HCL Tech net profit rises to Rs 3,593 cr in Q4, sets 12-14% revenue growth outlook for FY23

The net profit revved up from Rs 1,102 crore in the corresponding period of the previous year.  

New Delhi: IT services company HCL Technologies on Thursday reported over a three-fold jump in its consolidated net profit for the fourth quarter ended March 2022 at Rs 3,593 crore as it struck an optimistic note about the "buoyant" market environment and "strong momentum across verticals and service lines" to guide for 12-14 per cent revenue growth for FY23.

The net profit revved up from Rs 1,102 crore in the corresponding period of the previous year (Q4 FY21).

The company, however, pointed out that there had been an impact of one-time payout in March 2021 quarter, which had depressed the bottomline numbers for that period. HCL Tech explained that seen on a comparative basis, the Q4 FY22 net profit is up about 24 per cent year-on-year.

"For comparison purposes, net income of Q4 FY'21 and full year FY'21 excludes the impact of onetime milestone bonus paid to employees (USD 78.8 million, Rs 575 crore net of tax) and the DTL on Goodwill impact in the tax expense (USD 165.1 million, Rs 1,222 crore) in Q4 FY'21," the company statement said.

HCL Tech expects revenue to grow between 12-14 per cent in constant currency, for the fiscal 2023, as the demand environment is "robust".