HCL Tech stock gains on smart Q3 numbers


Mumbai: IT firm HCL Technologies surged by nearly 10 percent in early trade on bourses after the company posted 33 percent growth in net profit at 468.2 crore for the third quarter ended March 31. The company had reported a net profit of 350.3 crore in the year-ago period. Revenues for the reported quarter were 31.5 percent up at 4,138.2 crore from 3,132.1 crore in Q3 FY'10. Buoyed by the news, the scrip spurted by 9.82 percent to a 52-week high of 522.35 a piece on BSE. Frenzied buying lifted the company's stock on National Stock Exchange as well, where it jumped by 9.61 percent to a year-high of 522.35. On the volume front, over 32 lakh shares of the company changed hands on the two bourses. Vineet Nayar, Vice Chairman and CEO, HCL Technologies said, "We continue to expand market share backed by a second sequential quarter of revenue growth of 30 percent-plus year-on-year along with expansion in margins." He also added that HCL's focus on forward investment in key markets and transformation services is paying rich dividends. The company announced a dividend of 2 per share for the quarter. During the quarter, HCL Technologies added 7,534 people (gross) and 1,153 employees (net). HCL has signed 11 deals this quarter across service lines, verticals and geographies and eight of these deals are from existing customers.
Source: PTI