The Indian indices woke up to a rainy morning in Mumbai. In addition, Dalal Street also started the day in green, as major marquee indices started the week's trade on a positive note.
HCL Tech, which declared its results for the recently concluded Q1, has seen its shares jump in the early hours of the day's trade. The company's shares zoomed by over 3 per cent at the beginning of the day's trade on Monday, July 15.
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The Gurugram-based company, in its Q1 results, declared its earnings for the first quarter of FY25. As per the regulatory filing, the company reported a revenue of Rs 28,057 crores. This meant a 1.6 per cent decline quarter-on-quarter (QoQ). However, on YoY basis, the company revenue jumped by 6.7 per cent. |
HCL Quarter 1 Earnings
The Gurugram-based company, in its Q1 results, declared its earnings for the first quarter of FY25. As per the regulatory filing, the company reported a revenue of Rs 28,057 crores. This meant a 1.6 per cent decline quarter-on-quarter (QoQ). However, on YoY basis, the company revenue jumped by 6.7 per cent.
On constant currency (CC), the revenue posted a 1.6 per cent dip QoQ but a 5.6 per cent rise YoY.
The company's earnings before interest and taxes (EBIT) reached Rs 4,795 crores, a 17.1 per cent of the total revenue.
In addition, brokerage firm Nomura lifted the price target of the HCL shares to Rs 1,720. Along with Nomura, Kotak Institutional Equities also raised the share's price to Rs 1,650. Meanwhile, Citi Bank went in the other direction, as they reduced the target price to Rs 1,545.
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ESOP Update
On July 11, 2024, HCL Tech's Nomination and Remuneration Committee (NRC) granted restricted stock units (RSUs) to eligible employees. This is being awarded under the RSU Plan 2021 and RSU Plan 2024.
HCL Tech granted 7,384 RSUs to four employees under the 2021 plan. Ina addition, another 15,20,235 RSUs were granted to 1,402 employees under the 2024 plan.
The company's shares jumped over 5 per cent in the early hours. It vacilated a little post that, as the value of the shares dropped slightly, still continuing in green. At 09:44 IST, HCL Tech shares jumped by 3.31 per cent or Rs 51.70, jumping to Rs 1,611.90 per share.
