HCL Tech Q1 profit up 6%; expects FY17 revenue growth at 12-14%

Country’s fourth largest IT services exporter HCL Technologies started off the financial year 2016-17 on a strong note with April-June quarter earnings beating analysts’ expectations on all parameters. Profit and revenue increased by 6.3 percent and 6 percent to Rs 2,047 crore and revenue at Rs 11,336 crore on sequential basis, respectively.

Dollar revenue for the quarter grew by 6.5 percent to USD 1,691 million on QoQ basis, which was expected at USD 1,678.5 million, and increased 6 percent in constant currency.
HCL Technologies expects FY17 constant currency revenue growth in the range of 12-14 percent that translates to 11.2-13.2 percent in US dollar terms, and operating margin (EBIT) in range of 19.5-20.5 percent.

IT services attrition rate increased by 50 basis points to 17.8 percent in the quarter ended June 2016 compared with 17.3 percent in preceding period.
Total headcount was up by 2.9 percent QoQ to 1,07,968 for the quarter with gross addition at 10,515 against 9,280 in March quarter. Blended utilisation improved to 85.8 percent from 85.6 percent on sequential basis.
The IT company has announced interim dividend of Rs 6 per share for the financial year 2016-17.



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