HCL Tech settles with over 1% loss post results
Mumbai: Erasing early gains, shares of HCL Technologies Wednesday ended over 1 percent lower in an overall sluggish stock market, although the IT major reported 72.59 percent jump in consolidated net profit for the quarter ended March 31.
Despite surging 6 percent to touch 52-week high of Rs 809 in the intra-day trade, the stock finally ended at Rs 751.15, down 1.51 percent on the BSE.
On the NSE, the scrip lost 1.55 percent to Rs 751.
Analysts said that profit-booking dragged down the stock. Besides, the overall equities market was volatile and closed on a weak note.
HCLT reported 72.59 percent jump in consolidated net profit at Rs 1,039.9 crore for the quarter ended March 31, driven by growth in infrastructure and enterprise application services. Its net profit was Rs 602.5 crore in the January-March quarter of 2012. The company follows July-June fiscal year.
HCL Tech's revenues stood at Rs 6,424.6 crore during the reported quarter, up 23.2 percent from Rs 5,215.6 crore in the same quarter last year.
"We have delivered yet another quarter of strong performance. Our net margins have improved for six straight quarters and are up by 51.5 percent along with a robust 14.6 percent US dollar constant currency growth for the 12 month period ended March 31, 2013," HCL Technologies President and CEO Anant Gupta said.
Overall, the stock market was volatile where the BSE benchmark Sensex ended at 18,731.16, down 13.77 points.