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Shares of HCL Technologies today dropped 5 per cent as the company has posted a 9.8 per cent decline in consolidated net profit for the March 2018 quarter.
Stock of the IT services firm fell 4.79 per cent to end at Rs 1,001.05 on BSE. During the day, it lost 5.15 per cent to Rs 997.20. On the NSE, shares of the company declined 4.96 per cent to close at Rs 1,000.50.
Led by the fall, the company’s market valuation plunged Rs 7,009.18 crore to Rs 1,39,370.82 crore.
On equity volume front, 2.61 lakh shares of the company were traded on the BSE and over 75 lakh shares changed hands on the NSE during the day.
HCL Technologies has posted a 9.8 per cent decline in its consolidated net profit for the March 2018 quarter at Rs 2,230 crore and said it expects to see a better deal pipeline in FY19, driven by digital services.
The net profit is lower from Rs 2,474 crore reported in the year-ago period (as per Indian Accounting Standards) as there was a one-time benefit from tax reversal in the January-March 2017 quarter.
HCL Technologies, which is India’s fourth largest IT services firm, saw its total income grow 2.2 per cent to Rs 13,480 crore in the March 2018 quarter from Rs 13,183 crore in the year-ago period.
HCL Technologies has given a slightly lower growth guidance of 9.5-11.5 per cent on constant currency basis for FY19.
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