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India’s third largest software company kept revenue growth guidance of 12-14% and a 18-20% operating margin forecast for the ongoing fiscal year, though its top management cautioned about the impact of a likely recession in the United States.
It said measures put in place to increase revenue and lower costs will help the company meet the margin guidance, at least at the lower end of the band.
The company also warned that attrition – which crossed 23% - will remain high in the ongoing July-September quarter, before improving in the second half of the financial year.
For the quarter June 30, net profit stood at Rs 3,283 crore compared with Rs 3,215 crore last year. Net profit was in line with estimates by an ET poll of analysts.
Revenue grew 16.9% on year to Rs 23,464 crore, beating analysts' estimates, on the back of growth in engineering, research & development services and IT services<\/a>.
Sequentially, net profit was down 8.6% due to a higher base from a one-time gain in the quarter ended March 31, while revenue was up 3.8%.
Its operating margin for the April-June quarter fell 90 basis points sequentially to 17%, dragged down by increased travel and manpower costs amid all-time high attrition in the services business.
Attrition for the quarter shot up to a record 23.8% compared to 21.9% reported last quarter amid a continuing talent crunch across the IT industry, experts said.
The tech company expects attrition to remain at elevated levels in the current quarter but predicted stabilization by the second half of the financial year ending March 2023.
Its board declared an interim dividend of Rs 10 per share.
“In some verticals, there will be project completions and some one-time work which will complete, so that will have some impact on the revenue numbers, growth numbers. We expect to see a good positive trajectory moving forward,” C Vijayakumar, managing director of HCL<\/a> Technologies Ltd, said in a statement. “Even though there is the risk, concerns of slowdown, our pipeline continues to be at an all-time high.”
On Friday, India’s largest IT services company by revenue, Tata Consultancy Services<\/a>, missed street estimates for the first quarter, reporting net profit of Rs 9,478 crore and revenue of Rs 52,758 crore. Its attrition rose to 19.7% while operating margins fell to 23.1% from 25% in the previous quarter amid higher staff expenses.
The performance pulled down the TCS<\/a> stock by almost 5% and the IT index by 3% on Monday.
Pointing to steady demand in the short- to medium term, Rajesh Gopinathan, managing director of the Tata Group<\/a> company, said TCS had discussed the impact of the US recession at the senior level. He, however, added that he did not see any immediate impact on demand.
Speaking to reporters after the results announcement on Tuesday, HCL’s Vijaykumar also cautioned about the impact of the US slowdown.
“Pockets in manufacturing and retail CPG (Consumer Packaged Growth), see some projects being delayed. But in the larger scheme of the overall portfolio and service mix, vertical and geography mix, our pipeline is at an all-time high. We continue to remain vigilant to see what is happening,” he added.
Headcount for the April-June quarter stood at 210,966 with a net hiring of 2,089 over the previous quarter. Last quarter, the company had added 11,000 employees. It took on board 6,023 freshers this quarter and plans to add 10,400 in the July-September quarter.
“HCL Technologies reported subdued results for the quarter with margins below our expectations. Services business revenue (almost 89.8% of revenue) grew 2% QoQ and 19% YoY in constant currency which we consider is healthy,” said Mitul Shah, head of research associate at Reliance Securities<\/a>.
While HCL’s services business grew 19%, driven by demand for cloud transformation and application and data modernization, the products and platforms business fell 6.5% in constant currency terms due to closure of a business last year.
“I think there are a range of metrics and levers that are available to us both on the top line side as well as on the cost side,” said Prateek Aggarwal, chief financial officer, HCL Technologies. “On the top line, we have already started seeing green shoots in terms of getting increases in various ways from our customers. We are sure it will get expedited over the next few quarters.”
On the cost side, the large number of freshers that the company had hired over the past five quarters is starting to become productive and billable, improving revenue and averaging out costs, he said.
Aggarwal said these levers along with utilization, offshoring and automation, will help the company achieve “at least the lower side of the margin guidance” for the fiscal year.
“EBIT margins at 17% were significantly below our and consensus estimates of (17.7-17.6%) led by supply challenges. In our view, managing profitability within its target FY23 EBIT range of 18-20% will be a tall task going ahead,” said Ruchi Burde Mukhija, assistant research vice president, Elara Capital.
HCL Technologies reported new deal total contract value (TCV<\/a>) worth $2.05 billion compared to $2.26 billion last quarter and $1.6 billion in the year-ago period, supported by a mix of large and mid-size deals.
Services TCV stood at $1.95 billion, enabled by seven net new large services deal wins, while products TCV stood at $104 million through nine net new deal wins.
“We still see heightened attrition and next quarter also will remain more or less the same. But we have seen some green shoots in terms of attrition coming down in terms of quarterly annualised basis,” said Apparao VV, chief human resources officer, HCL Technologies.
He added the company hasn’t lowered its fresher hiring guidance. “In fact, we are ready to recruit more, and it is business driven.”
The company’s headcount in both New Vistas locations such as Lucknow, Vijayawada and Madurai, as well as New Frontier locations such as Poland, Bulgaria and Romania witnessed 30% increase on year, Apparao added.
