'Seen strong execution to date': HCL Tech in mid-quarter update

IT major HCL Tech today provided a mid-quarter update, saying that it expects "the Revenue and the Operating Margin for the current quarter (September’20) to be meaningfully better than the top end of the guidance we had provided in July’2020."

"We have seen strong execution during the quarter to date, and continue to execute to the plan this month. The Revenue growth for the current quarter is expected to exceed 3.5% quarter on quarter in constant currency, enabled by broad based momentum across all service lines, verticals and geographies, the IT company said.

HCL Tech said that the EBIT% for the current quarter is expected to be between 20.5% and 21.0% and it sees good Booking momentum continues this quarter, led by Life Sciences & Healthcare, Telecom & Media and Financial Services verticals.

"The pipeline continues to look healthy across service lines, verticals and geographies," HCL Tech said.

IT firm HCL Technologies posted 31.7% rise in consolidated net profit at ₹2,925 crore for the June 2020 quarter. It registered a net profit of ₹2,220 crore in the April-June 2019 quarter (as per US GAAP). The company's revenue grew 8.6% to ₹17,841 crore in the quarter.

IT major also announced Roshni Nadar Malhotra replacing her father, Shiv Nadar as the Chairman of HCL Tech in June quarter filing.

HCL Technologies, in August, announced a multi-phase hackathon - 'The Better Health Hackathon: #CodeforCovid19' to crowdsource technology innovation to find solutions for immediate and long-term societal impact of the COVID-19 pandemic.