The net profit of HCL Tech increases by 13% in the third quarter to Rs 2,944 crore
NEW DELHI: Important IT HCL technologies On Friday, it recorded a 13% increase in its consolidated net profit of Rs 2,944 million rupees for the December quarter of 2019 and said that another excellent quarter encouraged it to increase the lower end of its revenue growth forecast for the year. The orientation now stands at 16.5% -17%, from 15% -17%, thanks to a more promising environment in its product and platform businesses and strong business conversions.
About 6% of growth comes from acquisitions, and from 10.5% to 11% of organic growth. Even if one took only the latter, the growth of HCL would be one of the industry leaders, a little better than Infosys , which expects a growth of 10% -10.5%. HCL has also raised its guidance margin to 19% -19.5%, from 18.5% -19.5%.
In the third quarter ended in December, revenues grew 16.4% year-on-year in constant currency (which discounts the impact of fluctuations between currencies). There was a double digit growth in five of the seven verticals in which it operates. Manufacturing and public services led the package with a growth of 38% and 31% respectively.
The revenues were $ 2.5 billion. HCL exceeded Wipro to become the third largest IT services company in India in fiscal year 2019.