HCL Tech Q3 net profit up profit up 13.5% to Rs 4,350 crore

Bucking the industry trend of a weak Q3 performance, the country’s third largest IT firm, HCLTech on Friday reported a 13.5% sequential rise in net profit to Rs 4,350 crore for the October-December quarter, while its revenue rose 6.7% quarter-on-quarter to Rs 28,446 crore. The company beat Bloomberg consensus estimate on both the fronts which were pegged at Rs 4,124 crore and 28,075 crore respectively.

However, as the slump in discretionary spending is expected to continue, the company trimmed the upper end of its FY24 revenue growth guidance to 5-5.5% from 5-6%.