Shares of HCL Technologies on Wednesday ended over 1 per cent lower after the company's June quarter earnings failed to cheer investors.
The stock fell 1.11 per cent to settle at ₹917.75 apiece after a muted start on the BSE. During the day, it dipped 2.46 per cent to its 52-week low of ₹905.20.
On the NSE, it declined 1.01 per cent to settle at ₹918.40 apiece.
In volume terms, 3.83 lakh shares were traded on the BSE and over 1.28 crore shares on the NSE during the day.
The 30-share BSE Sensex declined by 372.46 points or 0.69 per cent to end at 53,514.15.
On Tuesday, IT services company, HCL Technologies reported a 2.4 per cent year-on-year rise in its consolidated net profit for the three months ended June 2022 at ₹3,283 crore.
The revenue of the Noida-headquartered firm stood at ₹23,464 crore, nearly 17 per cent higher than the year-ago period.
The company has retained its FY23 revenue outlook in the 12-14 per cent band, as it continues to see "strong momentum in the market" and is positive about its growth trajectory.
For Q1FY23 ended June 2022, the net profit at ₹3,283 crore was 2.4 per cent more than in the year-ago period. Seen sequentially, however, the net profit was 8.6 per cent lower compared to the March quarter.
"Our operating margin came in at 17 per cent. We have put in place the right measures that will improve our profitability going forward," HCL Tech CEO and Managing Director, C Vijayakumar said.
"HCLT reported broadly in-line revenue performance (a tad better-than-street) though disappointed yet again on margins with EBIT margins of 17 per cent," according to a research report by JM Financial Institutional Securities.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.