HCL Tech defies IT crunch, raises Q2 profit by 8.6% to Rs 2,188 crore

The company maintained its 2017-18 revenue growth forecast at 10.5-12.5 per cent in constant currency terms.

HCL Tech's revenue stood at Rs 12,434 crore during the second quarter of FY2017-18, about 7.9 per cent higher than the same period previous year.

"This quarter marks the end of H1 (first half) of FY 18 which has seen us deliver a strong broad based growth across businesses," C.Vijayakumar, the President & CEO of HCL Technologies Ltd, said in a statement.

He said that the company's mature verticals like manufacturing and financial services, which together account for 60 per cent of the revenue, grew at 21.9 per cent and 14.2 per cent respectively, during the quarter.

"Our top 20 customers have grown faster than the company average, reflecting the strong performance of our client partner program," Vijayakumar added.

In dollar terms, the net profit came in at $339 million for July-September, up 0.7 per cent sequentially and 12.6 per cent over same period previous year. The dollar revenue at $1928 million was 2.3 per cent higher sequentially and 11.9 per cent increase over the year ago period.

New Delhi: Shares of HCL Technologies ended nearly one per cent lower on Wednesday even as the company's net profit rose 8.6 per cent in the quarter ended September 30.

The stock slipped 0.71 per cent to close at Rs 907 on BSE. Intra-day, it declined 4 per cent to Rs 876.85.

On NSE, shares of the company went down by 0.82 per cent to end at Rs 907.05.

In terms of equity volume, 3.72 lakh shares of the company were traded on BSE and over 30 lakh shares changed hands on NSE during the day.

HCL Technologies on Wednesday reported a net profit of Rs 2,188 crore for the quarter ended September 30, up 8.6 per cent over the year-ago period.