The IT major reported 5.4% rise in consolidated net profit to Rs 3,442 crore and revenue increased by 8.1% to Rs 22,331 crore in Q3 FY22 over Q2 FY22.
As compared with Q3 last year, net profit fell 13.6% but topline rose 15.7% in the last quarter.
In dollar terms, the companys net profit was $458 million (up 3.8% QoQ) and its revenue was $2,977 million (up 6.7% QoQ) in Q3 FY22.
Total Contract Value (TCV) of new deal wins in Q3 FY22 was at $2,135 million, up 64% YoY.
In constant currency terms (cc), the companys revenue growth was 7.6% QoQ, highest in the last 12 years.
The companys Products & Platforms segment led the growth with 24.5% QoQ cc, followed by Engineering and R&D Services (ER&D) with 8.3% QoQ cc and IT and Business Services with 4.7% QoQ cc.
Hiring continued at a brisk pace with net addition of 10,143 during the quarter. Total headcount was at 197,777. Attrition (on the last 12-month basis) was at 19.8% in Q3 FY22 as against 10.2% in Q3 FY21 and 15.7% in Q2 FY22.
Gross Cash stands at US$ 2,666 mn and Net Cash at US$ 2,140 mn at the end of 31 December 2021.
HCL Tech expects revenue to grow in double digits in constant currency, while EBIT margin is projected to be between 19% and 21% for FY22.
HCL Tech expects revenue to grow in double digits in constant currency, while EBIT margin is projected to be between 19% and 21% for FY22.
However, the company reported flattish earnings before interest and tax (EBIT) margins of 19% at the company level while margins for services (IT services and ER&D) were down 190 bps QoQ due to 80 bps impact of salary hike, -65 bps due to loss of days due to furlough, -85 bps on retention and bonus related, -40bps new customer investment, which was mitigated by +60 bps operating efficiencies and +20 bps currency tailwind, a domestic brokerage has reportedly said in a result update.
?margins are expected to be under pressure for a few more quarters. We expect approximately 140 bps EBIT margin decline over FY21-24E,? the brokerage firm reportedly added.
HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).
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