India’s fourth-largest software-services firm HCL Technologies has reported a 9.8% decline in its net profit in the fourth quarter of its fiscal year, which ended on March 31, compared with the same quarter a year ago.
HCL had registered a net profit of 22.30 billion rupees (US$334.5 million) in the January-March 2018 quarter, compared with 24.74 billion rupees in same quarter of 2017, reports the Press Trust of India.
The company’s total income was up 2.2% to 134.8 billion rupees in the quarter from 131.83 billion rupees in the corresponding quarter last year.
For the financial year 2017-18, net profit was up 1.3% to 87.22 billion rupees, while total income grew by 6.4% to 517.86 billion rupees from the previous year.
During the fourth quarter, HCL signed 15 deals, led by verticals of financial services, manufacturing, public services, life sciences and health care.
As for revenue, the manufacturing segment dominated other verticals, contributing 34.6%, followed by financial services (24.2%), public services (11.7%), retail and consumer packaged goods (9.2%) and telecommunication and media (8.4%).
The US continues to be HCL’s largest market, contributing 62.6% to its quarterly revenue. However, this was lower than the 63.5% reported during the third quarter that ended in December. Shares of the company fell as much as 5% in early trade on Wednesday.