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

Here’s how Infosys and TCS earnings performance in Q2 2020 stack up against each other
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