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HCL Technologies Shares Tank Over 4% on Profit-booking After Q2 Earnings

HCL Technologies has maintained its income development steering of a median of 1.5-2.5 per cent improve quarter-on-quarter in fixed forex for the third and fourth quarter.

IT agency HCL Technologies on Friday posted 18.5 per cent rise in September quarter web revenue at Rs 3,142 crore.

  • PTI New Delhi
  • Last Updated: October 16, 2020, 12:50 PM IST
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Shares of HCL Technologies on Friday declined over Four per cent in early commerce on the bourses on profit-booking after the corporate posted 18.5 per cent rise in September quarter web revenue. The inventory opened with features on the BSE, however failed to hold the momentum additional and tanked 4.47 per cent to Rs 821 because the commerce progressed.

At the NSE, it declined 4.58 per cent to Rs 820.60. IT agency HCL Technologies on Friday posted 18.5 per cent rise in September quarter web revenue at Rs 3,142 crore. The IT main had registered a web revenue of Rs 2,651 crore within the July-September 2019 quarter (as per US GAAP), HCL Technologies stated in a regulatory submitting.

Its income grew 6.1 per cent to Rs 18,594 crore within the quarter underneath assessment, from Rs 17,528 crore within the corresponding quarter final yr. On a sequential foundation, web revenue was 7.Four per cent larger from Rs 2,925 crore, whereas high line was larger by 4.2 per cent from Rs 17,841 crore in June 2020 quarter.

In the second quarter, HCL Technologies recorded income development at 4.5 per cent quarter-on-quarter in fixed forex – larger than its estimate of 1.5-2.5 per cent sequential rise. HCL Technologies has maintained its income development steering of a median of 1.5-2.5 per cent improve quarter-on-quarter in fixed forex for the third and fourth quarter.

“We have delivered a stellar Q2 performance with a sequential revenue growth of 4.5 per cent in constant currency and 21.6 per cent EBIT margin,” HCL Technologies President and CEO C Vijayakumar stated.

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