National
HCL net up 8.6% yearly, flat quarterly in Q2 (Lead)
New Delhi, Oct 25 (IANS) HCL Technologies on Wednesday reported Rs 2,188 crore consolidated net profit for the second quarter (Q2) of fiscal 2017-18, registering a 8.6 per cent yearly growth and 0.8 per cent flat quarterly growth in rupees.
The net profit was Rs 2,014 crore in the same period a year ago and Rs 2,171 crore a quarter ago.
In a regulatory filing on the BSE, the Noida-based software major said consolidated revenue for the quarter (Q2) under review grew 7.9 per cent yearly and 2.3 per cent quarterly to Rs 12,434 crore.
Revenue was Rs 11,519 crore in the like period a year ago and Rs 12,149 crore a quarter ago.
Under the International Financial Reporting Standard (IFRS), net income at $339 million is up 12.6 per cent from $301 million a year ago but flat (0.7 per cent) from $337 million a quarter ago.
Revenue in dollar terms grew 11.9 per cent annually to $1,928 million from $1,722 million and 2.3 per cent sequentially from $1,884 million quarter ago.
The outsourcing firm has projected 12.1-14.1 per cent revenue growth in dollar terms for the current fiscal (FY 2018), based on exchange rates of USD at Rs 65.5 on September 30.
“Operating margin or earnings before interest and tad (Ebit) is expected to be in 19.5-20.5 per cent range,” the company said in the filing.
Ebit for the Q2 at Rs 2,451 crore is up 5.7 per cent annually from Rs 2,318 crore a year ago but flat (0.3 per cent) from Rs 2,444 crore quarter ago in rupee.
In dollar terms, Ebit at $380 million is up 9.6 per cent annually from $347 million a year ago but flat (0.3) per cent from $379 million quarter ago.
Ebit margin, however, remained flat at 19.7 per cent as against 20.1 per cent a year ago and 20.7 per cent a quarter ago.
“As technology-driven business models take root, organisations are adapting to the change by investing in disruptions and technology innovations,” HCL Chairman and Chief Strategy Officer Shiv Nadar said in a statement here.
The company’s software services business grew across verticals spanning manufacturing, financial services, public services, retail and consumer packaged goods and life science and healthcare.
“Our mature verticals like manufacturing and financial services, which contribute 60 per cent to the revenue, grew 21.9 per cent and 14.2 per cent respectively,” said Nadar.
Strong client addition continued in Q2 with 24 new deals in $5-million price band, 11 in $10-million, 2 in $20 million, 3 in $40 million, 5 in $50 million and 1 in $100 million.
“Our top 20 customers grew faster than our average in the quarter, reflecting the performance of our client partner programme,” said Chief Executive Officer C. Vijayakumar.
The company’s Board of Directors declared 100 per cent dividend or Rs 2 per share of Rs 2 face value for the second consecutive quarter.
Cash generation was robust, with net income to operating cash flow conversion at 96 per cent in the last 12 months.
With the addition of 8,645 people, the headcount increased to 119,040 in Q2 from 117,781 quarter ago and 109,795 a year ago.
“Our attrition excluding involuntary declined to 15.7 per cent from 16.2 per cent quarter ago and 18.6 per cent a year ago, while employee utilisation remained 86 per cent, same as quarter ago but up from 83.3 per cent a year ago,” added the statement.
The company’s blue-chip scrip of Rs 2 face value was trading on the BSE at Rs 880 per share, which is Rs 33.45 lower than Tuesday’s closing rate of Rs 913.45 and opening price of Rs 900 per share.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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