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.

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.

(With inputs from agencies.)