HCL Technologies shares tank nearly 4 pc on profit-booking

Shares of HCL Technologies on Friday closed nearly 4 per cent lower on profit-booking after the company posted an 18.5 per cent rise in September quarter net profit. IT firm HCL Technologies on Friday posted an 18.5 per cent rise in September quarter net profit at Rs 3,142 crore.

Shares of HCL Technologies on Friday closed nearly 4 per cent lower on profit-booking after the company posted an 18.5 per cent rise in September quarter net profit. The stock, which opened with gains on BSE, failed to carry the momentum further and tanked 4.47 per cent to Rs 821 during the day. It finally settled the day with a decline of 3.76 per cent at Rs 827.10.

HCL Technologies was the worst hit among the 30-share BSE index list. At NSE, it tanked 3.48 per cent to close at Rs 830.05.

In volume terms, 7.23 lakh shares were traded at BSE and 2.89 crore on NSE. IT firm HCL Technologies on Friday posted an 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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