Europe, public services prop up HCL revenue

Robust growth in HCL Technology’s European business and in some of its important verticals such as public services helped it post a 2 per cent growth in revenue to ₹15,990 crore in the March 2019 quarter as compared with the December 2018 quarter.

Though the revenue growth in constant currency terms was 3.3 per cent, that did not translate into an increase in the quarter’s profit that fell 1.7 per cent sequentially to ₹2,568 crore. Increase in employee-related expenses and outsourcing costs ate into the company’s operating profit that shrank 1.5 per cent to ₹3,039 crore in the sequential quarters.