HCL Technologies on Wednesday posted a 7 per cent rise in its consolidated net profit for September quarter at Rs 3,489 crore, topping street expectations, and raised the full year revenue guidance citing strong demand and deal pipeline despite macro concerns, according to PTI report.
Amid widespread fears of global recession, HCL Tech said it clinched a “stellar quarter on all fronts”, delivering strong performance in top line. The IT services firm exuded confidence about its near term and the medium term growth, as it upped revenue guidance to 13.5-14.5 per cent for the full year, against the 12-14 per cent growth band projected earlier, the report said.
“We remain very positive of near term growth and medium term growth. This confidence is coming from the booking that we had in the first half of this year and also the quality of pipeline that we have for the remainder of the year,” HCL Tech CEO C Vijayakumar told reporters at a briefing.
“Even the concerns around recession is actually enabling a lot more transformation deals from our clients. A lot of our customers who are preparing for some kind of slowdown are accelerating some of the things they want to do, so they are prepared for it. So we find that the pipeline is at the highest,” the HCL Tech top honcho said.
“We won a mega deal this quarter. There will be minimal impact of this deal in FY23. We expect this deal to give us an average ACV of USD 125 million per year from FY24,” HCL said in a statement but did not divulge details about the client.
On the employee front, the net addition came in at 8,359 during the quarter, with closing headcount at 2,19,325. HCL Tech added 10,339 freshers in the just-ended quarter, against 6,023 fresher hires in June quarter. The company said it plans to get in 30,000 freshers this year.
“We have continued to onboard freshers, there have been no delays at all. Everybody is getting onboarded as per plan,” Vijayakumar said. On moonlighting issue, the company said it strongly disapproves of dual employment practice, and expects its employees to fully honour their contractual obligations.
The company also reported some senior level realignment.
HCL Tech said that Rahul Singh, who was serving as President – Financial Services and Digital Process Operations, has been appointed as COO – Corporate Functions.
Ramachandran Sundararajan, who was Head – HR for North America and Global Head – Sales HR, has been appointed as Chief People Officer of the company.
Appa Rao V V, who served as the Chief Human Resources Officer (CHRO) since 2017, has been appointed as Chief Delivery Officer (Near Shore).
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