HCL Tech shares drop after IT major posts 6% drop in Q4 profit
The stock declined 3.32 per cent to Rs 924 on the BSE.
On NSE, it dipped 3.31 per cent to Rs 924.
IT services major HCL Technologies (HCLT) on Friday posted a 6.1 per cent decline in consolidated net profit in March quarter to Rs 2,962 crore, but said it is confident of logging double-digit growth in FY22 revenue on the back of a strong deal pipeline.
The firm also announced a special interim dividend of Rs 10 per share to mark its USD 10 billion annual revenue milestone.
The IT major had registered a net profit of Rs 3,154 crore in the January-March 2020 quarter, HCL said in a regulatory filing.
Including the impact of the one-time milestone bonus, HCLT’s net profit for March 2021 quarter was at Rs 2,387 crore.
The decline in net profit was on account of higher tax outgo in the quarter under review.
Its revenue grew 5.7 per cent to Rs 19,642 crore, from Rs 18,590 crore in the corresponding quarter last year, as per US GAAP.
For FY21,
‘s consolidated net profit increased 17.6 per cent to Rs 13,011 crore, while revenue grew 6.7 per cent to Rs 75,379 crore from the previous financial year.
The company expects its FY22 topline to grow in double-digits in constant currency terms.
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