HCL Tech Shares Plunge 6% After Earnings
Apr 29, 2024 16:51
HCL Technologies shares tumbled nearly 6% after reporting flat year-on-year profit growth in the March quarter. The company's market capitalization eroded by Rs 23,120 crore.
New Delhi, Apr 29 (PTI) Shares of HCL Technologies on Monday tanked nearly 6 per cent after the company reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore.
The stock declined 5.79 per cent to finish at Rs 1,387.10 on the BSE. During the day, it plunged 6.19 per cent to Rs 1,381.15.
On the NSE, it tanked 5.80 per cent to Rs 1,388.30.
The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.
The company's market capitalisation (mcap) got eroded by Rs 23,120.42 crore to Rs 3,76,412.49 crore.
On traded volume terms, 2.98 lakh shares of the company were traded at the BSE and 114.93 lakh shares at the NSE during the day.
The company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee costs and tightening IT spends around the world.
The company described the performance as "decent" in view of the global macroeconomic conditions.
It posted a consolidated net profit of Rs 3,986 crore in the fourth quarter of FY24 as against Rs 3,983 crore in the same period last year.
Sequentially, the company's profit declined 8.4 per cent from Rs 4,350 crore in the October-December period, the company said in a filing on Friday.
The company gave a guidance of 3-5 per cent growth in revenue in constant currency terms for FY25 and an EBIT margin of 18-19 per cent.
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