HCL Tech shares settle a tad lower after early gains

Ausiliatrice Cristiano
Luglio 27, 2017

Stocks of software major HCL Technologies on Thursday rose by more than 1% on the Bombay Stock Exchange Sensex after it reported a profit of Rs 2,210 crore in the first quarter of the year.

The company had a net profit of Rs 2,047 crore in the year-ago period.

From a revenue point view, the company clocked Rs 12,149 crore in its June quarter of 2017 compared to Rs 11,336 crore for the same period a year ago showing a growth of 7.2% However, if compared on quarter on quarter basis, its consolidated revenue grew a mere 0.8%.

Consolidated revenues grew 7.2 per cent to Rs 12,149 crore in April-June 2017 as against Rs 11,336 crore in the same quarter of 2016-17.

"As the societal structures, geo-political landscapes, demographic spread and economic forces undergo a constant change, HCL continues on its path of being a responsible and responsive leader".

In its guidance for the next year, fiscal 2018, HCL Technologies said it expects a consolidated revenue growth between 10.5% to 12.5% on constant currency basis.

The company extended its IP-partnership agreement with IBM during the quarter, marking its expansion into business solutions in the marketing automation area, which complements its digital and analytics offerings.

The buyback of 3.5-crore equity shares of Rs.2 face value at Rs 1,000 per share was completed during Q1.

The company's blue chip scrip gained Rs 20.55 per share on the BSE to trade at Rs 912 during the pre-noon session as against Wednesday's closing rate of Rs 891.45 and opening price of Rs 908 and after going up to a high of Rs 926 and low of Rs 902 during the intra-day trading.

The company's earnings before interests and taxes also rose from 20% to 20.1%. The results however reported a 6.6% slip in net profits.

"Overall, we are happy with our first quarter FY'18 performance".

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