HCL Tech stock jumps over 3 pc after Q4 earnings

NEW DELHI: Shares of HCL Technologies on Friday jumped over 3 percent after the company reported a three-fold jump in consolidated net profit for the fourth quarter ended March 2022.

The stock gained 3.21 percent to Rs 1,135 on the BSE.

At the NSE, it jumped 3.25 percent to Rs 1,134.95.

The company on Thursday reported a three-fold jump in consolidated net profit for the March quarter at Rs 3,593 crore as it struck an optimistic note about the ''buoyant'' market environment and ''strong momentum across verticals and service lines'' to guide for 12-14 percent revenue growth for FY23.

The net profit revved up from Rs 1,102 crore in March quarter 2020-21. The results were declared after market hours. The company, however, pointed out that there had been an impact of a one-time payout in the March 2021 quarter, which had depressed the bottom line numbers for that period. HCL Tech explained that seen on a comparative basis, the Q4 FY22 net profit is up about 24 percent year-on-year.

''For comparison purposes, net income of Q4 FY21 and full-year FY21 excludes the impact of one-time milestone bonus paid to employees (USD 78.8 million) and the DTL on Goodwill impact in the tax expense (USD 165.1 million) in Q4 FY21,'' a company statement said.

HCL Tech expects revenue to grow between 12-14 percent in constant currency, for fiscal 2023, as the demand environment is ''robust''.