HCL Tech Q1 profit up 31.7% at Rs 2,925 crore; Shiv Nadar retires

IT firm HCL Technologies on Friday posted 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June 2020 quarter, and said that Shiv Nadar has stepped down from the Chairman’s role.

The IT major had registered a net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing. Its revenue grew 8.6 per cent to Rs 17,841 crore in the quarter under review, from Rs 16,425 crore in the corresponding quarter last year.

On a sequential basis, the top line was lower by 4 per cent from Rs 18,590 crore in the March quarter.

“The adverse conditions during this quarter had an anticipated negative impact on our revenue.