HCLTech Q1 net profit down 9.7% at Rs 3,843 crore, revenue up 8.2%
"Q1 is traditionally a soft quarter for HCLTech. The environment remains stable from an overall perspective with some variations across specific verticals. It also did not deteriorate as feared at the start of the quarter," said C Vijayakumar, CEO & Managing Director, HCLTech, during the Q1 post-earnings press conference.
The company's EBIT stood at Rs 4,942 crore (16.3% of revenue), down 9.2% q-o-q and up 3.1% y-o-y.
He added that margins fell short of expectations as utilisation dropped due to a delay in ramp-up for a specific programme. "We also had a one-time impact from a client bankruptcy," he said, adding that they are committed to accelerating investments in Gen AI.
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