Highlights: HCL earnings beat street estimates, stock hits record high
HCL announced consolidated net profits during the quarter rose 5.7 percent on quarter was Rs 1,496 crore, higher than a CNBC- TV18 poll estimate of Rs 1,453 crore. Its revenue was up 2.8 percent at Rs 8,184 crore compared with the estimate of Rs 8,126 crore.
On the back of HCL Tech's better than expected earnings result, the company stock hit a record high of Rs 1377.
Earlier this morning HCL announcedconsolidated net profits during the quarter rose 5.7 percent on quarter was Rs 1,496 crore, higher than a CNBC- TV18 poll estimate of Rs 1,453 crore. Its revenue was up 2.8 percent at Rs 8,184 crore compared with the estimate of Rs 8,126 crore.
These are the highlights:
- Revenue in constant currency grew 3 percent.
- Business from Europe and Americas was up 5 percent and 3.4 percent, respectively.
- Infrastructure and business services verticals grew 4.8 percent and 11.4 percent. Engineering and R&D services at 2 percent and application services at 1.4 percent.
- The company's earnings growth was led by manufacturing and financial services verticals which grew 4.4 percent and 2.1 percent respectively.Public services grew 20.8 percent and retail & consumer packaged goods rose 6 percent.
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These management rumors could have been fueled after Nayar, vice-chairman and CEO of the company, sold 27 lakh equity shares amounting to Rs 134 crore on 7 June.
The stock was trading at Rs. 824.20 on BSE today, down 2.04 per cent