HCL Tech shares drop 6 pc post Q4 results

Shares of HCL Technologies fell nearly 6 per cent Friday despite the company posting 14.3 per cent rise in consolidated net profit for March quarter of the last financial year.

The scrip, after a weak opening, further dropped 5 per cent to Rs 1,074.45 on the BSE.

At the NSE, shares plunged 5.61 per cent to Rs 1,072.80.

The scrip was the worst hit among the front-line companies on both indices during morning trade.

The results were announced after trading hours Thursday.

The IT services major posted 14.3 per cent rise in consolidated net profit at Rs 2,550 crore for the March 2019 quarter and set an "aspirational" annual revenue target of more than USD 10 billion (about Rs 70,258 crore) for 2019-20.

The company reported 21.3 per cent growth in revenue to Rs 15,990 crore in the quarter under review compared to Rs 13,178 crore in the year-ago period, as per Ind-AS accounting norms.

For the full year, net profit rose 16 per cent to Rs 10,120 crore, while revenue grew 19.4 per cent to Rs 60,427 crore (about USD 8.6 billion) from 2017-18.

The Noida-based company has forecast its revenue to grow between 14-16 per cent on constant currency basis this fiscal. This translates into a topline in the range of about USD 9.83-10.01 billion.