HCL Tech Q3 net up 6% to Rs 2,194 cr

IT major HCL Technologies on Friday said its consolidated net profit grew 6% to Rs 2,194 crore in the December 2017 quarter, and exuded confidence over meeting its revenue and margins forecast for FY2018.

The country's fourth largest IT services firm had posted a net profit of Rs 2,070 crore in the year-ago period.

HCL Tech's revenues grew 8.4 per cent to Rs 12,808 crore, from Rs 11,814 crore in the year-ago period, as per the US GAAP accounting norms.

"We finished last quarter on a strong note, with a growth of 3.3% sequentially, and 11.2% year-on-year in constant currency terms," HCL Technologies President and CEO C Vijayakumar said. He added that going ahead, the company remains bullish on the market.

"We intend to close the year within our guided range of revenue and margins, though you may see us deliver revenue at the lower end of our guidance. FY'19 also looks promising from the vantage point where we stand today," he added.

In July, the company had said it expects FY2018 revenue for the company to grow in 10.5-12.5% in constant currency terms. Operating Margin (EBIT) range for the ongoing fiscal was forecast to be from 19.5-20.5%.

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