HCL Tech shares jump nearly 6% after company raises revenue growth outlook for current fiscal

Shares of HCL Technologies on Thursday jumped nearly 6 percent after the company posted a 6.9 percent rise in its consolidated net profit for the September quarter, and raised its revenue growth forecast

Press Trust of India October 24, 2019 12:20:23 IST
HCL Tech shares jump nearly 6% after company raises revenue growth outlook for current fiscal
  • HCL Tech scrip was the top gainer on both the Sensex and the Nifty during early trade

  • After market hours on Wednesday, the IT major posted a 6.9 percent rise in its consolidated net profit to Rs 2,711 crore for the September 2019 quarter, and raised its revenue growth forecast to 15-17 percent for 2019-20 on the back of strong deal pipeline

  • It's revenue from operations grew 18 percent to Rs 17,527 crore in the quarter under review, from Rs 14,860 crore in the year-ago period

New Delhi: Shares of HCL Technologies on Thursday jumped nearly 6 percent after the company posted a 6.9 percent rise in its consolidated net profit for the September quarter, and raised its revenue growth forecast.

The scrip jumped 5.87 percent to Rs 1,160 on the BSE.

On the NSE, it advanced 5.83 percent to Rs 1,159.

HCL Tech shares jump nearly 6 after company raises revenue growth outlook for current fiscal

HCL Tech office in Noida. Reuters.

It was the top gainer on both the Sensex and the Nifty during early trade.

After market hours on Wednesday, the IT major posted a 6.9 percent rise in its consolidated net profit to Rs 2,711 crore for the September 2019 quarter, and raised its revenue growth forecast to 15-17 percent for 2019-20 on the back of strong deal pipeline.

The company, which had registered a net profit of Rs 2,534 crore in the year-ago period as per the Indian Accounting Standards (IndAS), has also announced a bonus share scheme, under which it will offer one bonus share for each share held.

HCL Tech's revenue from operations grew 18 percent to Rs 17,527 crore in the quarter under review, from Rs 14,860 crore in the year-ago period.

For the full fiscal, HCL Tech has raised its revenue growth outlook to 15-17 percent for 2019-20 from its previous forecast of 14-16 percent topline growth in constant currency terms.

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