Shares
of software services provider HCL Technologies plunged nearly 9% today
after the company reported 32.3% rise in consolidated net profit for Q1.
Shares of software services provider HCL Technologies plunged nearly 9% today after the company reported 32.3% rise in consolidated net profit for the first quarter ended September 30, which is below market expectations.
HCL Tech's shares tumbled 8.78% to Rs 1,510.60 on the BSE.
At the NSE, the stock plunged 8.74% to Rs 1,511. The company's scrip was the biggest loser among the 50-Nifty stocks.
The stock witnessed selling pressure, in line with other IT stocks, after the company missed estimates in earnings.
HCL Technologies today reported 32.3% rise in consolidated net profit at Rs 1,873 crore for the first quarter ended September 30 on the back of strong growth in Europe and business services.
The company had posted a net profit of Rs 1,416 crore in the year-ago period, it said in a BSE filing.
Consolidated revenues grew 9.7% at Rs 8,735 crore in the July-September quarter of this fiscal as against Rs 7,961 crore in the same quarter of the previous fiscal.
The firm follows July-June as the fiscal year. In dollar terms, net profits rose by 36.1% to $ 307.2 million in the first quarter of the current fiscal as against $ 225.6 million in the year-ago period
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