Business
HCL Technologies Reports 6.2% YoY Profit Growth in Q3 FY24
HCL Technologies, a leading global technology company, has announced its financial results for the third quarter of the fiscal year 2023-24. The company reported a 6.54% increase in revenue and a 6.2% rise in profit year-on-year. Compared to the previous quarter, the company’s revenue grew by 6.65%, while the profit increased by 13.52%.
An important factor contributing to the company’s financial performance was the rise in selling, general, and administrative expenses, which increased by 3.99% quarter-on-quarter and 12% year-on-year. Despite this, HCL Technologies managed to achieve a 14.74% increase in operating income compared to the previous quarter and a 7.96% rise year-on-year.
The earnings per share (EPS) for the third quarter of FY24 stood at ₹16.03, marking a 6.09% increase year-on-year. This positive financial performance reflects the company’s strong position in the market.
HCL Technologies has shown consistent growth over the past few months. The company delivered a 4.57% return in the last week, 33.91% return in the last six months, and a 1.28% year-to-date return. Moreover, HCL Technologies currently has a market capitalization of ₹402,070 crore and a 52-week high/low of ₹1,509.9 and ₹1,016.25, respectively.
According to the collective opinion of 35 analysts covering the company, the consensus recommendation as of 14 Jan, 2024, was to “Hold”. Among the analysts, two recommended a “Strong Sell”, five suggested a “Sell”, 14 advised to “Hold”, 10 recommended a “Buy”, and four proposed a “Strong Buy”.
Additionally, HCL Technologies declared an interim dividend of ₹12.0 per share. The record date for the dividend is 20 Jan, 2024, and the ex-dividend date is scheduled for 19 Jan, 2024.
HCL Technologies’ financial results for Q3 FY24 reflect their strong performance in the market and reaffirm their position as a leading technology company. With consistent growth and positive investor sentiment, the company continues to deliver value to its shareholders.
