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.
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.