Millennium Post

HCL Tech Q4 net profit drops 9.8% to Rs 2,230 crore

New Delhi: HCL Technologies on Wednesday posted a 9.8 per cent decline in its consolidated net profit for the March 2018 quarter at Rs 2,230 crore and said it expects to see a better deal pipeline in FY19, driven by digital services.
The net profit is lower from Rs 2,474 crore reported in the year-ago period (as per Indian Accounting Standards) as there was a one-time benefit from tax reversal in the January-March 2017 quarter. HCL Technologies, which is India's fourth largest IT services firm, saw its total income grow 2.2 per cent to Rs 13,480 crore in the March 2018 quarter from Rs 13,183 crore in the year-ago period.
We had a strong performance in the quarter and year, backed by broad-based growth across verticals, robust client additions and accelerated revenues from mode 2 and 3 services, HCL Technologies President and CEO C Vijayakumar told reporters here.
He added that the deal pipeline for fiscal 2019 looks similar or better than last year . However, HCL Technologies has given a slightly lower growth guidance of 9.5-11.5 per cent on constant currency basis for FY19. Shares of the company were trading 4.05 per cent lower than its previous close at Rs 1,008.85 apiece. For fiscal 2018, net profit was up 1.3 per cent to Rs 8,722 crore, while total income grew by 6.4 per cent to Rs 51,786 crore from the previous financial year.
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