HCL Technologies Shares Jump Over 5%; Hit 52-Week High After Q3 Earnings

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.

Financial highlights Q3FY24

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.

"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.

Published on: Monday, January 15, 2024, 11:36 AM IST