HCL Technologies hits two-month low post Q4 results

The stock dipped nearly 5% to Rs 799, its lowest level since February 29 on the BSE, in early morning trade.

HCL Technologies has dipped nearly 5% to Rs 799, its lowest level since February 29 on the BSE, after the company reported lower-than-expected 0.3% growth in consolidated net profit at Rs 1,926 crore for the quarter ended March 2016 (Q4) on sequential basis. Revenues grew 3.4% at Rs 10,698 crore on quarter on quarter (QoQ) basis.

Analyst on an average expected net profit of Rs 1,951 crore on revenues of Rs 10,806 crore.

Read more from our special coverage on "HCL TECHNOLOGIES"

• HCL Tech shares down 4.5%; mcap dips Rs5,309 cr post Q3 result
• HCL Technologies Q3 net profit rises 14% to Rs. 1,926 crore

 

Revenue in constant currency up 1.7% QoQ & up 8.1% YoY, HCL Technologies said in a statement.

The board has declared an interim dividend of Rs 6 per equity share of Rs 2 each of the company for the financial year 2016-17.

At 09:36 am, the stock was down 2.5% at Rs 817 on the BSE as compared to 0.06% decline in S&P BSE Sensex. A combined 2.18 million shares changed hands on the counter on the BSE and NSE so far.