HCL Tech’s Q1 net profit drops 7.6% to ₹2,220 crore

HCL Technologies has reported a 7.6 per cent decline in net profit for the first quarter ended June 30, 2019. Net profit fell to ₹2,220 crore from ₹2,403 crore in the comparable previous quarter.

The company has announced a dividend of ₹2 per share.

Revenue up

HCL reported an 18.4 per cent year-on-year increase in revenue, at ₹16,425 crore for the quarter (₹13,878 crore). For FY20, the company said it expected revenue to grow 14-16 per cent in constant currency terms.

HCL completed the previously announced $1.8-billion acquisition of select IBM products for Security, Marketing, Commerce and Digital solutions on June 30, a statement from the company said. It also completed the acquisition of Strong-Bridge Envision (SBE) on April 1.