HCL Tech Q1 results: Net profit rises 2.4% to Rs 3,283 cr, revenue up 16.9%

HCL Tech had a total contract value (TCV) of new deals worth $2 billion, a growth of 23.4 per cent YoY

HCL Technologies reported a net profit of Rs 3,283 crore, up 2.4 per cent year-on-year (YoY), but was down 8.6 per cent sequentially.

Revenue for the quarter stood at Rs 23,646 crore, up 16.9 per cent YoY. The growth was 3.8 per cent sequentially.

The revenue met Bloomberg estimates but missed the net income target. Bloomberg had estimated the net income to be Rs 3,320 crore.

In dollar terms, revenue grew 11.2 per cent YoY and 1.1 per cent sequentially. The company also maintained its FY23 revenue guidance at 12-14 per cent growth.

HCL Tech had a total contract value