HCL Technologies plunges nearly 9% post Q1 results - Economic Times

Prices | Financials | Company Info | Reports

MUMBAI: Shares of HCL Technologies were witnessing selling pressure in line with other IT stocks after the company missed estimates on topline front. However, the company managed to beat street estimates on net profit front.

Raecting to the news, HCL Technologies slipped as much as 8.7 per cent to hit its intrday low of Rs 1510.60. The stock was trading at Rs 1532.45, down 7.46 per cent, on the BSE at 09:40 a.m. The stock touched a high of Rs 1,600 in trade today.

The company reported a net profit of Rs 1,873 crore, up 2.1 per cent, Q-o-Q for the quarter ended September 30. ET Now Poll estimated a net profit of Rs 1,742.10 crore.

Net income grew 3.7 per cent to Rs 8,735 crore, Q-o-Q, which is below ET Now estimates of Rs 8,810.30 crore.

Margins slipped 0.3 per cent to 23.9 percent from 24.2 per cent during the same period.

HCL Tech's $100 million plus clients increased to 7 from 6 on quarter-on-quarter basis.

The IT major also announced dividend of Rs 6/share which also marks 47th consecutive quarter of dividend payout.

Copyright © 2014 Times Internet Limited. All rights reserved.