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HCL Tech spurts after strong quarterly business update

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HCL Technologies jumped 4.03% to Rs 750.10 after the company said it expects the revenue and the operating margin for the September 2020 quarter to be meaningfully better than the top end of the guidance provided in July 2020.

In a BSE filing made before market hours today, the IT major said that it saw strong execution during the quarter to date, and continue to execute to the plan this month.

It added that the revenue growth for the current quarter is expected to exceed 3.5% quarter on quarter in constant currency, enabled by broad based momentum across all service lines, verticals and geographies. The company expects EBIT margin for the current quarter to be between 20.5% and 21%.

"Good Booking momentum continues this quarter, led by Life Sciences & Healthcare, Telecom & Media and Financial Services verticals. The pipeline continues to look healthy across service lines, verticals and geographies," HCL Tech said.

The IT firm's consolidated net profit rose 31.7% to Rs 2,925 crore on 8.6% increase in revenue to Rs 17,841 crore in Q1 June 2020 over Q1 June 2019. On a sequential basis, net profit declined 7.3% and revenue fell 4% in Q1 June 2020 over Q4 March 2020.

HCL Technologies offers its services and products through three business units - IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 14 2020. 09:26 IST