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HCL Tech declares interim dividend of Rs 2 per share for FY20

The board of HCL Technologies on Thursday declared an interim dividend of Rs 2 per share for FY19. The consolidated net profit also surged by 14.3 per cent to Rs 2,550 crore for the quarter ended March 2019 as against Rs 2,230 crore in the corresponding period of the last year, the IT major said in an exchange filing. The earnings were closely followed after its revenue forecast for 2019, owing to muted demand in the financial and healthcare business segments.

The revenue grew 21.3 per cent to Rs 15,990 crore as against Rs 13,178 crore in the January-March 2018 quarter, the company said in the filing. The 2019-20 revenues may grow between 14 to 16 per cent in constant currency basis, the company also said.

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Commenting on the results, HCL Technologies President and Chief Executive Officer C Vijayakumar said the numbers show how the robust market strategy and the ability of the firm delivered strong performance for three years in a row.

The net profit was up by 16 per cent to Rs 10,120 crore for the complete year 2019, even as revenues surged 19.4 per cent to Rs 60,427 crore from FY18.

In constant currency terms, the revenue grew at 11.8 per cent on-year for FY19, surpassing the upper end of its guided range, the company added. For FY19, the company had provided a revenue growth guidance of 9.5-11.5 per cent in constant currency basis.

The net profit surged 5.9 per cent to $364.3 million for Q4FY19 in dollar terms, while  revenue was up 11.8 per cent to $2.2 billion as against the year back period, according to the US Generally Accepted Accounting Principles (GAAP).

The results were declared after the market hours. HCL Tech stock ended the day at Rs 1,138.90, up 6.30, or 0.56 per cent on NSE.

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