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  5. HCL tech shares drop over 6%; despite flat earnings in the March quarter

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HCL tech shares drop over 6%; despite flat earnings in the March quarter

Upstox
By Upstox News Desk

2 min read | Updated on April 29, 2024, 12:19 IST

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SUMMARY

HCL Technologies' stock price took a beating on Monday after the company reported a marginal year-on-year profit increase in the March quarter. Shares fell as investors reacted to the stagnant profit growth of ₹3,986 crore, despite a "decent" performance according to the company.

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HCL tech shares drop over 6%; despite flat earnings in the March quarter

Shares of HCL Technologies on Monday tanked over 6% after the company reported a flat year-on-year growth in net profit in the March quarter at ₹3,986 crore. Shares of HCL tech emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.
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The company posted an 8.4% decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world. The company described the performance as "decent" in view of the global macroeconomic conditions.

The company posted a consolidated net profit of ₹3,986 crore in the fourth quarter of FY24 as against ₹3,983 crore in the same period last year. Sequentially, the company's profit declined 8.4% from ₹4,350 crore in the October-December period, the company said in a filing on Friday. The company gave a guidance of 3-5% growth in revenue in constant currency terms for FY25 and an EBIT margin of 18-19%.

About HCL Technologies:

HCL Technologies Limited, doing business as HCLTech, is an Indian multinational IT consulting company based in Noida. Founded by Shiv Nadar, it was spun out in 1991 when HCL entered into the software services business. The company has offices in 52 countries and over 225,944 employees as on December 31, 2023.

At 11:52 PM, shares of HCL technologies traded at 5.62% lower at ₹1,390.95 on 29 April, 2024.

With inputs from PTI
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Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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