HCL Tech Q4 net profit at Rs 2,568 cr; declares dividend of Rs 2/share

IT major HCL Technologies on Thursday reported a consolidated net profit of Rs 2,568 crore for the fourth quarter ended March 2019.

The company posted a net profit of Rs 2,341.10 crore in the same quarter last year. The company declared an interim dividend of Rs 2 per equity share of Rs 2 each of the company for the financial year 2019-20.

Revenue for the quarter came in at Rs 15,990 crore. 

The results were keenly watched as the US-headquartered IT services company Cognizant, earlier this week, halved its revenue forecast for 2019, citing sluggish demand in its financial and healthcare businesses.

For Q4FY19, HCL Tech was expected to post 2.9 per cent increase on quarter-on-quarter (QoQ) basis in revenue at Rs 16,152.7 crore while on year-on-year (YoY) basis, the number was expected to rise by 22.6 per cent, said analysts at Nirmal Bang Securities. In constant currency (CC) terms, the revenue was seen rising 4 per cent QoQ.