New Delhi: India's third largest IT company HCL Technologies on Friday reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore.
However, the company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world.
The company described the performance as "decent" in view of the global macroeconomic conditions. The company posted a consolidated net profit of Rs 3,986 crore in the fourth quarter of FY24 as against Rs 3,983 crore in the same period last year.
Sequentially, the company's profit declined 8.4 per cent from Rs 4,350 crore in the October-December period, the company said in a filing.
HCLTech CEO C Vijayakumar said he believes the company has delivered decent results. Top performing verticals were financial services, which grew at 12.1 per cent, followed by manufacturing that grew 9.8 per cent.
Pre-tax profit (EBIT) at Rs 5,018 crore was down 10.6 per cent quarter-on-quarter, but up 3.8 per cent when compared to the previous year. The company gave a guidance of 3-5 per cent growth in revenue in constant currency terms for FY25 and an EBIT margin of 18-19 per
cent.