HCL Tech shares down nearly 3 pc after earnings

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Shares of HCL Technologies today fell nearly 3 per cent on profit booking after the company reported a 53.7 per cent surge in consolidated bottomline.
HCL Tech's scrip ended 2.66 per cent lower at Rs 1,554.90 on the BSE. During the day, it lost 3.52 per cent to Rs 1,541.10.
At the NSE, the stock ended 2.41 per cent down at Rs 1,559.
The company's market value fell by Rs 2,956.73 crore to Rs 1,08,853.27 crore.
"While the broad numbers look healthy and the HCL Tech management looks happy on the outside, the investors are questioning the lopsided growth, i.E heavy reliance on few pillars like infrastructure management services, chosen verticals and geographies," Greyhound Research CEO and Chief Analyst Sanchit Vir Gogia said.

Buoyed by strong growth in application and infrastructure services, India's fourth largest IT solutions firm HCL Technologies today reported a 53.7 per cent surge in its consolidated net profit to Rs 1,834 crore for the fourth quarter ended June 30, 2014.

The company, which follows a July-June quarter, had posted a net profit of Rs 1,193 crore in the year-ago period.
Consolidated revenues of the firm rose 20.7 per cent to Rs 8,424 crore in the April-June quarter as against Rs 6,980 crore in the same period last year.
In US dollar terms, HCL Technologies reported a 44.2 per cent rise in net profit for the June quarter to USD 305.4 million, while revenues rose 14.6 per cent to USD 1.4 billion.

For the full year ended June 30, 2014, its net profit moved up 58.3 per cent to Rs 6,369 crore as against Rs 4,023 crore in the previous fiscal. Revenues rose 27.8 per cent to Rs 32,917 crore during the year as compared with Rs 25,758 crore in FY 2012-13.