Business News

HCL Technologies registers 12.3% growth in net profit in Q4

The company shrugged off visa-related concerns and said that they had identified it as a risk seven or eight years ago.

Software major HCL Technologies Limited on Thursday reported a net profit of Rs 2,325 crore in the fourth quarter that ended in March. This is around 12.3% growth from its third quarter earnings. The company’s revenue stood at Rs 12,053 crore, about 2% more than its earnings in the fourth quarter last year, and an increase of around 12.7% on a year-on-year basis, reported Mint.

The Noida-based firm attributed the growth to a bigger client base and its foray into sectors like digital technology, cloud, cyber security and the internet of things, or connecting devices to the internet. Revenue from these sectors stood at 18.6% in this financial year, marginally higher than the 15.9% last year. Overall, these sectors saw a 30.9% growth between March 2016 and March 2017.

Chief Financial Officer Anil Chanana said they were satisfied with the company’s performance. “We are glad about the overall Fiscal 2017 and the quarter performance,” he told Mint. “Our cash flow generation during the year continues to be robust with Net Income to Operating Cash Flow conversion at 112%... Return on equity continues to be healthy at 27% for the year.”

For the next financial year, the company has set a target of achieving 10.5%-12.5% overall growth. “It is based on the order book and the pipeline and what we expect and as we have indicated in capital allocation policy and how we want to spend the money,” Chief Executive Officer C Vijayakumar told CNBC-TV18.

The company also shrugged off visa-related concerns. “We were very early in taking these calls for making our business model very resilient to any geographic and immigration challenges,” Vijayakumar told NDTV. He added that they had identified the risk long time ago. “Actually I am really surprised that some of the players are talking about adding people in the US now. It is something which we recognised seven-eight years back.” Their statement comes soon after the United States has clamped down on its visa policies, making it much tougher for Indian workers to move to the country. H-1B visas were commonly used by Indian IT companies. After the US’ move, companies like Infosys and Cognizant have increased hiring over there.

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