HCL Tech posts 10.7% drop in Q1 profit; FY18 CC revenue guidance at 10.5-12.5%

NEW DELHI: IT major HCL Technologies on Thursday reported a 10.7 per cent sequential fall in consolidated net profit (as per Ind As) at Rs 2,210 crore for the June quarter. The IT major had reported Rs 2,474 crore profit in the March quarter.

Consolidated revenue for the quarter rose 0.8 per cent QoQ to Rs 12,149 crore, the company said. This was 7.2 per cent higher than the previous quarter on YoY basis.

In dollar terms, revenue rose 3.7 per cent sequentially to $1,884 million. Net Income was down 3.8 per cent QoQ at $337 million.

Revenue in constant currency rose 2.6 per cent sequentially and 12.2 per cent on year-on-year basis, the company said.

The IT major expects FY18 revenue for the company to grow in 10.5-12.5 per cent in constant currency terms. This translates to 11.3 per cent to 13.3 per cent growth in dollar terms based on June 30th exchange rates.

Operating Margin is seen in 19.5 per cent to 20.5 per cent range, the company said in a BSE filing.

The company has successfully concluded its buyback programme within the quarter, the company said. The buyback entailed 3.5 crore equity shares at price of Rs 1,000 per share.