Shares of HCL Technologies fell 5% on Monday after the tech company reported quarterly earnings. Shares in the company were down 4.6% at Rs 1,276 on the BSE at 9.17am, the biggest drag on the Nifty50.
HCL Tech reported net profit of Rs 3,442 crore, up 5.4% quarter-on-quarter, on revenue of Rs 22,331 crore, up 8.1% quarter-on-quarter. In comparison, CNBC-TV18 posted a net profit of Rs 3,390 crore on revenue of Rs 21,674 crore.
In dollar terms, the IT services company’s revenue ($2.977 billion) increased 6.7% year-over-year and quarter-over-quarter, while constant currency (CC) revenue increased 7.6% quarter-over-quarter and 15% year-over-year.
On a constant currency basis, revenue grew 7.6% sequentially, the highest in the past 12 years, the company said. This came on the back of strong year-over-year double-digit growth across verticals and regions, HCL Technologies added in the press release.
The total contract value of new deals was $2.135 billion, up 64% year over year.
In addition, the company witnessed strong customer additions across all categories and cash generation remained strong.
In terms of guidance, the IT company expects double-digit constant currency revenue growth in the fourth quarter of FY22 and said its EBIT margin will be between 19% and 21% for the rest of the fiscal year.
Complete News Sourec : CNBC TV18
