Shares of HCL Technologies today dropped as much as 5 percent in morning trade after the IT firm posted a 9.8 percent decline in consolidated net profit for the quarter ended March 2018. HCL Technologies today posted a 9.8 percent decline in consolidated net profit to Rs 2,230 crore for the quarter ended March 2018 compared to the year-ago period.
The country's fourth largest software services firm had registered a net profit of Rs 2,474 crore in the January-March 2017 quarter as per Indian Accounting Standards (Ind AS), HCL said in a BSE filing. Following the announcement, shares of the company fell 4.74 percent and touched a low of Rs 1,001.55 in morning trade on BSE.
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Similar movement was seen on the NSE as well, where the stock opened at Rs 1,050.00, then fell to a low of Rs 1,000.05, down 5 percent over its previous closing price. For 2017-18, the company's net profit was up 1.3 percent at Rs 8,722 crore, while total income grew by 6.4 percent to Rs 51,786 crore from the previous financial year.
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HCL Technologies expects its revenues to grow between 9.5-11.5 percent on constant currency basis in the fiscal 2018-19. The board of directors has declared an interim dividend of Rs 2 per equity share.
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