HCL Technologies Posts Quarterly Profit Growth, Cuts Revenue Guidance

By Kosaku Narioka

HCL Technologies posted quarterly profit growth but cut annual revenue guidance as revenue from the technology sector declined.

The Indian information-technology-services provider said late Thursday that net profit rose 9.8% from a year earlier to 38.32 billion Indian rupees ($459.7 million) for the quarter ended Sept. 30. That narrowly beat the estimate of INR37.16 billion from a poll of analysts by FactSet.

Second-quarter revenue increased 8.0% from a year earlier to INR266.72 billion.

Revenue growth was led by financial services, life-science and healthcare sectors, while revenue from the technology and services industry fell in constant currency terms.

The company projected revenue would grow 5.0%-6.0% in the fiscal year ending March 2024 in constant currency terms, including the impact of the acquisition of German car engineering services company ASAP Group. It previously expected revenue would grow 6.0%-8.0% this fiscal year.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

October 12, 2023 22:17 ET (02:17 GMT)

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