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HCL Technologies share price rises over 4% on strong Q4 earnings

Share price of HCL Technologies gained up to 4.39% to Rs 542.40 against previous close of Rs 519.60 on BSE

twitter-logoBusinessToday.In | May 7, 2020 | Updated 13:05 IST
HCL Technologies share price rises over 4% on strong Q4 earnings
HCL Technologies share opened 3.73% higher at Rs 539. It trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages

HCL Technologies share price rose in early trade today after the IT firm reported a 22.8 per cent rise in consolidated net profit for the quarter ended March 2020. Share price of HCL Technologies gained up to 4.39% to Rs 542.40 against previous close of Rs 519.60 on BSE. The stock opened 3.73% higher at Rs 539. It trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

Total 4.88 lakh shares changed hands amounting to turnover of Rs 25.54 crore on BSE. HCL Tech share has lost 8.45% in last one year and fallen 9.24% since the beginning of this  year. However, the stock has gained 14.15% in last one month.

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Consolidated net profit in Q4 stood at Rs 3,154 crore for the March quarter driven by strong growth across verticals.

The IT major clocked a net profit of Rs 2,568 crore in the January-March 2019 quarter. Revenue rose 16.3 per cent to Rs 18,590 crore in the quarter under review, from Rs 15,990 crore in the corresponding quarter last year, as per US GAAP. For FY 20, the firm reported a rise of 9.3% in net profit at Rs 11,062 crore in FY20, driven by strong growth across verticals.

Its revenue grew 17 per cent to Rs 70,678 crore from the previous financial year. The company has also proposed a dividend of Rs 2 per share on double the number of shares post 1:1 bonus issue.

HCL Technologies did not offer revenue guidance amid uncertainties due to the COVID-19 pandemic.

HCL Tech's FY20 profit grows 9.3% to Rs 11,062 crore

By Aseem Thapliyal

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