HCL Tech Shares Plunge Almost 6% Post March-Quarter Earnings, Losing Rs 23,120 Crore in Market Cap

HCL Technologies shares plunged nearly 6% after reporting a flat year-on-year profit in Q4. The stock declined 5.79% on BSE, with a market cap loss of Rs 23,120 crore. The company's quarterly net profit declined 8.4% sequentially, citing rising employee costs and tightening IT spending. Despite a "decent" performance, the company projected 3-5% revenue growth and an EBIT margin of 18-19% for FY25.

Shares of HCL Technologies on Monday tanked nearly 6 per cent after the company reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore.

The stock declined 5.79 per cent to finish at Rs 1,387.10 on the BSE. During the day, it plunged 6.19 per cent to Rs 1,381.15.

On the NSE, it tanked 5.80 per cent to Rs 1,388.30.

The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.

The company's market capitalisation (mcap) got eroded by Rs 23,120.42 crore to Rs 3,76,412.49 crore.

On traded volume terms, 2.98 lakh shares of the company were traded at the BSE and 114.93 lakh shares at the NSE during the day.

The company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee costs and tightening IT spends around the world.

The company described the performance as ''decent'' in view of the global macroeconomic conditions.

It posted a consolidated net profit of Rs 3,986 crore in the fourth quarter of FY24 as against Rs 3,983 crore in the same period last year.

Sequentially, the company's profit declined 8.4 per cent from Rs 4,350 crore in the October-December period, the company said in a filing on Friday.

The company gave a guidance of 3-5 per cent growth in revenue in constant currency terms for FY25 and an EBIT margin of 18-19 per cent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)