HCL Q2 FY2023 results : Indian IT firm reports 7% YoY increase in net income

HCL Q2 FY2023 results : HCLTech (formerly HCL Technologies) has reported a net income of INR 3,489 crores for the second quarter of the fiscal year 2023 (Q2 FY2023) that ended 30 September 2022, which is a 7% increase compared to INR 3,258 crores reported in Q2 FY2022.

In the previous quarter, that is Q1 FY2023, the Indian IT services company had a net income of INR 3,283 crores.

HCLTech diluted earnings per share (EPS) in the reported quarter was INR 50.94 compared to INR 43.13 in the same quarter of the previous fiscal year.

Its Q2 FY2023 revenues were INR 24,686 crores, which is a year-over-year (YoY) increase of 19.5% compared to INR 20,655 crores. In Q1 FY2023, HCL Technologies’ revenues were INR 23,464 crores.

HCL Q2 FY2023 results : Indian IT firm reports 7% YoY increase in net income. Photo courtesy of Raghukraman/Wikimedia Commons.

Commenting on HCL Q2 FY2023 results, C Vijayakumar – HCLTech CEO and Managing Director said: “HCLTech has delivered yet another solid performance this quarter with revenue growing at 3.8% QoQ and 15.8% YoY in constant currency and EBIT at 18% up 93 bps QoQ. Our services business grew 5.3% QoQ and 18.9% YoY in constant currency, led by strong demand for Cloud, Engineering and Digital services.

“This is a validation of the strategic choices we made and the effectiveness of our operational framework. Our bookings and pipeline continue to be very strong, that augurs well for our future growth. These reflect our constant and continuing efforts to supercharge outcomes for all our stakeholders.”