HCL Tech dips after Apr-Jun net profit drops 6% q-o-q

Net profit for Apr-Jun dipped 5.9% q-o-q while EBIT margin was below estimates at 20.1%

Shares of HCL Technologies were down over 4% at Rs 954 on the Bombay Stock Exchange after the company's net profit dipped sequentially by 5.9% to Rs 1,783 crore for the quarter ended June 30, 2015. Further, EBIT margin at 20.1% was below estimates and lower than 21.33% recorded in the previous quarter.

Futher, net profit slipped 2.8% compared to the same quarter last fiscal.

Meanwhile, rupee revenue growth stood at Rs 9,777 crore, up 5.5% on a sequential basis while dollar revenue improved by 3.2% at Rs 1,538 million sequentially.

The board has announced an interim dividend of Rs 5/- per equity share of Rs 2/- each for 2015-16, the company said in a release today.

The stock opened at Rs 957 and touched a low of Rs 944. At 9:55AM, over 750,000 shares were traded on both the stock exchanges.