HCL Tech Q3 Net Rises 2.3% To Rs. 2,062 Crore, Meets Estimates

HCL Technologies reported 2.3 per cent sequential rise in its net profit for the December quarter, meeting the Street's estimates. The Noida-based outsourcer reported a net profit ofRs. 2,062 crore compared to Rs. 2,016 crore in the September quarter. Its revenue increased 2.6 per cent to Rs. 11,814 crore compared to Rs. 11,519 crore sequentially.

The highly-tracked dollar revenue of HCL Tech grew 1.3 per cent sequentially to $1,745 million, meeting Street estimates.

Meanwhile, HCL Tech expects its FY2017 revenue to grow at the middle of its guidance of 10-12 per cent based on the December 31, 2016 exchange rates. Earlier the outsourcer had guided for a revenue growth of 12-14 per cent based on the average exchange rate for FY2016.

HCL Tech's operating margin or EBIT margin came in at 20 per cent in Q3. The outsourcer expects its FY2017 EBIT margin to remain in the range of 19.5-20.5 per cent. As of 9.25 a.m., HCL Tech shares traded 2.37 per cent lower at Rs. 836.95 apiece. It was the top loser in the Nifty50 index.