HCL Tech shares climb 3.5 pc after Q4 earnings

NEW DELHI: Shares of HCL Technologies climbed 3.5 per cent in morning trade on Friday after the IT company posted 10.85 per cent increase in consolidated net profit for March quarter 2022-23.

The stock advanced 3.49 per cent to Rs 1,073.85 on the BSE.

At the NSE, it jumped 3.51 per cent to Rs 1,074.

The stock was the biggest gainer among the Sensex and Nifty components during the morning trade.

HCL Technologies after market hours on Thursday posted 10.85 per cent increase in consolidated net profit at Rs 3,983 crore for the March quarter 2023.

The company had posted a net profit of Rs 3,599 crore for the same period a year ago.

''HCL Tech reported Q4 performance that was in line on revenue, margin and guidance,'' a report by Institutional Equities, HDFC Securities said.

The company's revenue from operations rose by about 18 per cent to Rs 26,606 crore during the period from Rs 22,597 crore in March 2022 quarter.

''HCL Tech results have not disappointed,'' said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In 2022-23, HCL Technologies' profit increased 10 per cent to Rs 14,845 crore from Rs 13,499 crore a year ago.

The company's annual revenue increased by 18.45 per cent to Rs 1,01,456 crore at the end of 2022-23 from Rs 85,651 crore a year ago.