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HCL Tech drops 4% post weak Q4 numbers

NEW DELHI: Shares of HCL Technologies fell over 4 per cent in Wednesday's trade after IT firm reported 9.9 per cent YoY drop in net profit at Rs 2,228 crore for the March quarter as per Indian accounting standards. Profit fell 4.3 per cent YoY as per US GAAP standards.

Following the announcement, the stock fell 4.7 per cent to hit a low of Rs 1,001.55 on BSE.

Consolidated net sales for the IT firm rose 9.3 per cent YoY to Rs 13,179 crore (US GAAP) for the fourth quarter compared with Rs 12,053 crore in the same quarter last year. In dollar terms, revenues rose 2.5 per cent QoQ. In constant currency terms, the top line grew 1.2 per cent on sequential basis.

The IT firm has guided for 9.5 per cent to 11.5 per cent growth in FY19 revenues in constant currency terms. The constant currency guidance translates to 10.5 per cent to 12.5 per cent revenue growth in dollar terms. EBIT margin is expected to stay in 19.5-20.5 per cent range, the firm said.

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