HCLTech Q1 net profit up 6.8% at Rs 4,257 crore; beats estimates
HCLTech, India’s third largest software exporter, reported a 6.8% sequential growth in net profit at Rs 4,257 crore, beating ET’s analyst poll estimates of Rs 3,745 crore. A fatter bottom-line came largely on the back of a spike in non-core income in the June quarter otherwise marked by sluggish demand.
Revenues and margins declined sequentially. The company’s EBIT came at Rs. 4,795 crore, down 4.4% QoQ & up 7.5% YoY.
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Offering CollegeCourseWebsiteIndian School of BusinessProfessional Certificate in Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitFollowing the Tata Consultancy Services (TCS) earnings Thursday, several technology stocks surged to lifetime highs Friday, and were at the forefront of the stellar showing of the broader stock indices. TCS led the pack of five technology companies, including HCLTech, that were the top five Nifty gainers.
HCLTech’s consolidated revenue stood at Rs 28,057 crore, rising 6.7% from a year earlier and down 1.6% sequentially. The Noida-based firm attributed it to a “seasonally weak quarter” and just like its larger peer Tata Consultancy Services (TCS), the company signalled that discretionary spend is unlikely to be very different from the last fiscal.
“Although some actions show that things could have bottomed out, I do not want to take that call because there have been so many false starts in the last year to when the
