Shares of HCL Technologies today witnessed profit-booking, falling little over 7 per cent, even as the company posted a better-than-expected performance by reporting a 63.8 per cent increase in consolidated net profit for the quarter ended September 30.
After falling 7.15 per cent to Rs 1,077.40 in intra-day trade, HCL Tech’s scrip finally ended the day at Rs 1,083.15, down 6.66 per cent on the BSE.
At the NSE, the stock settled 7.09 per cent lower at Rs 7.09.
The stock had run-up sharply ahead of the results and investors are now exiting the stock on good results, say analysts. In the past five trading sessions, the stock had gained 4.87 per cent.
“For Q1 FY14, HCL Tech marginally disappointed on the revenue front but exceeded expectations considerably on the operational performance as well as on the overall bottom-line front,” said Ankita Somani, Research Analyst IT, Angel Broking.
India’s fourth largest software services exporter’s net profit rose to Rs 1,416 crore in the first quarter from Rs 864 crore in the year-ago period.
Consolidated revenues grew 31.2 per cent to Rs 7,961 crore in the July-September quarter this fiscal from Rs 6,069 crore in the same quarter of last fiscal.
The firm follows July-June as the fiscal year.
“TCS, Infy and HCL tech were major losers post Q2 results, due to profit booking in the stocks,” said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.