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HCL Tech Shares Jump Over 5 Pc; Hit 52-Week High After Q3 Earnings
HCL Technologies` shares surged over 5% as the company reported a record 6.2% rise in Q3, resulting in the stock reaching a 52-week high.
New Delhi: Shares of HCL Technologies climbed over 5 per cent in morning trade on Monday after the company reported a 6.2 per cent increase in consolidated net profit to Rs 4,350 crore in the December quarter.
The net profit was the highest ever on a quarterly basis, and was driven by growth in both services and software businesses. The stock jumped 4.83 per cent to reach its 52-week high of Rs 1,617.65 on the BSE.
At the NSE, it rallied 5.11 per cent to Rs 1,619.60 -its 52-week high. IT stocks were in the limelight in morning deals, with Wipro, Tech Mahindra, Infosys, and Tata Consultancy Services also rising sharply. The company had posted a consolidated net profit of Rs 4,096 crore in the same period a year ago, HCL Tech said in a regulatory filing on Friday. (Also Read: Wipro Shares Jump Nearly 14% Post-Q3 Earnings; Mcap Climbs Rs 18,168 Cr)
The consolidated revenue of HCL Tech grew 6.5 per cent to Rs 28,446 crore during the reported quarter from Rs 26,700 crore in the year-ago period.
"Our results this quarter have been remarkably strong with a revenue growth of 6 per cent on quarter-on-quarter in constant currency, driven by strong momentum in services and software businesses. (Also Read: India's Wholesale Inflation Rises To 0.73% In December)
"We delivered a stellar operating margin of 19.8 per cent, a 126 bps improvement quarter-on-quarter and 16 bps improvement year-on-year," HCL Tech CEO and Managing Director C Vijayakumar told reporters.The company has projected a revenue growth in the range of 5-5.5 per cent in the current fiscal on a year-on-year basis.