This comes as India's third-largest IT services
provider pegged a revenue growth of over 3.5 per cent on a sequential basis on the back of broad-based momentum across service lines, verticals and geographies last week. The company said deal booking has been strong in the ongoing quarter, led by life sciences and healthcare, telecom and media, and the financial services segments. It has also bumped up its operating margin guidance to 20.5-21 per cent for the quarter.
The update was a surprise for the Street as just a couple of months ago HCL Tech, which had posted a revenue decline of over 7 per cent in the June quarter, had guided for a 1.5-2.5 per cent growth in revenues for the remaining quarters of FY21. Margin guidance was in the 19.5-20.5 per cent range.
In the quarter ended Q1FY21, the company reported a profit before tax (PBT) of Rs 3,862 crore, up 31.7 per cent year on year (YoY), while it remained flat on a sequential basis. The net profit for the quarter rose 31.7 per cent YoY to Rs 2,925 crore on account of lower outsourcing costs and other expenses. It, however, fell 7.3 per cent on a sequential basis. Its revenue also fell 4 per cent sequentially to Rs 17,481 crore.
Also, Roshni Nadar Malhotra took the helm of the company as its chairperson in July. She replaced her father Shiv Nadar, who would continue as managing director and hold the designation of Chief Strategy Officer.
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