HCL Tech gains 5 per cent post Q1 results

The stock of HCL Technologies was the top gainer on BSE Sensex on Thursday following its results announcement. The company's board also declared an interim dividend of Rs. 2 per share.

The company reported consolidated net profit of Rs. 2,230 crore for the June quarter, which was up by 8.26 per cent on YoY basis compared to Rs. 2,413 crore in Q1FY19, whereas it declined by 12.54 per cent compared to Rs. 2,250 crore posted in the March quarter.

Consolidated revenue for Q1FY20 stood at Rs. 16,427 crore as against Rs. 13,878 crore in Q1FY19, up 8.14 per cent YoY. Revenue growth was driven by IT & Business services, Engineering & RD and Products & Products segments.

EBIT for the quarter was at Rs. 2,806 crore and EBIT margin was at 17.1 percent. For FY20, the company has maintained EBIT margin guidance at 18.5-19.5 per cent.

At 9:45 hours, the stock of HCL Technologies was trading at Rs. 1,069.95 per share, up by Rs. 47.65 or 4.66 per cent on BSE. The stock hit an intraday high of Rs. 1,071.15 per share in the early morning session.