HCL Technologies revenues rise 8%, profits grow 5.4% in Q3

By Srinath Srinivasan

HCL Technologies’ revenues jumped 8.1% sequentially to Rs 22,331 crore during the October-December quarter, the company said on Friday. Net profit during the period grew 5.4% on a quarter-on-quarter basis to Rs 3,442 crore.

The company also announced the acquisition of a 100% stake in Hungary-based data engineering company Starschema for $42 million, which is expected to be complete in March. It has also completed the acquisition of a 51% equity stake in German IT consulting company Gesellschaft für Banksysteme GmbH (gbs) on January 5.

“We are in a good position to meet strong demand momentum. Our investments on strategic priorities like digital, cloud & engineering capabilities and our talent development plans are showing strong returns,” MD & CEO C Vijayakumar said.

“Our products & platforms segment led the growth with 24.5% q-o-q, followed by engineering and R&D services with 8.3% and IT & business services with 4.7%, q-o-q. Americas led the growth with 15% q-o-q,” he added.

The company reported an attrition rate of 19.8% during Q3FY22. “We plan to add 20,000 campus hires during FY22. We added 10,143 new hires during the quarter. Around 2,000 graduates were added in the US,” Apparao VV, company CHRO, said.

“Talent problem is stabilising and attrition will slowly settle down in the coming quarters,” Vijaykumar said.

The company announced a dividend of Rs 10 per share and reported eight new large service deal wins worth $1.9 billion in Q3FY22, taking the overall new deal wins to $2.1 billion during the quarter.

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