HCL shares dip 4% post Q2 earnings

HCL Technologies shares slipped by 4 percent after the company announces the revenue and net income of the 2nd quarter of the financial year 2021 on Friday.

HCL Technologies shares slipped by 4 percent after the company announced the revenue and net income of the 2nd quarter of the financial year 2021 on Friday.HCL Technologies reported revenue growth up by 4.5 percent and net income up by 9.7 percent. HCL Technologies posted a 7.4 percent quarter on quarter (QoQ) rise in the September quarter net profit at Rs 3,142 crore. Its revenue grew 4.2 percent to Rs 18,594 crore in the quarter under review, from Rs 17,841 crore in June 2020 quarter.

The shares of HCL were Intraday up on Friday early at 9:20 at 873 but after the announcement, it reported a rapid decrease, and at 11:41, shares were at 834 down by 3.01 percent. However, the company reported unexpected earnings for the 2nd quarter ended in September 2020. 2 days ago, the company reported a record high level; of Rs 911 but the stock has fallen by 8 percent in the past two days.

“We have delivered a stellar Q2 performance with sequential revenue growth of 4.5 percent in constant currency and 21.6 percent EBIT margin,” HCL Technologies President and CEO C Vijayakumar said. “This growth momentum was driven by our continued leadership in Digital Transformation and Cloud businesses and strong stability in the Products & Platforms segment, all of which continue to open diverse growth avenues for us,” he added.

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