HCL Tech Share Price Today: The June quarter performance of HCL Technologies was less sombre than what analysts’ average estimates had portrayed. The country’s third-largest IT exporter also reported robust growth in deal wins and continued to add headcount in a bid to tackle higher attrition. The IT company declared its Q1FY23 results post-market hours yesterday.
The company reported 8.6 per cent sequential decline in consolidated net profit at Rs 3,283 crore for the quarter ending June 2022. It reported consolidated net profit of Rs 3,593 crore in the previous quarter. On annual basis, HCL Tech’s net profit rose 2.4 per cent.
The company’s consolidated revenue grew 4 per cent sequentially at Rs 23,464 crore in the June quarter and nearly 17 per cent higher on an annual basis. The company declared interim dividend of Rs 10 per equity share of Rs 2 face value. In its FY23 guidance, the company said revenue is expected to grow between 12-14 per cent in constant currency terms.
“As technology becomes central to lives and businesses, HCL is accelerating the digital transformation journeys of its clients. We continue to pursue our growth strategy with a sense of purpose and responsibility toward our stakeholders and communities,” said Roshni Nadar Malhotra, Chairperson, HCL Technologies Ltd.
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Mitul Shah- Head of Research Associate at Reliance Securities said, “HCLT reported subdued results for the quarter with margins below our expectations. Services business revenue (89.8 per cent of topline) grew 2 per cent QoQ and 19 per cent YoY in constant currency which we consider is healthy. We expect HCLT to report a healthy revenue, driven by consistent transformation deal wins, increasing focus on ER&D services, and rising share of Mode 2 business. At present, we have a BUY recommendation on the stock with a 1-year target price of Rs1,351.”
HCL Tech shares closed at Rs 928.05 apiece down by Rs 15.35 or 1.63 per cent on BSE. On Tuesday, its market cap was around Rs 2,51,841.69 crore.
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