HCL Tech, one of the largest tech companies in the country, got off to an abysmal start in the equity market on Tuesday, as the shares collapsed by over 9 per cent in the very first hour of the day’s trade.
HCL Earnings
The earnings season is upon us and major companies are rolling in with their results in the new year. In the competitive tech sector, after IT-giant TCS, it was the turn of HCL Tech to show its performance for the previously concluded quarter that ended in December or Q3FY25.
The Gurugram-based company saw a 5.54 per cent rise in consolidated net profit, as the profits rose to Rs 4,591 crore.
In the exchange filing published on January 13, the company’s overall revenue from operations for the quarter came in at Rs 29,890 crore. This marked a 5.07 per cent rise compared to Q3 FY24 when HCL raked in revenue of Rs 28,446 crore.
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This number for the December quarter of the 2024-25 financial year is higher the profit recorded in the same quarter of the previous fiscal year. HCL Tech had reported a profit of Rs 4,350 crore in the year-ago period.
In the exchange filing published on January 13, the company’s overall revenue from operations for the quarter came in at Rs 29,890 crore. This marked a 5.07 per cent rise compared to Q3 FY24 when HCL raked in revenue of Rs 28,446 crore.
HCL Shares In Deep Red
HCL Tech shares on Monday, January 13 closed with major losses. The results were only published later on in the day, after the trading hours.
On January 13, HCL Tech shares dropped to Rs 1,975.00 per piece. This came to pass after a decline of Rs 20.10 or 1.01 per cent in its overall value.
When we take a closer look at the happening on the bourse, on Tuesday, January 14, the shares of HCL crumbled, opening with gargantuan losses of over 6 per cent, only to stumble further, with minutes of trade.
At the time of writing, the shares of HCL dropped by 9.17 per cent or Rs 182.40 per share. This took the overall of the company shares below the coveted Rs 2,000 mark
