HCL Tech Q1 Net Profit Up 31.7% at Rs 2,925 Cr

HCL Technologies posted a 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June 2020 quarter and said that Shiv Nadar has stepped down from the Chairman’s role.

Nadar’s daughter, Roshni Nadar Malhotra, will succeed him with immediate effect. The IT major had registered a net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

Its revenue grew 8.6 per cent to Rs 17,841 crore in the quarter under review, from Rs 16,425 crore in the corresponding quarter last year. On a sequential basis, the top line was lower by 4 per cent from Rs 18,590 crore in the March quarter.

‘The adverse conditions during this quarter had an anticipated negative impact on our revenue. I am happy to report that the resilience of our operating model helped us deliver stellar operating margins and cash flows,’ HCL Technologies President and CEO C Vijayakumar said. He added that the company had healthy bookings, enabled by 11 new transformational deal wins.

‘We also renewed several large deals during the quarter… We are seeing a robust demand environment and a strong pipeline which gives us confidence in our growth trajectory going forward,’ he said.

The filing said the Board of Directors has appointed Roshni Nadar Malhotra, Non-Executive Director as Chairperson of Board and company with effect from Friday in place of her father, Shiv Nadar.

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