HCL Tech shares fall 5% on weak Q4 numbers

Shares of HCL Technologies today dropped as much as 5 per cent in morning trade after the IT firm posted a 9.8 per cent decline in consolidated net profit for the quarter ended March 2018.

HCL Technologies today posted a 9.8 per cent decline in consolidated net profit to Rs 2,230 crore for the quarter ended March 2018 compared to the year-ago period.

The country's fourth largest software services firm had registered a net profit of Rs 2,474 crore in the January-March 2017 quarter as per Indian Accounting Standards (Ind AS), HCL said in a BSE filing.

Following the announcement, shares of the company fell 4.74 per cent and touched a low of Rs 1,001.55 in morning trade on BSE.

Similar movement was seen on the NSE as well, where the stock opened at Rs 1,050.00, then fell to a low of Rs 1,000.05, down 5 per cent over its previous closing price.

For 2017-18, the company's net profit was up 1.3 per cent at Rs 8,722 crore, while total income grew by 6.4 per cent to Rs 51,786 crore from the previous financial year.

HCL Technologies expects its revenues to grow between 9.5-11.5 per cent on constant currency basis in the fiscal 2018-19.

The board of directors has declared an interim dividend of Rs 2 per equity share.