IT firm HCL Technologies, on July 17, posted its Q1 results for the financial year 20-21. HCL recorded a 8.6% YoY increase in revenues for the quarter ending June. Consolidated net profits expanded by 31.7% to reach Rs. 2925 crore from Rs. 2220 crore recorded in Q1 of the previous financial year.

When compared to the previous quarter (Q4 FY20), both, revenues and net income have seen a fall of 4% and 7.3% respectively.

HCL Technologies was the 4th IT giant to announce its result. As we saw, TCS posted negative results and started the results season on a low. But Wipro and Infosys posted profits that beat street estimates by a huge margin. Now that Wipro and Infosys has set high standards, Wipro’s result looks average,

According to the company’s President and CEO C Vijayakumar, the company has been adversely hit by the lockdown this quarter. This has contributed to decreasing their revenues. HCL is helping its clients to embrace this new normal and work on digital transformation. Therefore, he is hopeful of things to be changing for better in the foreseeable future.

Also, the IT major firm has announced a dividend of Rs. 2 per share for the shareholders.

Roshni Nadar Malhotra will be appointed as the chairperson of Board and company from Friday. She will be replacing her father Shiv Nadar who will continue to be the Managing Director of the company with designation as Chief Strategy Officer.