HCL Technologies share price hits record high as Q2 profit beats estimates

Written by Reuters | New Delhi | Updated: Jan 16 2014, 20:43pm hrs
HCl technologiesHCL Technologies' consolidated net profit for Q3 rose by 58.4 per cent to Rs 1,496 crore.
HCL Technologies share price today rose over 3 per cent after the company reported 58.4 per cent rise in consolidated net profit for the second quarter ended December 31, 2013.

Scrip of the country's fourth largest software services exporter gained 3.17 per cent to Rs 1,377.75 -- its 52-week high on the BSE.

On the NSE, the stock soared 3.5 per cent to touch a one-year peak of Rs 1,377.

"For Q2 FY14, HCL Technologies came out with better-than-expected set of results largely on all fronts," said Ankita Somani, Research Analyst - IT, Angel Broking.

"Overall, the company performed exceptionally well on the margins front and we continue to remain positive on the stock for a longer-term perspective keeping in notice the companys deal signing trajectory and healthy operating performance since last several quarters," she added.

HCL Technologies today reported a 58.4 per cent rise in consolidated net profit at Rs 1,496 crore for the second quarter ended December 31, 2013, on the back of growth in manufacturing and infrastructure services.

The firm, which follows July-June fiscal year, had posted a net profit of Rs 944 crore in the year-ago period, it said in a BSE filing.

Consolidated revenues grew 30.4 per cent to Rs 8,184 crore in the October-December period of this fiscal against Rs 6,278 crore in the same quarter of the previous fiscal.

In the July-September quarter, the firm had reported a net profit of Rs 1,416 crore and revenues of Rs 7,961 crore.