The company plans to hire 30,000-35,000 freshers this year.
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HCL第一季度净利润增长2.4%,利润令人失望
印度第三大软件公司保持收入增长指导12 - 14%和18 - 20%的营业利润率预期持续的财政年度,尽管其高层管理人员警告可能的经济衰退的影响在美国。
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印度第三大软件公司保持收入增长指导12 - 14%和18 - 20%的营业利润率预期持续的财政年度,尽管其高层管理人员警告可能的经济衰退的影响在美国。
措施,增加收入和降低成本将帮助公司满足边缘指导,至少在低端的乐队。
该公司还警告称,摩擦——跨越23%——仍在持续7 - 9月一季,前财政年度的下半年改善。
6月30日的季度净利润达到3283卢比,而去年的3215卢比。净利润符合估计等调查的分析师。
23464卢比收入同比增长16.9%,超过分析师预期,增长的工程、研发和服务信息技术服务。
按顺序,净利润下降了8.6%由于一次性获得更高的基地在截至3月31日的一个季度,而收入增长了3.8%。
4 - 6月季度的营运利润率连续下跌90个基点至17%,拖累了历史新高之际增加旅游和人力成本消耗的服务业务。
摩擦飙升至创纪录的23.8%的季度最后一个季度的21.9%相比在整个IT行业的人才危机,专家说。
科技公司预计当前季度消耗保持在高位,但预计下半年稳定的截至2023年3月的财政年度。
董事会宣布的中期股息每股10卢比。
“在一些垂直,将项目完成和一些一次性的工作完成,所以会有一些影响收入数字,增长数字。我们希望看到一个好的积极的轨迹前进,”C Vijayakumar,董事总经理盐酸技术有限公司在一份声明中说。“尽管有风险,经济放缓的担忧,我们的管道仍然是空前高涨。”
上周五,印度最大的IT服务公司,收入,塔塔咨询服务公司错过了街道估计,第一季度,报告净利润9478卢比和收入52758卢比。其磨损升至19.7%,营业利润率从23.1%下降到25%在第一季度在更高的员工费用。
性能推倒TCS股票近5%和周一指数3%。
指向稳定需求在短期至中期,董事总经理Rajesh Gopinathan塔塔集团公司说,TCS讨论了美国经济衰退的影响在高级水平。然而,他补充说,他没有看到任何直接影响需求。
周二宣布结果后对记者说,HCL Vijaykumar还警告是美国经济放缓的影响。
“口袋在制造业和零售CPG(消费者打包增长),看到一些项目被推迟。但在更大的计划的整体投资组合和服务组合,垂直和地理结构,我们的管道是空前高涨。我们继续保持警惕看到发生了什么,”他补充道。
4 - 6月季度的员工站在210966年与2089年第一季度的净雇佣。上个季度,该公司增加了11000名员工。本季度董事会6023新生,计划在7 - 9月一季增加10400。
”HCL科技公司报道低迷业绩季度利润低于我们的预期。服务业务收入(几乎89.8%的收入)增长2%不可小觑,在不计汇率变动19%,我们认为是健康的,”研究员Mitul Shah说依赖证券。
虽然HCL的服务业务增长19%,由云转换和应用需求和数据现代化,产品和平台的业务下降了6.5%不变货币计算由于去年关闭业务。
“我认为有一系列指标和手段都提供给我们在顶线方面以及在成本方面,“Prateek Aggarwal说,首席财务官,HCL科技公司。“顶线,我们已经开始看到萌芽的增加以不同的方式从我们的客户。我们相信它在未来几个季度会加快。”
在成本方面,大量的新生,该公司已聘请在过去五个季度开始成为高效的计费,提高收入和平均成本,他说。
Aggarwal说这些杠杆以及利用率、外包和自动化,将帮助公司实现“至少较低的一侧的边缘指导”的财政年度。
“税前利润率在17%显著低于我们的和一致的估计(17.7 -17.6%)由供应的挑战。在我们看来,盈利能力在其管理目标FY23 18 - 20%的息税前利润范围将是一个高任务提前发生,“说前腿·Mukhija,研究助理副总裁,木卫七资本。
HCL科技公司公布新政总合同金额(TCV)价值20.5亿美元的22.6亿美元相比上一季度和上年同期分别为16亿美元,支持大型和中型交易。
服务TCV站在19.5亿美元,通过七个净赢得新的大型服务协议,同时产品通过九TCV站在1.04亿美元净新政获胜。
“我们仍然看到磨损加剧,下个季度也仍将或多或少是相同的。但是我们看到了一些绿芽的磨损下来的季度年化基础上,”首席人力资源官Apparao VV说HCL科技公司。
他补充说,该公司没有降低它的新鲜招聘指导。“事实上,我们准备招募更多,这是业务驱动的。”
公司的员工在这两个新的远景位置如勒克瑙,维杰亚瓦达和马杜赖,以及新的前沿位置,如波兰、保加利亚和罗马尼亚增加了30%,Apparao补充道。
该公司计划招聘30000 - 35000今年新生。
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