HCL Tech shares drop 6% despite company reporting 14.3% rise in consolidated net profit for March quarter

New Delhi: Shares of HCL Technologies fell nearly 6 percent on Friday despite the company posting 14.3 percent rise in consolidated net profit for March quarter of the last financial year. The scrip, after a weak opening, further dropped 5 percent to Rs 1,074.45 on the BSE. At the NSE, shares plunged 5.61 percent to Rs 1,072.80. [caption id=“attachment_2473674” align=“alignleft” width=“380”] Representational image. Reuters[/caption] The scrip was the worst hit among the front-line companies on both indices during morning trade. The results were announced after trading hours on Thursday. The IT services major posted 14.3 percent rise in consolidated net profit at Rs 2,550 crore for the March 2019 quarter and set an “aspirational” annual revenue target of more than $10 billion (about Rs 70,258 crore) for 2019-20. The company reported 21.3 percent growth in revenue to Rs 15,990 crore in the quarter under review compared to Rs 13,178 crore in the year-ago period, as per Ind-AS accounting norms. For the full year, net profit rose 16 percent to Rs 10,120 crore, while revenue grew 19.4 percent to Rs 60,427 crore (about $8.6 billion) from 2017-18. The Noida-based company has forecast its revenue to grow between 14-16 percent on a constant currency basis this fiscal. This translates into a topline in the range of about $9.83-10.01 billion.