HCL Technologies share price slipped as much as 2.72 per cent intraday on Monday on the back of soft Q1 results. The IT major reported 16.52 per cent fall in its net profit at Rs 1,404.63 crore for the quarter ended September 30, 2015 as compared to Rs 1,682.56 crore for the same quarter in the previous year.
However, the share price of the company closed 1.88 per cent up at Rs 857.15. The scrip opened at Rs 831 and touched a high and low of Rs 860 and Rs 818.40, respectively, in trade.
HCL Technologies’ total income increased by 4.46 per cent to Rs 4,616.65 crore for the quarter under review from Rs 4,419.48 crore for the corresponding quarter of the previous year.
ICICI Securities in a research note said, “HCL Tech reported soft Q1FY16 quarterly earnings. Dollar revenue growth was in line with our estimates while adjusted EBIT margins were better. Growth in constant currency was driven by the Europe; business, engineering services, and lifesciences, financial services and public services verticals.”
Sarabjit Kour Nangra, VP research, IT, Angel Broking, said, “HCL Tech, posted results just in line with expectations, while EBIT margins came ahead of expectations. On sales front, the company posted a 0.5 per cent sequential growth in dollar terms to US$ 1,545mn V/s US$ 1,547mn expected. On constant currency (CC), the company posted a 1.2 per cent qoq rise in sales. In rupee terms, revenues came in at Rs 10,097 cr against Rs 10,085cr expected, up 3.3 per cent qoq.”
The BSE group ‘A’ stock of face value Rs 2 has touched a 52 week high of Rs 1058.20 on 11 March 2015 and a 52 week low of Rs 725.18 on 15 December 2014.
Last one week high and low of the scrip stood at Rs 860.90 and Rs 818.40, respectively. The current market cap of the company is Rs 1,16,021.46 crore.
The promoters holding in the company stood at 60.57 per cent while institutions and non-institutions held 33.32 per cent and 6.12 per cent, respectively.