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Wednesday, October 21, 2020

HCL Technologies Shares Tank Over 4% on Profit-booking After Q2 Earnings

HCL Technologies has maintained its revenue growth guidance of an average of 1.5-2.5 per cent increase quarter-on-quarter in constant currency for the third and fourth quarter.

IT firm HCL Technologies on Friday posted 18.5 per cent rise in September quarter net profit at Rs 3,142 crore.

  • PTI New Delhi
  • Last Updated: October 16, 2020, 12:50 PM IST
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Shares of HCL Technologies on Friday declined over 4 per cent in early trade on the bourses on profit-booking after the company posted 18.5 per cent rise in September quarter net profit. The stock opened with gains on the BSE, but failed to carry the momentum further and tanked 4.47 per cent to Rs 821 as the trade progressed.

At the NSE, it declined 4.58 per cent to Rs 820.60. IT firm HCL Technologies on Friday posted 18.5 per cent rise in September quarter net profit at Rs 3,142 crore. The IT major had registered a net profit of Rs 2,651 crore in the July-September 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

Its revenue grew 6.1 per cent to Rs 18,594 crore in the quarter under review, from Rs 17,528 crore in the corresponding quarter last year. On a sequential basis, net profit was 7.4 per cent higher from Rs 2,925 crore, while top line was higher by 4.2 per cent from Rs 17,841 crore in June 2020 quarter.

In the second quarter, HCL Technologies recorded revenue growth at 4.5 per cent quarter-on-quarter in constant currency – higher than its estimate of 1.5-2.5 per cent sequential rise. HCL Technologies has maintained its revenue growth guidance of an average of 1.5-2.5 per cent increase quarter-on-quarter in constant currency for the third and fourth quarter.

“We have delivered a stellar Q2 performance with a sequential revenue growth of 4.5 per cent in constant currency and 21.6 per cent EBIT margin,” HCL Technologies President and CEO C Vijayakumar said.

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