HCL Tech Q2 Performance: IT sector giant HCL Tech has reported better profitability than anticipated in the second quarter of the current financial year. During this period the profit of the company increased by 7 per cent on a quarterly basis to Rs 3142 crore. The company’s profit in the June quarter was Rs 2,925 crore. During this period, HCL Tech’s revenue in rupees grew by 4.2 percent to Rs 18,594 crore. Revenue was Rs 17,841 crore in the June quarter.
EBIT margin
HCL Tech’s earnings before interest and tax (EBIT) margin in the September quarter on a quarterly basis has been 21.6 per cent, a 5-year high. It was 20.5 percent in the June quarter.
Guidance: Growth Estimates Increased
HCL Tech has forecast constant currency revenue growth of 1.5–2.5 per cent for the third and fourth quarters. EBIT margin guidance for FY21 has been increased to 20-21 per cent from 19.5-20.5 per cent previously.
Dollar revenue
The company’s dollar revenue growth was up 6.4 percent at 2,507 million in the second quarter. The company’s Constant Currency Revenue Growth 4.5 has signed a transformational deal.
Stock weakness
After the second quarter results, shares of HCL Tech are seeing weakness. In the business around 10:30 in the morning, the company’s stock had weakened by about 4 percent to Rs 820. While on Thursday it closed at Rs 860. The 1-year high for the stock is Rs 910, which was touched this week.
Sales of passenger vehicles rose 26.54% in September, commercial vehicle sales down 20%
Source: www.financialexpress.com
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