HCL Tech Shares Rises 1.3% After Q4 Profit Reaches To ₹3,983 Cr
HCL Tech’s Q4FY23 net profit rose 10.85% YoY to ₹3,983 crore. Stock opened at ₹1066.5 per share & grew 1.3% to ₹1051.50 in the morning trade on BSE.
HCL Tech has recently reported an increase in its net profit in Q4FY23. The company’s shares on the BSE market have seen a rise by 1.3% to ₹1051.50 in the morning trade, after opening at ₹1066.5 per share. Despite a fall in its PAT of 2.8% from Q3FY23, the company’s net profit grew by 10.85% YoY to ₹3,983 crore from ₹3,593 crore in the March quarter of FY22. In contrast, HCL Tech’s stock value has gone up by 1.52% YTD, but has also degraded by 4.06% in the last year.
The Q4 earnings of HCL Tech were in line with estimates, however, the company continued to perform below average on a sequential basis, and had a single-digit decrease in new deal wins. Market experts observed that the company’s Q4 results were better than expected, with a mild miss in revenue but a slight increase in profit. The company’s revenue went down 0.3% QoQ, but the services business rose by 0.6% QoQ, which is a positive sign.
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Research Analyst, Veer Trivedi from SAMCO Securities, stated that the deal wins have been stable above USD 2bn, and the increase in headcounts indicates the sustainability of demand. The 2% rise in HCL Tech’s stock value validates this observation, indicating a positive reaction from the market towards the company’s better-than-peers’ Q4 performance.
