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IT services company HCL Technologies Ltd has reported 13% fall in consolidated net profit at 3,442 crore for the December quarter when compared with the same period last year. It was 3,969 crore in the same quarter (Q3FY21) of last year.

“The profit for Q3FY21 was higher by 438 crore due to reversal of a prior years’ tax provision due to change in the method of calculating a tax deduction, basis evaluation of judicial rulings. Excluding this, PAT for Q3FY22 is down 2.9% year-on-year,” HCL Tech said in a filing.

The Noida-based company’s revenue from operations, meanwhile, rose 15% to 22,331 crore as against 19,302 crore in the year-ago period.

The company’s board has approved an interim dividend of 10 per equity share.

On Friday, HCL Tech scrip closed 0.32% lower at 1,330 on NSE. In the last one year, the shares have gained by 29.97% as against 24.95% rise in Nifty IT index.

In dollar terms, HCL Tech revenue was at $ 2,977 million, up 7% quarter-on-quarter and 14% year-on-year.

The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) fell 3.7% year-on-year to 5,242 crore during the third quarter.

On the outlook, HCL Tech expects revenue to grow in double digits in constant currency for FY22, while EBIT margin is seen between 19% and 21% for the same period.

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