HCLTech Q4 Results: Profit Falls 8%, Revenue Growth Muted
Revenue of India's fourth largest IT services firm rose 0.2% over the previous three months to Rs 28,499 crore in the quarter-ended March 31, 2024.
Growth at HCL Technologies Ltd. remained subdued in the final quarter of fiscal 2024, primarily on account of weak discretionary spending, while its profit declined but met estimates.
Revenue of India's fourth largest IT services company rose 0.2% over the previous three months to Rs 28,499 crore in the quarter-ended March 31, according to an exchange filing on Friday. That compares with the Rs 28,557.3-crore consensus estimate of analysts tracked by Bloomberg.
HCLTech Q4 FY24 Results Highlights (QoQ)
Revenue up 0.2% at Rs 28,499 crore (Bloomberg estimate: Rs 28,557.3 crore).
EBIT down 11% at Rs 5,024 crore (Estimate: Rs 5,265.9 crore).
EBIT margin at 17.62% versus 19.84% (Estimate: 18.42%).
Net profit down 8.2% at Rs 3,995 crore (Estimate: Rs 4,123.1 crore).
(This is a developing story).