HCL Tech share was trading flat ahead of the IT firm's Q4 earnings scheduled to be announced today. At 12: 30 pm, the share of IT services firm rose 0.44% to Rs 965.40 on BSE.
The IT services stock has gained after three days of consecutive fall. HCL Tech share trades higher than 100 day and 200 day moving averages but lower than 5 day, 20 day and 50 day moving averages. The stock has gained 103% in one year and risen 2.76% since the beginning of this year. Market cap of the firm rose to Rs 2.61 lakh crore.
HCL Technologies is likely to report a near-21 per cent fall in net profit to Rs 3,152 crore in Q4. Consolidated revenue is expected to rise 2.5 per cent to Rs 19,779.6 crore. The company had guided for 2-3 per cent quarter-on-quarter growth in revenue in constant currency terms.
"HCL Technologies is expected to report 3.1 percent QoQ revenue growth in constant currency terms mainly led by the acquisition of DWS, easing of stress in ER&D segment, traction in financial services, healthcare and utilities. Further, tailwind from cross-currency revenues is expected to boost dollar revenues (up 4.0 percent QoQ)," said ICICI Direct.
In Q3 of last fiscal, HCL Technologies reported a 31.1 per cent rise in net profit at Rs 3,982 crore. The IT major had registered a net profit of Rs 3,037 crore in the October-December 2019 quarter (as per US GAAP).
Revenue rose 6.4 per cent to Rs 19,302 crore in Q3 from Rs 18,135 crore in the corresponding quarter last year. On a sequential basis, net profit was 26.7 per cent higher from Rs 3,142 crore, while topline was higher by 3.8 per cent from Rs 18,594 crore in September 2020 quarter.
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today