HCL Tech Shares Jump Over 3 Per Cent As Net Profit Triples In Fourth Quarter

HCL Technologies logged three times rise in its consolidated net profit for March quarter to Rs 3,593 crore on Thursday

HCL Technologies. Image: Getty

Source : HCL Getty

New Delhi: HCL Technologies’ shares surged over 3 per cent on Friday after the IT services firm clocked a threefold jump in its consolidated net profit for the fourth quarter ended March 2022.

On the BSE, the IT firm’s stock gained 3.21 per cent to Rs 1,135. While on the NSE, the stock soared 3.25 per cent to Rs 1,134.95.

HCL Technologies logged three times rise in its consolidated net profit for March quarter to Rs 3,593 crore on Thursday.

The stock of the company ended at Rs 1,101, up 0.20 per cent on the BSE on Friday.

According to report in the PTI, the company struck an optimistic note about the ‘buoyant’ market environment and simultaneously ‘strong momentum across verticals and service lines’ to guide for 12-14 per cent revenue growth for FY23.

In Q4, the net profit jumped from Rs 1,102 crore. The Q4 results of the IT firm were declared on Thursday after market hours.

In a statement, the company said, “For comparison purposes, net income of Q4FY21 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 Q4FY21.”

However, HCL Tech pointed out that there had been an impact of one-time payout in March 2021 quarter. That in turn had depressed the bottomline numbers for that period.

The company had explained that seen on a comparative basis, the Q4FY22 net profit is up about 24 per cent year-on-year (YoY).

HCL Tech expects its revenue to grow between 12 per cent and 14 per cent in constant currency, for FY23, as the demand environment is "robust".