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Rediff.com  » Business » HCL Tech rallies over 3% on strong Q2 results

HCL Tech rallies over 3% on strong Q2 results

January 16, 2014 13:12 IST

BSEShares of HCL Technologies on Thursday rose over 3 per cent after the company reported 58.4 per cent rise in consolidated net profit for the second quarter ended December 31, 2013.

Scrip of the country's fourth largest software services exporter gained 3.17 per cent to Rs 1,377.75 -- its 52-week high on the BSE.

On the NSE, the stock soared 3.5 per cent to touch a one-year peak of Rs 1,377.

"For Q2 FY14, HCL Tech came out with better-than-expected set of results largely on all fronts," said Ankita Somani, Research Analyst - IT, Angel Broking.

"Overall, the company performed exceptionally well on the margins front and we continue to remain positive on the stock for a longer-term perspective keeping in notice the company’s deal signing trajectory and healthy operating performance since last several quarters," she added.

HCL Technologies today reported a 58.4 per cent rise in consolidated net profit at Rs 1,496 crore (Rs 14.96 billion) for the second quarter ended December 31, 2013, on the back of growth in manufacturing and infrastructure services.

The firm, which follows July-June fiscal year, had posted a net profit of Rs 944 crore (Rs 9.44 billion) in the year-ago period, it said in a BSE filing.

Consolidated revenues grew 30.4 per cent to Rs 8,184 crore (Rs 81.84 billion) in the October-December period of this fiscal against Rs 6,278 crore (Rs 62.78 billion) in the same quarter of the previous fiscal.

In the July-September quarter, the firm had reported a net profit of Rs 1,416 crore (Rs 14.16 billion) and revenues of Rs 7,961 crore (Rs 79.61 billion).

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