HCL Tech hits record high on better-than-expected Q3 earnings

India's fourth-biggest software services provider has reported 7.8% quarter-on-quarter growth in its consolidated net profit at Rs 1,040 crore for March quarter against an average analyst estimates of Rs 934 crore.

HCL Technologies has rallied 6% to Rs 810, also its record high on NSE, after reporting a better-than-expected 7.8% quarter-on-quarter growth in its consolidated net profit at Rs 1,040 crore for the third quarter ended March 2013. Analyst on an average had expected profit of Rs 934 crore from the India's fourth-biggest software services provider.

“The company’s consolidated revenues grew 2.4% at Rs 6,425 crore on sequential basis,” HCL Technologies said in a filing.

“HCL’s sustained growth momentum has been possible because of our uncompromising focus on some strong value fundamentals,” said Shiv Nadar, Chairman and Chief Strategy Officer, HCL Technologies.

“Our net margins have improved for six straight quarters and are up by 51.5% along with a robust 14.6%  USD constant currency growth for the twelve  month  period  ended  31st  March  2013,”  said  Anant  Gupta,  President  &  CEO,  HCL Technologies.

The stock opened at Rs 805 and has seen a combined 122,677 shares changing hands on the counter in early morning trades on NSE and BSE.