HCLTech reported its Revenue from Operations at Rs 24686 crore which is a 20 percent growth from Rs 20655 of the previous year.
Quarterly Earnings Walkthrough
IT giant HCL Technologies which is commonly known as HCLTech reported its quarterly earnings for the quarter ended September 2022 on Wednesday 12th October 2022. The company reported its net profit at Rs 3487 crore which is a 7 percent growth in comparison with the same quarter of the last year.
Sequentially, revenue has risen by 5 percent quarter on quarter (QoQ) from Rs 23,464 crore. Profit was up by 6 percent compared to Rs 3,283 crore in the previous quarter.
The company said that its constant currency revenue was up 4 percent QoQ and 16 percent year on year (YoY). IT services revenue rose 5 percent QoQ and up 19 percent YoY in constant currency.
HCLTech said it has acquired 11 large deals of which 8 are in services and 3 are in products. Total contract value of new deal wins was at $2384 million, up 16 percent QoQ, up 6 percent YoY.
“Our bookings and pipeline continue to be very strong that augurs well for our future growth,” said C Vijayakumar, CEO & Managing Director, HCLTech. “These reflect our constant and continuing efforts to supercharge outcomes for all our stakeholders.”
The Board of Directors of HCLTech has declared an interim dividend of Rs 10 per equity share. The record date for the payment of dividend is on October 20, 2022. The payment date of the interim dividend will be on November 2, 2022.
The company has added 8,359 employees during the quarter, taking the headcount to 2,19,325. This includes 10,339 freshers. Last twelve-month attrition was at 23.8 percent in IT Services.
HCLTech has been taking support at the 50% retracement level of Rs 876 for many months. It has bounced back up, and the stock was positive by 3 percent on Thursday 13th October 2022 after the company declared its quarterly earnings results. MFI is at 50 which has surged out of the oversold zone as the stock went up after the results.
We can observe a double top near its lifetime high around Rs 1377. The stock may rally with the good earnings results to make a triple top at this level.
Motilal Oswal is bullish on HCL Technologies recommended buy rating on the stock with a target price of Rs 1240 in its research report dated October 12, 2022.
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