Shares of HCL Technologies Ltd. gained nearly 5% to a near-four-month high on Monday after its first-quarter profit beat analysts' estimates.
The company's net profit rose 10.74% year-on-year to Rs 4,259 crore in the quarter ended June 2024, according to an exchange filing. A poll conducted by Bloomberg estimated net profit at Rs 3,846.1 crore. This positive net profit came despite a marginal decline in revenue and operating profit.
HCLTech Q1 Results: Key Highlights (Consolidated, YoY)
Revenue falls 1.6% to Rs 28,057 crore. (Bloomberg estimate: Rs 28,028 crore)
EBIT falls 4.6% to Rs 4,795 crore. (Bloomberg estimate: Rs 4806.4 crore)
EBIT margin at 17.1% versus 17.6% (Bloomberg estimate: 17%)
Net profit up 6.6% to Rs 4,259 crore. (Bloomberg estimate: Rs 3,846.1 crore)
Company declared dividend of Rs 12 per share.
Shares of HCL Technologies rose 4.88% to Rs 1,636.40, the highest level since March 19. The stock rose 2.52% to Rs 1,599.55 as of 10:22 a.m., compared to 0.28% advance in the NSE Nifty 50 index.
The stock has gained 12% in last 12 months and 9.6% on year to date basis. Total traded volume so far in the day stood at 1.31 times its 30-day average. The relative strength index was at 80.31, which implied the stock is overbought.
Out of 43 analysts tracking the company, 22 maintain a 'buy' rating, 15 recommend a 'hold,' and six suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.6%.
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