HCL Tech Q4 net grows at tad to ₹3,986 crore
The Hindu
HCL Tech reports steady profit growth, optimistic outlook, strong deal wins, and focus on freshers hiring in FY25.
HCL Tech on Friday reported fourth-quarter net profit was almost unchanged at ₹3,986 crore against a net profit of ₹3,983 crore the tech firm reported for the year-earlier period. Revenue from operations rose 7% to ₹28,499 crore.
C. Vijayakumar, CEO & MD, HCLTech said, “We continue to remain optimistic of the opportunities ahead of us. Some of the large deals we won will move into a global delivery model in FY25 which will reduce revenue. The macro-environment, we are assuming, will be similar to FY24. We have a balanced portfolio which will deliver in any economic scenario.’‘
With $2.9 billion of new deal wins in Q4, HCL had a good quarter and the fiscal witnessed phenomenal growth in cloud migration and cybersecurity, he added.
According to Anil Ganjoo, Chief Growth Officer, Americas, HCLTech reported an industry-leading growth in telecom despite challenges in the sector. The technology, media and telecom sector reported highest ever performance in FY24, driven by the Verizon deal, he claimed. Last year, HCLTech signed a $2.1 billion deal with Verizon Business, the enterprise arm of US-based Verizon Communications, to provide primary managed network services (MNS). Financial services, being the top performing vertical this quarter grew 12.1% YoY, Ganjoo added.
HCL Tech was targeting to hire 15,000 freshers in FY’24 and the company hired over 12,000 freshers during the fiscal recalibrating the demand in tune with industry requirements, said Ramachandran Sundararajan, Chief People Officer.
Fresher hiring numbers in FY25 would be similar to FY24, indicated the company. ‘’We may follow broadly the same fresher hiring plan for FY’25 as well without any significant changes,’‘ he added.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.
Adani Group acquires Air Works, India's largest MRO company, expanding its aviation services with a ₹400 crore deal.
Sterling and Wilson Renewable Energy Ltd. secures ₹1,200 crore order for 500 MW Solar PV project in Gujarat.