HCL Tech shares climb 1% after Q4 earnings; mcap rallies by Rs 3,080 cr

New Delhi: Shares of HCL Technologies ended with 1 per cent gains on Friday after the IT company posted a 10.85 per cent rise in consolidated net profit for the March quarter.

The stock settled at Rs 1,048.90 apiece, a gain of 1.09 per cent on the BSE. During the day, it advanced 3.49 per cent to Rs 1,073.85.

On the NSE, it went up by 1.03 per cent to finish at Rs 1,048.20 per share.

The company's market valuation jumped Rs 3,080.01 crore to Rs 2,84,636.33 crore.

In volume terms, 2.57 lakh shares of the company were traded on the BSE and over 77.08 lakh shares on the NSE during the day.

On Thursday, HCL Technologies after market hours posted a 10.85 per cent increase in consolidated net profit at Rs 3,983 crore for the March quarter 2023.

The company had posted a net profit of Rs 3,599 crore for the same period a year ago.

"HCL Tech reported Q4 performance that was in line on revenue, margin and guidance," a report by Institutional Equities, HDFC Securities said.

The company's revenue from operations rose by about 18 per cent to Rs 26,606 crore during the period from Rs 22,597 crore in the March 2022 quarter.

"HCL Tech results have not disappointed," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

In 2022-23, HCL Technologies' profit increased 10 per cent to Rs 14,845 crore from Rs 13,499 crore a year ago.

The company's annual revenue increased by 18.45 per cent to Rs 1,01,456 crore at the end of 2022-23 from Rs 85,651 crore a year ago.