Moneycontrol Bureau
HCL Technologies stock touched a record high of Rs 1,377.75 in early trade on Thursday, up more than 3 percent intraday after strong set of numbers during second quarter (October-December).
Software services exporter beat analysts' forecast on every parameter with the consolidated net profit rising 5.7 percent sequentially (58.4 percent on yearly basis) to Rs 1,496 crore and revenue rose 2.8 percent Q-o-Q (30.4 percent year-on-year) to Rs 8,184 crore in the quarter ended December 2013.
According to CNBC-TV18 poll, analysts had expected profit after tax of Rs 1,453 crore on revenues of Rs 8,126 crore for the quarter.
"The company crossed many milestones during the quarter, with CY13 revenues crossing the USD 5 billion landmark. In addition infrastructure services, Europe geography and manufacturing vertical each crossed USD 1.5 billion in revenues," Anant Gupta, president and CEO said.
Dollar revenue increased 4 percent sequentially (14.5 percent Y-o-Y), higher-than-expected, to Rs 1,321 crore during the second quarter. This was far better than its peer Infosys that reported 1.6 percent growth. Analysts had estimated dollar revenue growth at 3.3 percent.
On the operational front, earnings before interest and tax grew 2.4 percent Q-o-Q (58.7 percent year-on-year) to Rs 1,941 crore in the quarter ended December 2013 as against analysts' forecast of Rs 1,855 crore. EBIT margin declined 10 basis points Q-o-Q to 23.7 percent during the second quarter as against analysts' forecast of 22.82 percent.
At 09:42 hours IST, the stock was trading at Rs 1,370, up 2.59 percent amid high volumes on the BSE. The stock rallied 106 percent in last one-year and more than 15 percent in past one-month.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
