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HCL Technologies Shares Close Over 2% Lower After Q1 Earnings

IT services major HCL Technologies on Monday posted a 9.9 per cent rise in consolidated net profit to Rs 3,214 crore for the June 2021 quarter, and exuded confidence in logging double-digit constant currency growth in FY22 on the back of strong deal pipeline.

Photo Credit : Livemint

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Shares of HCL Technologies on Tuesday closed over 2 per cent lower after the company's June 2021 quarter earnings failed to enthuse investors.

The stock went lower by 3 per cent to Rs 969.50 during the day on the BSE. It closed at Rs 977.30, a decrease of 2.29 per cent.

On the NSE, it dipped 2.31 per cent to close at Rs 977.

In traded volume, 5.70 lakh shares were traded at the BSE and 1.02 crore shares at the NSE during the day.

IT services major HCL Technologies on Monday posted a 9.9 per cent rise in consolidated net profit to Rs 3,214 crore for the June 2021 quarter, and exuded confidence in logging double-digit constant currency growth in FY22 on the back of strong deal pipeline.

Also, Shiv Nadar, a pioneer in the Indian IT sector, has stepped down as the managing director and board member of the company, a year after handing over the reins of the IT major to his daughter, Roshni Nadar Malhotra.

C Vijayakumar, president and CEO of the company, will take on the role of managing director with a title of CEO and MD for a term of five years with effect from July 20.

The Noida-headquartered company had registered a net profit of Rs 2,925 crore in the April-June 2020 quarter (as per US GAAP). Its revenue grew 12.5 per cent to Rs 20,068 crore in the quarter under review, from Rs 17,841 crore in the year-ago period.

HCL Technologies announced its numbers after the close of market hours on Monday.

Sanjeev Hota, head (research) at Sharekhan by BNP Paribas, said HCL Tech reported below-than-expected revenue growth and operating profitability, while net profit remained in-line with its expectation on the back of lower tax provisions. 

(PTI)