HCL Tech full-year net profit crosses ₹10,000 crore
1 min read . Updated: 09 May 2019, 05:10 PM IST- HCL Tech expects FY20 revenues to grow between 14.0% to 16.0% in constant currency
- HCL Tech net profit came in at ₹2,568 crore in March quarter
IT services company HCL Tech today reported a better-than-expected net profit for the fourth quarter ended March 31 and also guided for a strong revenue growth for the next fiscal.
HCL Tech Q4 net profit came in at ₹2,568 crore in March quarter, which was down 1.7% quarter-on-quarter but better than the Street's estimates. On a year-on-year basis, net profit was up 15.3%.
Overall, for the year FY19, its net profit crossed the ₹10,000 crore mark, coming in at ₹10,123, up 15.3%.
Revenues increased to ₹15,990 crore, up 1.9% quarter-on-quarter and 21.3% year-on-year. In constant currency, revenues rose 3.3% quarter-on-quarter and 15.3% year-on-year. In dollar terms, revenues came in at $2,278 million, up 3.5% QoQ and 11.8% year-on-year.
“We have delivered an overall solid FY’19 performance. EBIT margin for the year at 19.5% is within the guided range. This financial year, we achieved significant milestones - our revenue exceeded ₹60,000 crore, and net profit crossed ₹10,000 crore mark," said CFO Prateek Aggarwal.
Operating margin dipped to 18.9% in the March quarter, down from 19.6% in the December quarter. Attrition in the IT services business came down to 17.7% in Q4, from 17.8% in Q3.
HCL Tech expects FY20 revenues to grow between 14% to 16% in constant currency. In comparison, in FY19, revenue growth in constant currency was up 11.8%.
Last year, HCL Technologies had announced that it will buy some software assets from IBM in a $1.78 billion deal.
The Noida-based IT company expects operating margin in the range of 18.5% to 19.5% in FY20. In FY19, HCL Tech reported operating margin of 19.5%.