HCL Q2 net profit rises 18.5% on digitisation push

HCL Technologies on Friday said its net profit for the second quarter ended September 2020 grew 18.5% to ₹3,124 crore driven by a push for digitisation. The company said it planned to implement salary increments in addition to a “significant number of hirings” during the current year.

The company’s revenues grew 6.1% to ₹18,594 crore during the quarter.

“We delivered a solid performance in Q2… Our stellar performance is broad-based across verticals, service lines, geographies and Mode 1, 2, 3 offerings,” president and CEO C. Vijayakumar said in a virtual briefing. “Our new bookings remained very robust, it increased 35% compared to the last quarter. We won 15 transformational deals,” he said. Mr. Vijayakumar added that the company’s deal pipeline grew 20% quarter-on-quarter, which was “an all-time high”.

One of the main elements that contributed to the ‘brilliant performance’ was the intensity of the technology spent as companies recalibrate businesses and business models for the new normal, he said.

“We are implementing the salary increments effective October 1, up to E3 levels, and effective January 1, for E4 and above levels,” he added. The Board of Directors has declared an interim dividend of ₹4 per equity share for FY2020-21.

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