HCL Technologies on Friday missed analysts estimates when net profits came in flat at ₹3,986 crore in the quarter ended March 31 against ₹3,983 crore in the corresponding period of the previous fiscal year.

Analysts had projected net profits to come in between ₹4000-4200 crore. On a sequential basis, the net profit represented a fall of nearly 8.40 per cent. During the quarter, its revenues rose to ₹28,499 crore against ₹26,606 crore in the year-ago period.

However, the company cut its constant currency revenue growth guidance for this fiscal to 3-5 per cent compared with 5-5.5 per cent in 2023-24. Brokerages like Nuvama had expected it to guide for a 4-6 per cent revenue growth. HCL expects its EBIT margins to come between 18-20 per cent.

The quarter saw new deal wins of $2290 million, which took up the fiscal year’s number to $9759 million, a rise of 10 per cent. HCL won 21 new large deals in January-March of which 13 were in services.

HCL Technologies bucked the industry trend when total people count at the end of the year stood at 227,481. It reflected a net addition of 2725 employees during the quarter and 1537 during the year. Peers such as TCS, Infosys and Wipro have seen a decline in headcount.

The board has recommended a dividend of ₹ 18 per share. The full year dividend stands at ₹52 per share.

SBI Life net rises 4%

SBI Life Insurance on Friday reported a net profit of ₹810.8 crore for the fourth quarter ended March 31, up 4.37 per cent from ₹776.85 crore in the corresponding previous period. The growth in net profit during the quarter was on the back of a 26.23 per cent growth in net premium income.

Net premium income for the life insurer during the fourth quarter was ₹25,116.47 crore against ₹19,896.92 crore in the year ago period. Net profit registered by the insurer during 2023-24 was ₹1,890 crore, up 10 per cent from ₹1,720 crore in 2022-23.

Bajaj Finserv profit up

Bajaj Finserv on Friday reported a 20 per cent increase in consolidated net profit at ₹2,119 crore for the March quarter. The company had posted a net profit of ₹1,769 crore in the year-ago period.

Bajaj Holdings & Investment has posted a standalone net profit of ₹1204.37 crore in the March quarter compared with ₹45.13 crore in the same period of the previous year.

Eveready back in black

Eveready Industries India announced a fourth-quarter profit of ₹8 crore compared with a loss of ₹14.39 crore in the corresponding quarter of FY’23, amidst a marginal dip in operational revenue to ₹281 crore. The company reported revenues for the whole of FY24 at ₹1,314.2 crore, a decline of 1 per cent from ₹1,327.7 crore in FY23.

With inputs from PTI