Earnings, HCL Technologies, News

HCL Tech posts better than expected Q3 results

HCL Technologies posts strong Q3 earnings

Noida based IT giant, HCL Technologies has released its Q3 results, and has beaten street estimates. The net profit has increased by 31.1% as compared to the quarter ended December 2019. The net profit is now ₹3,982 crores as compared to ₹3,037 crores last year.

Revenue for the quarter is higher by 6.4% as year on year (YoY). Revenue is now at ₹19,302 crores as compared to ₹18,135 crores last December.

HCL Technologies, joins its peers Infosys, TCS and Wipro in posting very strong Q3 results and beating street estimates. HCL has also declared a dividend of ₹4 per share.

Message from the CSO and CEO

“The technology sector is in the midst of a massive digitization wave, with more global enterprises embracing digital transformation to address the disruption of these unprecedented times. Technology has been a key enabler during the pandemic, and as we stand at the cusp of the next phase of technological innovation, it is vital that we draw inspiration from each other’s strengths and offer back our own to create a positive impact,” said Shiv Nadar, Chief Strategy Officer, HCL Technologies Ltd.

Vijaykumar, President and CEO of HCL Technologies says “Our results reflect the success of the strategic investments we have made over the years including unique ecosystem constructions with all Cloud Hyperscalers, organic and inorganic investments in a broad-based IP and Platforms portfolio and an enterprise digital transformation value proposition that is truly integrated and differentiated.”

Future outlook

The company has had a strong and robust growth in Mode 2 and Mode 3 businesses led by Digital, Cloud and Products & Platform segments. The pandemic has increased reliance on cloud technologies which has and will help the company scale further. The long term vision for the company looks very promising and can considerable improve shareholders’ wealth.

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