HCL Technologies Shares Advance Over 3% After Profit Triples In Q4

Shares of HCL Technologies on Friday jumped over 3 per cent after the company reported a three-fold jump in consolidated net profit for the fourth quarter ended March 2022.

The stock gained 3.21 per cent to Rs 1,135 on the BSE.

At the NSE, it jumped 3.25 per cent to Rs 1,134.95.

The company on Thursday reported a three-fold jump in consolidated net profit for March quarter at Rs 3,593 crore as it struck an optimistic note about the "buoyant" market environment and "strong momentum across verticals and service lines" to guide for 12-14 per cent revenue growth for FY23.

The net profit revved up from Rs 1,102 crore in March quarter 2020-21.

The results were declared after market hours. 

The company, however, pointed out that there had been an impact of one-time payout in March 2021 quarter, which had depressed the bottomline numbers for that period. HCL Tech explained that seen on a comparative basis, the Q4 FY22 net profit is up about 24 per cent year-on-year.

"For comparison purposes, net income of Q4 FY21 and full year FY21 excludes the impact of one-time milestone bonus paid to employees ($78.8 million) and the DTL on Goodwill impact in the tax expense ($165.1 million) in Q4 FY21," a company statement said.

HCL Technologies expects revenue to grow between 12-14 per cent in constant currency, for fiscal 2023, as the demand environment is "robust".

As of 11:46 am, HCL Technologies shares traded 2 per cent higher at Rs 1,122, outperforming the Sensex which was down 0.5 per cent.