By Ben Otto
HCL Technologies Ltd.'s fiscal fourth-quarter net profit jumped on higher revenue, led by growth in its IT and business services segment and the absence of one-off expenses.
The Indian information-technology services provider said late Thursday that net profit for the quarter ended March more than tripled to 35.93 billion rupees (US$471.1 million) from INR11.02 billion a year earlier, largely because of the absence of a one-time bonus paid to employees and deferred tax liabilities booked in the same period a year earlier.
On an adjusted basis that excludes those charges, net profit was 24% higher on year. Revenue in the quarter rose 15% to INR225.97 billion as business grew in Europe, the Americas and other areas of operation.
For the full fiscal year, net profit rose 21% to INR134.99 billion, or growth of 4.3% on the adjusted basis. Full-year revenue rose almost 14% to INR856.51 billion.
The Noida-based company said it made a net addition of 11,100 employees during the quarter, bringing full-year net additions to 39,600 and overall headcount to almost 210,000 at the end of March.
Going forward, it said it expected revenue to grow 12%-14% in constant currency in fiscal-year 2023, with Ebit margin at 18%-20%.
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(END) Dow Jones Newswires