HCLTech Q3 net profit rises 6.2% to Rs 4,350 crore, beats estimates

If one could draw an analogy from cricket to describe the HCLTech Q3 FY24 performance, the company has hit a six as it defied expectations on revenue and net profit and performed better than its other larger peers in a generally softer quarter for the IT sector.

The company’s revenue for the quarter grew 6.5 per cent Year-on-Year to Rs 28,446 crore, and on a quarter-on-quarter basis, the growth was up 6.7 per cent. This is one of the highest revenue growths since the Q3 of FY21. HCLTech’s Q3 performance beat Bloomberg’s estimates on both revenue and net profit. According to the Bloomberg estimates, revenue was expected to be at Rs 28,154 and profit after tax at Rs 4,182 crore.