Sunday, May 19, 2024

HCL Tech’s Q3 FY24 Results: Interim Dividend Announced and Impressive Growth

HCL Tech's Q3 results reflect the company's strong financial performance and its commitment to delivering value to shareholders.


HCL Technologies, one of India’s leading IT services companies, declared its financial results for the third quarter of the fiscal year 2023-24. The Board of Directors has not only reported substantial growth but has also approved an interim dividend, bringing good news for its shareholders.

Important Details:

Interim Dividend Announcement:

  • Dividend Amount: ₹12 per equity share of ₹2 each.
  • Record Date: January 20, 2024.
  • Payment Date: January 31, 2024.

HCL Tech’s Financial Performance Highlights:

Profit and Revenue:

  • In Q3 FY24, HCL Tech reported a net profit of ₹4,350 crore, showcasing a remarkable 13.5% sequential growth.
  • The consolidated net profit attributable to shareholders witnessed a substantial 6.2% YoY increase, reaching ₹4,350 crore.

Revenue Growth:

  • The company’s quarterly revenue demonstrated robust growth, exceeding market expectations with a 6.65% QoQ increase, reaching ₹28,446 crore.
  • Consolidated revenue from operations rose by 6.5% YoY to ₹26,700 crore in Q3 FY23.

Financial Outperformance:

  • HCL Tech’s profit after tax (PAT) for the October-December quarter outperformed expectations with a significant ₹4,350 crore, surpassing the anticipated 11% rise.

Currency Terms and Operating Margin:

  • In Constant Currency (CC) terms, HCL Tech’s revenue exhibited a 6% sequential and 4.3% annual increase, amounting to $3,415 million.
  • The operating margin experienced a notable 19.8% surge to ₹5,615 crore, marking a 140 basis points improvement QoQ.

Net Income Growth:

  • Net income witnessed a robust growth of 13.8% QoQ and 7.4% YoY, reaching ₹4,350 crore.

HCL Tech’s Q3 results reflect the company’s strong financial performance and its commitment to delivering value to shareholders. The approved interim dividend further underscores the confidence of the Board of Directors in the company’s financial health. Shareholders can look forward to receiving the dividend with a record date of January 20, 2024, and the final payment scheduled for January 31, 2024.

In conclusion, HCL Technologies continues to be a significant player in the IT industry, showcasing resilience and growth in a dynamic market. As the company moves forward, these positive financial indicators signal a promising trajectory for both HCL Tech and its stakeholders.

The Indian Bugle
The Indian Bugle
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