HCL Tech Q1 net profit grows 15 pc to Rs 2,047 crore

IT services firm HCL Technologies today reported a 14.8 per cent increase in net profit to Rs 2,047 crore for the quarter ended June 30, 2016.
The Noida-based firm had posted a net profit of Rs 1,783 crore in the corresponding quarter of the last fiscal, HCL Technologies said in a statement.
Its revenues for the reported quarter were up 15.9 per cent to Rs 11,336 crore, from Rs 9,777 crore in the year-ago period, as per US GAAP accounting norms.
For FY2016-17, the company expects its revenue to grow 12-14 per cent without fluctuations in currencies.
On constant currency basis, HCL Tech's revenues were up 11.2 per cent year-on-year.

The company earlier followed the July-June fiscal but has now moved to the April-March cycle as mandated by the Companies Act.

In dollar terms, the company's net profit grew 9.5 per cent to USD 305.2 million, while revenues rose 10 per cent to USD 1.69 billion compared to the year-ago period.
"We commence FY2017 on a positive note, continuing our robust financial performance, with a strong 6 per cent growth quarter-on-quarter in constant currency terms," HCL Technologies president and CEO Anant Gupta said.
The growth momentum is broad-based, encompassing all sectors and service lines, propelled by the company's robust 21st century Enterprise strategy and robust business model, he added.

The company has announced a dividend of Rs 6 per share.
During the quarter, HCL Technologies added 1,211 people, taking the total headcount to 1,06,107 as on June 30 2016. Attrition in IT services (last 12 months basis) in the reported quarter stood at 17.8 per cent.
HCL signed 13 transformational deals this quarter, across service lines and industry verticals.
The company's cash and cash equivalents stood at Rs 1,240 crore at the end of June 30, 2016.