IT company HCL Technologies on Thursday posted a 10.85 per cent increase in consolidated net profit at Rs 3,983 crore in the fourth quarter of the financial year ended March 2023.

The company posted a net profit of Rs 3,599 crore in the same period a year ago.

HCL Technologies’ profit declined on the quarter-over-quarter basis by about 3 per cent from Rs 4,096 crore — its highest-ever profit in any quarter.

The company’s revenue from operations rose by about 18 per cent to Rs 26,606 crore during the reported period from Rs 22,597 crore in the March 2022 quarter.

However, sequentially, its revenue declined marginally from Rs 26,700 crore it reported in the third quarter.

For the year ended March 31, 2023, HCL Technologies’ profit increased by 10 per cent to Rs 14,845 crore from Rs 13,499 crore in the same period a year ago.

Annual consolidated revenue from operations crossed Rs 1 lakh crore.

The company’s annual revenue increased by 18.45 per cent to Rs 1,01,456 crore at the end of 2022-23 from Rs 85,651 crore a year ago.

Sterling and Wilson

Sterling and Wilson Renewable Energy has reported a widening of its consolidated net loss at Rs 421 crore in the March quarter, mainly due to lower revenues.

Consolidated net loss was Rs 127 crore in the quarter that ended on March 31, 2022, according to a regulatory filing.

The revenue from operation slumped to Rs 88 crore during the quarter under review from Rs 1,071 crore a year ago. The consolidated net loss in 2022-23 also rose to Rs 1,175 crore from a loss of Rs 916 crore a year ago.

The company explained that the revenue was impacted during the (March) quarter due to a cost increase on account of certain cost provisions made, which impacted the percentage of completion and led to a revenue reversal in ongoing engineering procurement construction projects.