HCL Tech tumbles 6% post earnings

Shares of HCL Technologies today plunged 6 per cent after the company reported a decline in consolidated net profit for the fourth quarter ended June 30.
After a weak opening, the stock further lost 5.24 per cent to Rs 944.35 on BSE.
On NSE, it slumped 6 per cent to Rs 941.60.
India's fourth-largest software services firm HCL Technologies today reported a 2.8 per cent drop in consolidated net profit at Rs 1,783 crore for the fourth quarter ended June 30, 2015.
The company had posted a net profit of Rs 1,834 crore in the year-ago period, it said in a statement.

However, its consolidated revenues rose 16.1 per cent to Rs 9,777 crore in April-June as against Rs 8,424 crore in the same period last year as per US GAAP accounting.

The firm follows July-June as the fiscal year.
For the full year ended June 30, 2015, its net profit moved up 13.9 per cent to Rs 7,254 crore as against Rs 6,369 crore in the previous fiscal.
Revenues rose 12.6 per cent to Rs 37,061 crore during the year compared with Rs 32,917 crore in 2013-14.