Anant Gupta

HCL Technologies Q1 Net up 32.3% at Rs 1,873 crore

HCL TechnologiesNew Delhi: India's fourth largest software services provider HCL Technologies on Friday reported 32.3 per cent rise in consolidated net profit at Rs 1,873 crore for the first quarter ended September 30 on the back of strong growth in Europe and business services.

The company had posted a net profit of Rs 1,416 crore in the year-ago period, it said in a BSE filing.

Consolidated revenues grew 9.7 per cent at Rs 8,735 crore in the July-September quarter of this fiscal as against Rs 7,961 crore in the same quarter of the previous fiscal.

The firm follows July-June as the fiscal year.

HCL stock hits record high as Q3 results beat estimates

HCLHCL Tech stock gained nearly 3.5 per cent to hit its record high of Rs 1,377 a share in early trade on Thursday, owing to more than expected rise in the company's consolidated net profit in the December quarter.

The company announced that its consolidated net profit jumped 58.4 per cent year-on-year to Rs 1,496 crore in the October to December quarter. A group of 24 analysts had pegged consolidated net profit figure for the company's third quarter at Rs 1,422 crore.

Revenue in dollar terms came in at $1,321 million, up 4 per cent over the preceding quarter, while the EBIT margins jumped to 23.7 per cent.

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