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HCL Tech stock settles flat post Q4 earnings

The stock gained 3.21 per cent to Rs 1,135 during the day on BSE

Agencies | Updated on: Friday, April 22, 2022, 05:27 PM IST

The net profit revved up from Rs 1,102 crore in March quarter 2020-21. The results were declared after market hours. / Representational image | File image
The net profit revved up from Rs 1,102 crore in March quarter 2020-21. The results were declared after market hours. / Representational image | File image
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$Shares of HCL Technologies on Friday settled on a flat note amid profit-taking at the counter.

In early trade, it had jumped over 3 per cent, a day after the company reported a three-fold jump in consolidated net profit for the fourth quarter ended March 2022.

The stock gained 3.21 per cent to Rs 1,135 during the day on BSE. Later, it settled at Rs 1,101.80, a marginal gain of 0.20 per cent.

On NSE, it settled at Rs 1,102.50, up 0.30 per cent after jumping 3.25 per cent to Rs 1,134.95 during the day.

The company on Thursday reported a three-fold jump in consolidated net profit for March quarter at Rs 3,593 crore as it struck an optimistic note about the ''buoyant'' market environment and ''strong momentum across verticals and service lines'' to guide for 12-14 per cent revenue growth for FY23.

The net profit revved up from Rs 1,102 crore in March quarter 2020-21. The results were declared after market hours.

The company, however, pointed out that there had been an impact of one-time payout in March 2021 quarter, which had depressed the bottomline numbers for that period.

HCL Tech explained that seen on a comparative basis, the Q4 FY22 net profit is up about 24 per cent year-on-year.

''For comparison purposes, net income of Q4 FY21 and full year FY21 excludes the impact of one-time milestone bonus paid to employees ($78.8 million) and the DTL on Goodwill impact in the tax expense ($165.1 million) in Q4 FY21,'' a company statement said.

HCL Tech expects revenue to grow between 12-14 per cent in constant currency, for fiscal 2023, as the demand environment is ''robust''.

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Published on: Friday, April 22, 2022, 05:27 PM IST