HCL Tech hits 52-week high post Q1 results as it maintains FY18 guidance

HCL Technologies gained nearly 4% to hit its 52-week high on the BSE after the country's fourth largest IT major reported about 8% growth at Rs 2,211 crore in the first-quarter consolidated profit, beating analysts' forecasts, helped by higher revenues from its software services segment and client additions.

However, on a sequential basis, the net profit fell by 10.7%. 

Reacting to its earnings, the stock added as much as 3.8% to Rs 926 on the BSE.

HCL Tech's revenues during the quarter grew by 0.8% to Rs 12,149 crore and dollar revenue rose by 3.7% to $1,884.2 million on sequential basis. 

The company's total income rose about 7% to Rs 12462 crore, HCL Tech said in a filing to BSE. 

"We continue to propel forward on our Mode 1–2–3 growth strategy, delivering a revenue growth of 2.6% QoQ and 12.2% YoY in constant currency terms in Q1FY18," C Vijayakumar, President & CEO, HCL Technologies said.

The company maintained its EBIT margin guidance at 19.5-20.5%, and retained its full year guidance, saying revenue in FY18 is expected to grow between 10.5-12.5% in constant currency terms.