HCL Technologies' Q4 profit gallops by14% to `2,550 crore

New Delhi: IT major HCL Technologies Thursday posted a 14.3 per cent increase in its consolidated net profit to Rs 2,550 crore for the quarter ended March 2019.

The company had registered a net profit of Rs 2,230 crore in the year-ago period as per the Indian Accounting Standards (Ind-AS), it said in a statement.

HCL Technologies saw its revenue growing 21.3 per cent to Rs 15,990 crore in the quarter under review from Rs 13,178 crore in the January-March 2018 quarter.

The company expects its 2019-20 revenues to grow between 14-16 per cent in constant currency basis.

"We once again, for the third time this year, set a new bookings' record. These numbers are an emphatic testimonial of the brilliant execution of our chosen market strategy and our ability to provide an annual guidance and deliver to it for three years in a row," HCL Technologies President and Chief Executive Officer C Vijayakumar said.

For the full year, net profit was higher by 16 per cent to Rs 10,120 crore, while revenue grew 19.4 per cent to Rs 60,427 crore from 2017-18.

In 2018-19, HCL Technologies delivered revenue growth at 11.8 per cent year-on-year in constant currency (CC) exceeding the upper end of its guided range, the statement said.

The company had given a revenue growth guidance of 9.5-11.5 per cent in constant currency basis for 2018-19.

In dollar terms, the net profit rose 5.9 per cent to $364.3 million for the March 2019 quarter, while revenue was higher by 11.8 per cent to $2.2 billion as compared to the year-ago period as per the US Generally Accepted Accounting Principles (GAAP).