HCL Tech Q4 results: Attrition rate drops to 12.4% as tech giant posts net profit of ₹3,986 crore
HCL Technologies reported flat year-on-year growth with a net profit of ₹3,986 crore during the final quarter of FY24 while the attrition rate fell to 12.4%. The IT giant also declared an interim dividend of ₹18 per equity share of ₹2 each and fixed May 7 as the record date.
The attrition rate dropped from 12.8% in the December quarter to 12.4% at the end of March this year. The attrition rate had stood at 19.5% in Q4FY23. The headcount stood at 227,481 with a net addition of 1,537 individuals. The company said that it had added 12,141 freshers to its ranks.
HCL reported an 8.4% decline in net profit sequentially as employee cost rose rose 11.5% during the quarter amid tightening IT spends around the world. Consolidated net profit for Q4FY24 stood at ₹3,986 crore — from ₹3,983 crore in FY23.
As per the official filing, pre-tax profit (EBIT) of ₹5,018 crore was down 10.6% quarter-on-quarter but up 3.8% when compared to the previous year. The company gave a guidance of 3% to 5% growth in revenue in constant currency terms for FY25 and an EBIT margin of 18% to 19%.
“…we have translated this growth into even higher value creation for our shareholders with our OCF coming at $ 2,711 million — up 21.6% YoY — and FCF at $ 2,584 million — up 27.7% YoY. As we look ahead, global enterprise technology spend will only grow with adoption of AI. We are well positioned to capitalize with our AI led propositions, global delivery model and ideal mix of technology services and products,” said CEO & Managing Director C Vijayakumar.
(With inputs from agencies)
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Published: 26 Apr 2024, 06:06 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.