record large, mega deal wins
The company says its total contract value (TCV) of large deals stands at $7.7 billion for Q2, with 48 per cent net new deals.
Infosys Q2 Results LIVE | BREAKING: Infosys says revenue growth at 2.3% QoQ in constant currency
In dollar terms, Infosys's revenue stands at $4,718 million for Q2 in constant currency, up 2.3 per cent on a quarter-on-quarter basis.
Infosys Q2 Results LIVE | BREAKING: Infosys maintains operating margin guidance for 2023-24
The Bengaluru-based company maintains its operating margin guidance for the current financial year at 20-22 per cent.
Infosys Q2 Results LIVE | BREAKING: Infosys trims revenue guidance for 2023-24
The IT major trims its guidance for revenue growth to 1-2.5 per cent for the full financial year 2023-24 in constant currency terms, from 1-3.5 per cent three months ago.
Infosys Q2 Results LIVE | BREAKING: Infosys revenue up 2.8% vs Q1
Infosys reports consolidated revenue of Rs 38,994 crore for the second quarter of the current financial year, in line with analysts’ estimates.
According to Zee Business research, the IT major was estimated to report quarterly revenue of Rs 38,400 crore.
Image: Reuters