Net profit up 9.9% at Rs 3,883 cr; attrition drops

IT services firm HCLTech on Thursday reported a 9.92 per cent year-on-year (Y-o-Y) growth in net profit in the second quarter of 2023-24 that ended on September 30. Net profit for Q2FY24 stood at Rs 3,883 crore. In the same period a year ago, it was Rs 3,487 crore.

As compared to the previous quarter, the net profit was up by 8.7 per cent. 

The consolidated revenue for the quarter grew 8.04 per cent y-o-y at Rs 26,672 crore, as compared to Rs 26,296 crore in Q2FY23. In constant currency terms, the revenue was up 3.4 per cent y-o-y.

The company also declared an interim dividend of Rs 12 per share for the quarter. Attrition for the quarter stood at 14.2 per cent, down from 23.8 per cent in Q2FY23.

“Our revenue growth of 1.0 per cent QoQ and 3.4 per cent Y-o-Y on a constant currency basis, with a 154 bps Q-o-Q improvement in operating margin and improving cashflows, reflect our ability to execute well in an evolving business environment and our commitment to operational efficiency. Our new bookings of $ 4 billion this quarter is at an all-time high, driven by a standout mega deal. This achievement underscores our ability to seize exceptional opportunities in the market and gives us optimism for our medium-term growth prospects”, said C Vijayakumar, CEO and MD of HCLTechnologies.