Wage hikes, one time bonus coupled with muted revenue led to a 25.6% drop in profits for Shiv Nadar founded HCL Technologies.
Consolidated profit at Rs 2,962 cr for the quarter ended March 2021 missed analysts estimates and so did dollar revenue that grew merely 3% in the Jan-March quarter.
HCL Tech however remains optimistic about the outlook having won 19 large deals in the quarter gone by that should translate to better growth in FY'22.