HCL Technologies hikes guidance as profit and revenue beat estimates in Q2 2020

HCL CEO, C Vijayakumar
Software major HCL Technologies Ltd (HCL) on Wednesday reported a Rs 2,651 crore consolidated net profit for the second quarter (Q2) of fiscal 2019-20, registering a 4.4 per cent annual growth over the same period a year ago.

HCL Technologies also revised its guidance for revenue growth in the current financial year from 14-16% to 15-17% in constant currency.

The company had posted a profit after tax (PAT) of Rs 2,540 crore in the July-September quarter of last year.

Sequentially, net profit rose 19.4 per cent to Rs 2,651 crore from Rs 2,220 crore a quarter ago.

In a regulatory filing on the BSE, the NCR-based IT major said consolidated revenue for the quarter under review grew 17.9 per cent year-on-year (YoY) to Rs 17,528 crore from Rs 14,861 crore in the like period a year ago.

Sequentially, revenue grew 6.7 per cent to Rs 17,528 crore from Rs 16,425 crore a quarter ago.

Under the International Financial Reporting Standards (IFRS), net income rose 5.5 per cent YoY to $376 million from $357 million a year ago, and 17.7 per cent sequentially from $320 million a quarter ago.

Gross revenue grew 18.4 per cent YoY to $2,487 million from $2,099 million, and 5.2 per cent sequentially from $2,364 million a quarter ago.

See also:
TCS earnings growth gets squeezed by slowing economies across the world

Top comments and highlights from Infosys Q2 earnings press conference

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