HCL Tech plunges on lower-than-expected Q1 revenue

Revenue for the September quarter was up 3.7% at Rs 8,735 crore compared with previous quarter ended June 2014

Shares of HCL Tech were down nearly 7% at Rs 1,546 after the IT major announced lower than expected revenue at Rs 8,735 crore for the first quarter ended September 2014, up 3.7% compared with previous quarter ended June 2014.

HCL Tech follows a July-June accounting year.

Further, net profit grew marginally by 2.1% to Rs 1,873 crore for the quarter ended September 2014 compared to the previous quarter ended June 2014.

However, revenue for the quarter ended September 2014 was up 10% and net profit was up 32% compared to the corresponding quarter ended September 2013, the company said in a release.

Meanwhile, the board has declared an interim dividend of Rs. 6/- per equity shares of Rs. 2/- each of the Company. The payment date of the said interim dividend shall be November 03, 2014, the release said.