HCLTech Adapts to New Labour Codes Amid Revenue Surge
IT services firm HCLTech reported an 11.2% decline in net profit due to a one-time provision for new labour codes. Despite this, revenue grew by 13.3%, boosted by advances in AI services. The company has also secured significant deals and continues its strategic hiring efforts, including 'elite engineer' recruitments.
- Country:
- India
HCLTech, an IT services firm, reported an 11.2% decline in net profit for the October-December quarter, primarily due to a one-time provision of USD 82 million related to new labour codes.
Despite the profit drop, revenue from operations rose by 13.3% to Rs 33,872 crore, bolstered by strong growth in AI and engineering services.
The company has secured major contracts, including a USD 473 million deal with a global retailer, and plans to continue its strategic hiring initiatives, focusing on recruiting 'elite engineers' at competitive salaries.
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