HCL Tech's stock price reflects the market?s surprise over its strong performance for June 2012 quarter
HCL Tech’s stock price reflects the market’s surprise over its strong performance for June 2012 quarter. The stock trades at Rs 513 a gain of 6.5 per cent over the previous day after the company announced a 41.8 per cent quarter on quarter profit growth, much ahead of analyst expectation of Rs 675 crore.
Following are the key takeaways from the company’s results
Overall a strong performance from HCL Tech, much better than its top three peers. Though the company has not given guidance yet, they have hinted at margins reducing by 180-200 bps on account of wage hike which will be spread over two quarters. HCL Tech’s management in a TV interview has said that focus of the company will be on maintaining momentum rather than margin.
ICICI Bank beat market consensus by posting a net profit of Rs 1,815 crore against expectation of Rs 1,704 crore.