HCL Tech shares fall 5%, market cap drops Rs7,009 crore after Q4 earnings
New Delhi: Shares of HCL Technologies Ltd on Wednesday declined 5% after the company posted a 9.8% drop in consolidated net profit for the March 2018 quarter.
HCL Technologies shares fell 4.79% to close at Rs1,001.05 on BSE. During the day, the stock lost 5.15% to Rs997.20. At NSE, the shares declined 4.96% to close at Rs1,000.50.
Following the fall in the stock, the company’s market valuation plunged Rs7,009.18 crore to Rs139,370.82 crore. On the equity volume front, 2.61 lakh shares of the company were traded on BSE and over 75 lakh shares changed hands on NSE during the day.
HCL Technologies posted a 9.8% decline in its consolidated net profit for the March 2018 quarter at Rs2,230 crore, and said it expects to see a “better deal pipeline” in FY19, driven by digital services.
The net profit is lower from Rs2,474 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% to Rs13,480 crore in the March 2018 quarter from Rs13,183 crore in the year-ago period. HCL Technologies has given a slightly lower growth guidance of 9.5-11.5% on constant currency basis for FY19.