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HCL net down 4.3% quarterly, up 3.8% yearly (Lead)
New Delhi, May 2 (IANS) Software major HCL Technologies on Wednesday reported a Rs 2,227 crore consolidated net profit for the fourth quarter of fiscal 2017-18, posting a 4.3 per cent annual decline from Rs 2,325 crore in the same period year ago (2016-17) but up 1.5 per cent sequentially from Rs 2,194 crore quarter ago.
Net profit, however, grew 3.8 per cent year-on-year (YoY) to Rs 8,780 crore for the fiscal under review (FY 2018) from Rs 8,457 crore in FY 2017.
In a regulatory filing to the BSE, the Noida-based IT firm said consolidated revenue grew 9.3 per cent YoY to Rs 13,179 crore for the quarter under review (Q4) from Rs 12,053 crore in the like period a year ago and 2.9 per cent sequentially from Rs 12,808 crore a quarter ago.
Revenue for FY 2018 grew 8.2 YoY to Rs 50,570 crore from Rs 46,723 crore in FY 2017.
Under the International Financial Reporting Standard (IFRS), net profit for the quarter slipped 1.7 per cent YoY to $344 million from $350 million a year ago but grew 1.1 per cent sequentially from $340 million a quarter ago.
Net profit, however, grew 7.7 per cent YoY to $1,360 million for the fiscal from $1,262 million a year ago while revenue grew 12.4 per cent YoY to $7,838 million from $6,975 million a year ago.
Revenue for the fiscal (FY 2018) grew 12.2 per cent YoY to $ 7,838 million from $6,975 million in FY 2017.
The company expects its revenue for fiscal 2018-19 to grow 10.5-12.5 per cent in dollar terms over 2017-18 with 19.5-20.5 per cent operating margin.
“We conclude the fourth quarter and the financial year 2018 with an industry-leading performance, backed by broadbased growth across verticals, robust client additions and accelerated revenues from diverse services,” said HCL Chairman Shiv Nadar in a statement.
In view of the rapid evolution and shifts in geo-political, social and business landscapes, Nadar said the company had to be at the forefront of innovation, technology solutions and people readiness.
“We continue to make strategic investments for readiness in face of these imminent shifts. With the commitment to give back to the society, we will build sustainable and scalable models of positive social impact.”
The company added 4,108 techies during the fiscal, taking its headcount to 120,081 from 115,973 year ago.
“We remain confident of the new fiscal in light of the increasing relevance of our business offerings coupled with our strategic investments in technologies of the future,” said Chief Executive C. Vijayakumar.
The company added 18 new clients in the $5-million band, 7 in $10 million, 2 in $20-million, 6 in $40 million, and 3 in $50 million during the fiscal under review.
The company’s board announced 100 per cent dividend of Rs 2 per share of Rs 2 face value.
The company’s blue chip scrip, however, lost Rs 50.75 or 4.79 per cent at the end of trading on the BSE to close at Rs 1,001.05 per share as against Tuesday’s closing price of Rs 1,051.40 and opening price of Rs 1,058.50.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.