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HCL net up 10.7 per cent in Q1 (Lead)
New Delhi, July 27 (IANS) Software major HCL Technologies on Friday reported Rs 2,403 crore consolidated net profit for the first quarter of 2018-19, posting 10.7 per cent annual growth from Rs 2,171 crore in the same period last year and 7.9 per cent sequentially from Rs 2,227 crore last quarter.
“Consolidated revenue for the quarter (Q1) under review grew 14.2 per cent annually to Rs 13,878 crore from Rs 12,149 crore in the like period year ago and 5.3 per cent up sequentially from Rs 13,179 crore quarter ago,” said the Noida-based IT major in a regulatory filing on the BSE.
Under the International Financial Reporting Standard (IFRS) in dollar terms, consolidated net income grew 5.7 per cent annually to $356 million from $337 million in same period year ago and 3.4 per cent sequentially from $344 million quarter ago.
Revenue grew 9 per cent annually to $2,055 million from $1,884 million in like period year ago but remained flat (0.8 per cent) sequentially from $2,035 million last quarter.
Earnings before interest, tax, depreciation and amortisation (Ebitda) or the operating margin grew 11.6 per cent to Rs 2,729 crore for the quarter from Rs 2,444 crore year ago and 5.7 per cent sequentially from Rs 2,583 crore.
“Revenue for the fiscal (FY 2019) is expected to grow 9.5-11.5 per cent in constant currency, which translates into 8.4-10.4 per cent on dollar value of Rs 66/$ as on June 30,” said the company in a statement later.
The operating margin (Ebitda) for the fiscal is expected to be 19.5-20.5 per cent with Indian rupee at 66 per US dollar.
“As we expand our global footprint, it is imperative we accelerate, reinvent and reimagine to overcome the challenges of an ever-evolving technology and business landscape. We also remain committed to creating a sustainable business with focus on diversity and inclusion,” said HCL Chairman Shiv Nadar in the statement.
The company signed 27 deals during the quarter with momentum in telecom, financial services, retail, consumer package goods and energy & utilities verticals.
“We achieved highest ever bookings in the quarter led by the next-gen Infrastructure services. We are investing in next generation portfolio to help enterprises build their digital future,” said Chief Executive C. Vijaykumar.
The company added one new client in $100-million and 7 in $50 million band.
“The quarterly performance has been as per our plan. We have reported healthy growth in revenues. We allocate capital efficiently with equity buyback announcement which is underway. Our pay-out as percentage of net income has been at 54 per cent of net income and 69 per cent of free cash flow,” said Chief Financial Officer Anil Chanana.
The board of directors recommended 100 per cent dividend of Rs 2 per share of Rs 2 face value for the investors.
The company also announced to buyback equity shares valued at Rs 4,000 crore at Rs 1,000 per share in this fiscal.
The company hired 12,558 techies during the quarter, taking the total headcount to 124,121 as against 120,081 quarter ago and 117,781 a year ago.
The HCL’s blue-chip gained Rs 11.25 per share at the end of Friday’s trading on the BSE to close at Rs 963.70 as against Thursday’s closing rate of Rs 952.45 and opening price of Rs 961.
–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.