HCLTech Q3 Results Takeaways: Profit, revenue beat Street estimates; attrition rate, EBIT margin improve

HCLTech Q3 Results Takeaways: Noida-headquartered IT giant on Friday (January 12, 2024) announced its third-quarter results for the current financial year (FY23-24), reporting a 13.5 per cent jump in its consolidated profit after tax (PAT) quarter-on-quarter.

The company's revenue from operations grew by 6.7 per cent Quarter-on-Quarter (QoQ).  

The company also announced an interim dividend of 600 per cent, or Rs 12 per equity share of Rs.2/-each of the Company. 

The IT firm's attrition rate in the third quarter improved sequentially as well as Year-on-Year (YoY), while its EBIT margin also saw a jump to 19.8 per cent in the quarter under review. 

In this write-up, we take you through the key takeaways of the company's Q3 results of the current financial year.

HCLTech Q3 Results: Net Profit

HCL Technologies posted a consolidated net profit of Rs 4,350 crore for the December quarter, a rise of 13.5 per cent sequentially.

According to Zee Business research, the IT firm's quarterly net profit was pegged at Rs 4,100 crore.  

HCLTech Q3 Results: Revenue

In terms of revenue for the third quarter, the IT firm also exceeded analysts' expectations on the top-line front.

The IT firm's revenue grew 6.7 per cent on a sequential basis to Rs 28,446 crore. It was higher than Zee Business research estimates of Rs 28,040 crore. 

HCLTech Q3 Results: Interim Dividend

HCL announced an interim dividend of 600 per cent, or Rs 12 per equity share of Rs.2/-each of the Company for the Financial Year 2023-24.

The record date for HCLTech's interim dividend is January 20, 2024 .

"The payment date of the said interim dividend shall be January 31, 2024," HCLTech said in a statement.
  

HCLTech Q3 Results: Guidance

In its guidance for the Financial Year 2024, the company said that its constant currency revenue growth (including ASAP acquisition) is expected to be between 5.0% and 5.5% Year-on-Year (YoY). 

Its EBIT margin is expected to be between 18.0 per cent and 19.0 per cent. 

HCLTech Q3 Results: Attrition Rate

The IT firm's attrition rate for the last 12 months improved to 12.8 per cent in the current quarter from 14.2 per cent in the September quarter.

The attrition rate was 21.7 per cent in the same quarter last year.

HCL Share Price

The stock of HCLTech ended the trading session on BSE on Friday up by 3.85 per cent, or Rs 57.25, at Rs 1543.00.