HCL Tech shares end 2% higher post Q1 results

Shares of HCL Technologies today ended nearly 2 per cent higher after the company's September quarter earnings met market expectations.
The scrip of the country's fourth-largest software services company ended with a gain of 1.88 per cent at Rs 857.15 on BSE. During the day, it went up by 2.21 per cent to Rs 860.
At NSE, shares of the company rose by 1.97 per cent to Rs 857.75.
In terms of volume, 4.03 lakh shares of the firm changed hands at BSE and over 50 lakh shares were traded at NSE during the day.
"HCL Tech posted results just in line with expectations, while EBIT (Earnings Before Interest & Tax) margins came ahead of expectations," Angel Broking VP Research (IT) Sarabjit Kour Nangra said.

HCL Technologies today posted 2.7 per cent dip in consolidated net profit for the September quarter, but remains bullish on the quarters ahead on the back of a strong deal pipeline.

The company's net profit of Rs 1,823 crore in the reported quarter as against Rs 1,873 crore in the year-ago period was just in line with market estimates.
It attributed the fall to the investments being made over the last few quarters in setting up development and collaboration centres globally, hiring senior talent and investments in new technologies like IoT (Internet of Things) and cloud.
HCL, which had already warned of a "tepid" September quarter on account of adverse currency impact and a client-specific issue, said its consolidated revenues grew 15.6 per cent to Rs 10,097 crore (ex-adjustment) as against Rs 8,735 crore in the same quarter of the previous fiscal.

The firm follows July-June as the fiscal year.
"HCL Tech reported Q1 FY16 results broadly in-line on revenue and margin front," said Govind Agarwal Research Analyst-Institutional Equities Prabhudas Lilladher.