HCL Technologies Ltd expects revenue for this fiscal year to grow between 12-14 percent, in constant currency on the back of a resilient market environment and strong growth in the last three quarters, especially in the services business.

It also estimates earnings before interest and taxes (Ebit) margin in the range of 18-20 percent for FY23.

Reports suggest that the company posted a net profit of Rs.3,593 crore for the March quarter, up 24 percent from a year earlier, excluding the impact of a one-time bonus paid to employees and tax expenses in the same period last year. Profit topped the consensus estimate of Rs.3, 322 crore in a Bloomberg poll.

According to reports, revenue for the March quarter rose 15 percent from a year earlier to Rs. 22,597 crore in line with Bloomberg estimate of Rs.22,640 crore. Revenue was driven by the services business which recorded a compound quarterly growth rate (CQGR) of 5.2 percent for three straight quarters. Revenue for the full-year ended 31 March jumped 13.6 percent to Rs.85,651 crore on the back of strong performance by business segments led by its digital business or ‘Mode 2’ that grew 31.8 percent in constant currency.

HCL’s dollar revenue in the quarter grew 13.3 percent annually in constant currency to $2.99 billion, increased by new deal wins and speeding up in clients’ digital agenda.

Vijayakumar, chief executive and managing director, HCL says, “over the last three quarters, our services business has been consistently growing organically at five percent and higher, delivering one of the highest CQGR in the industry. Our overall growth on YoY basis stands at 12.7 percent, which is better than the guidance, led by strong momentum in digital, cloud and engineering services. We continue to invest proactively to create a larger talent pool to address the demand.”