HCL Tech Shares Plunge After Flat Q4 Earnings
Apr 29, 2024 11:30
HCL Technologies shares tumbled over 6% after reporting a flat year-on-year profit in the March quarter, driven by rising employee costs and global IT spending tightening.
New Delhi, Apr 29 (PTI) Shares of HCL Technologies on Monday tanked over 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 6.10 per cent to Rs 1,382.45 on the BSE.
On the NSE, it tanked 6.22 per cent to Rs 1,382.10.
The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.
The company posted an 8.4 per cent 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 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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