HCL Technologies shares soared over 5% after reporting a record Q3 profit of Rs 4,350 crore, driven by growth in services and software businesses. The stock hit a 52-week high, and IT stocks overall saw a strong performance.
New Delhi, Jan 15 (PTI) 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.
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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback