Software services exporter HCL Technologies said third quarter net profit soared a much better-than-expected 73 percent year-on-year (8 percent quarter-on-quarter) to Rs 1,040 crore, helped by new deal wins, even as the overall environment remained challenging and uncertain.
HCL Tech shares opened up 5 percent in morning trade on NSE at Rs 800.60.
Its revenue was up 23 percent from a year ago (2 percent sequentially) to Rs 6,425 crore in Jan-March.
EBIT (earnings before interest and taxes) rose 56 percent (3 percent QoQ) to Rs 1,276 crore, while Q3 EBIT margin was at 19.9 percent, up slightly from 19.83 percent in Oct-Dec.
Analysts on average had expected HCL Tech to report a net profit of Rs 931 crore on sales of Rs 6,413 crore. EBIT was seen at Rs 1,242 crore.
In US Dollar terms, the company's revenue was up 14 percent YoY (3 percent QoQ) to USD 1,191 million. In constant currency, growth was up 3.2 percent sequentially.
"Amidst a challenging and uncertain business environment, HCL continues on its growth trajectory fuelled by its Alternative Outsourcing approach led by two unique value propositions of Alternative ASM and Enterprise Function as a Service," said Amit Gupta, president & CEO.
Among key geographies, Europe sales grew 18 percent YoY and Americas 13 percent.
Growth was broad based, led by healthcare at 56 percent, retail & CPG at 19 percent, media publishing & entertainment at 15 percent and financial services at 11 percent, HCL Tech said.
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