HCLTech shares bounced back after falling in early trade

New Delhi:

HCLTech shares closed in positive territory on Friday after falling in early trade.

The stock, which fell 2.78 percent to 1,042 rupees in initial trading on the Bahrain Bourse, later regained lost ground and ended 0.56 percent higher at 1,077.95 rupees. During the day, it rose 1.08 percent to Rs 1,083.50.

On the NSE, it ended at 1,077 rupees, 0.49 percent higher after falling 2.86 percent to 1,041 rupees in early trade.

The benchmark BSE index of 30 shares closed up 303.15 points, or 0.51 percent, at 60,261.18.

Information technology company HCLTech on Thursday announced a 19 per cent increase in consolidated net income to Rs. 4,096 crore for the third quarter ended 31st December 2022 driven by growth in services revenue.

The company said it recorded net income of Rs. 3,442 crore a year earlier.

“HCLTech delivered an overall performance in Q3. Across metrics, the company posted a solid win. The company has narrowed its revenue and margin guidance but remains in line with expectations. Overall, the company delivered a strong showing in Q3,” said Veer Trivedi, Research Analyst, SAMCO Securities Finance.

The company for the first time crossed Rs 5,000 crore in net income before interest and taxes and Rs 4,000 crore in profit after tax in a quarter.

Consolidated revenue grew by 19.56 per cent to Rs.26,700 crore during the quarter from Rs.22,331 crore in Oct-Dec 2021.

“The strong revenue growth has been attributed to both the momentum in our services business as well as our software business,” said C. Vijayakumar, CEO and Managing Director of HCLTech.

HCLTech has narrowed its current financial growth guidance in the range of 13.5-14% of total revenue in constant currency and margin terms to 18-18.5%.

And the company increased guidance in the fourth quarter from 12-14% to 13.5-14.5%.

(Except for the headline, this story was not edited by the Alendronaterx staff and was published from a syndicated feed.)