New Delhi: HCL Technologies, an Indian IT company, saw its shares rise by 3.5 percent during morning trading on Friday after reporting a 10.85 percent increase in consolidated net profit for the March quarter of 2022-23. The stock climbed 3.49 percent to reach Rs 1,073.85 on the Bombay Stock Exchange (BSE), while it advanced 3.51 percent to Rs 1,074 on the National Stock Exchange (NSE). During the morning trade, the stock was the biggest gainer among the components of the Sensex and Nifty.
On Thursday, after market hours, HCL Technologies released its financial results for the March quarter of 2023, which revealed a consolidated net profit of Rs 3,983 crore, marking a 10.85 percent increase compared to the same period a year ago when the company recorded a net profit of Rs 3,599 crore. The company’s revenue from operations also grew by about 18 percent from Rs 22,597 crore in the March 2022 quarter to Rs 26,606 crore during the same period this year.
According to a report by Institutional Equities, HDFC Securities, HCL Tech’s Q4 performance was in line with revenue, margin, and guidance. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that HCL Tech’s results did not disappoint.
In 2022-23, HCL Technologies’ profit rose by 10 percent to Rs 14,845 crore from Rs 13,499 crore a year earlier. Meanwhile, the company’s annual revenue increased by 18.45 percent to Rs 1,01,456 crore by the end of 2022-23 from Rs 85,651 crore in the previous year.
The rise in HCL Technologies’ net profit is attributed to a strong demand for IT services and products from domestic and international markets. The company’s strong growth prospects are also likely to attract investors in the future.
HCL Technologies is one of the leading IT companies in India, providing a range of software, technology, and IT-enabled services. The company’s global presence spans across various industries, including healthcare, finance, manufacturing, and retail. HCL Tech’s revenue growth and consistent financial performance have made it a preferred choice for investors in the Indian IT sector.
The company’s strong focus on innovation, coupled with its ability to adapt to changing market conditions, has helped it stay ahead of the competition. HCL Technologies has also been investing heavily in research and development, which has enabled it to offer cutting-edge solutions to its clients.
In conclusion, HCL Technologies’ strong financial results for the March quarter of 2022-23 have boosted investor confidence, leading to a rise in its stock price. The company’s robust growth prospects, coupled with its consistent financial performance, make it an attractive investment opportunity in the Indian IT sector.
