HCLTech Shares Hit 52-Week High After Q3 Earnings, Gain Over 5 Per Cent

HCL's stock jumped 4.83 per cent to reach its 52-week high of Rs 1,617.65 on the BSE, while at the NSE, it rallied 5.11 per cent to Rs 1,619.60, its 52-week high

HCLTech clocked a 6.2 per cent increase in consolidated net profit to Rs 4,350 crore in Q3.

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HCLTechnologies' shares zoomed over 5 per cent in morning trade on Monday after the IT services firm clocked a 6.2 per cent increase in consolidated net profit to Rs 4,350 crore in the December quarter (Q3). Following the earnings, HCL's stock jumped 4.83 per cent to reach its 52-week high of Rs 1,617.65 on the BSE, while at the NSE, it rallied 5.11 per cent to Rs 1,619.60, its 52-week high. At 3 pm, the stock of HCL was trdaing at Rs 1,587.55 apiece, up 2.89 per cent on the BSE on Monday.

This was was the highest ever net profit on a quarterly basis by HCLTech. It was driven by growth in both services and software businesses. The company had posted a consolidated net profit of Rs 4,096 crore in the same period a year ago, HCL Tech said in a regulatory filing on Friday.

The consolidated revenue of HCL Tech grew 6.5 per cent to Rs 28,446 crore during the reported quarter from Rs 26,700 crore in the year-ago period.

IT stocks were in the limelight in morning deals, with Wipro, Tech Mahindra, Infosys, and Tata Consultancy Services also rising sharply.

"Our results this quarter have been remarkably strong with a revenue growth of 6 per cent on quarter-on-quarter in constant currency, driven by strong momentum in services and software businesses. We delivered a stellar operating margin of 19.8 per cent, a 126 bps improvement quarter-on-quarter and 16 bps improvement year-on-year," HCLTech CEO and Managing Director C Vijayakumar said.

The company has projected a revenue growth in the range of 5-5.5 per cent in the current fiscal on a year-on-year basis. HCL also retained earlier full-year margin guidance of 18-19 per cent for FY24. Operating margin came in at 19.8 per cent, beating company guidance range.