HCL Tech's Strong Q3 Results: Interim Dividend and Impressive Profit Growth
HCL Technologies (HCL Tech), one of India's leading IT services companies, revealed robust financial results for the October-December quarter of the fiscal year 2023-24. The company's Board of Directors announced an interim dividend of ₹12 per equity share of ₹2 each for the fiscal year, underscoring its commitment to rewarding shareholders. The record date for the interim dividend is January 20, 2024, with the payment scheduled for January 31, 2024.
In the Q3 FY24 financial report, HCL Tech reported a remarkable 13.5% sequential growth in net profit, reaching ₹4,350 crore. This exceeded market expectations, showcasing the company's resilience and strategic positioning in the dynamic IT sector. The consolidated net profit attributable to shareholders exhibited a substantial increase from ₹3,832 crore in Q2 FY24.
Additionally, HCL Tech demonstrated a robust 6.65% quarter-on-quarter (QoQ) growth in quarterly revenue, reaching ₹28,446 crore. The company's stellar performance surpassed predictions, with profit after tax (PAT) exceeding the anticipated 11% rise. On a year-on-year (YoY) basis, consolidated net profit increased by 6.2% from ₹4,096 crore in Q3 FY23, while consolidated revenue from operations rose by 6.5%.
The table below summarizes the key financial details:
HCL Tech's impressive financial performance signals its resilience and adaptability in the competitive IT landscape, reinforcing investor confidence.
