HCL Technologies reports a flat Q4 net profit of ₹3,986 crore, below analysts’ projections

HCL Technologies’ net earnings for the quarter ended March 31 came in flat at ₹3,986 crore, compared to ₹3,983 crore in the same period of the previous fiscal year, below analysts’ projections on Friday.

Analysts had predicted that net earnings would range from ₹4000 to ₹4200 crore. Comparatively speaking, the net profit showed a decline of over 8.40 percent. Its sales increased to ₹28,499 crore during the quarter from ₹26,606 crore in the same time last year.

The business did, however, lower its forecast for constant currency sales growth this fiscal year to 3–5% from 5–5.5% in 2023–2024. Brokers such as Nuvama had anticipated that it would guide for a 4–6% increase in revenue. HCL anticipates that its EBIT margins would range from 18% to 20%.

$2290 million in new contract wins during the quarter brought the total for the fiscal year to $9759 million, an increase of 10%. In January to March, HCL secured 21 new, sizable agreements, 13 of which included services.

When HCL Technologies’ overall employee count at year’s end was 227,481, it defied industry trends. It showed a net gain of 1537 over the year and 2725 during the quarter in personnel. There has been a decrease in headcount at competitors like TCS, Infosys, and Wipro.

A dividend of ₹ 18 per share has been proposed by the board. The dividend for the whole year is ₹52 per share.

4% gain in SBI Life’s net

For the fourth quarter that concluded on March 31, SBI Life Insurance posted a net profit of ₹810.8 crore, up 4.37 percent from ₹776.85 crore in the equivalent prior period. The quarter’s increase in net profit was fueled by a 26.23% increase in net premium income.

In comparison to the same time last year, the life insurer’s net premium income for the fourth quarter was ₹25,116.47 crore, as opposed to ₹19,896.92 crore. The insurer’s net profit for 2023–24 was ₹1,890 crore, a 10% increase from ₹1,720 crore in 2022–23.

Profits for Bajaj Finserv rose.

On Friday, Bajaj Finserv said that its consolidated net profit for the March quarter increased by 20% to ₹2,119 crore. In the same quarter last year, the business reported a net profit of ₹1,769 crore.

In the March quarter, Bajaj Holdings & Investment reported a standalone net profit of ₹1204.37 crore, up from ₹45.13 crore during the same period the previous year.

Eveready is back in black.

In the face of a little decline in operating revenue to ₹281 crore, Eveready Industries India reported a fourth-quarter profit of ₹8 crore as opposed to a loss of ₹14.39 crore in the equivalent quarter of FY’23. The business recorded ₹1,314.2 crore in revenue for the whole fiscal year of 2024, a 1% decrease from ₹1,327.7 crore in FY23.