Business News

HCL stocks rise after it reports 7.64% increase in Q1 profit

Chief Financial Officer Anil Chanana said the company was happy with its overall first quarter performance.

Stocks of software major HCL Technologies on Thursday rose by more than 1% on the Bombay Stock Exchange Sensex after it reported a profit of Rs 2,210 crore in the first quarter of the year. Besides this 7.64% rise in profit, the company said in a BSE filing that its Q1 revenue also grew by 7.16% to Rs 12,462.

HCL had reported a profit of Rs 2,053 crore and revenue of Rs 11,626 crore in the first quarter of 2016.

The company’s earnings before interests and taxes also rose from 20% to 20.1%. Chief Executive Officer and President C Vijayakumar attributed the increase in the EBIT margin to well executed core business operations, the integration and assimilation of acquired entities and investments in intellectual property.

“Overall, we are happy with our first quarter performance,” Chief Financial Officer Anil Chanana said. “Accompanied with revenue growth in the US dollar at 3.7%, we have demonstrated effective margin performance, reporting EBIT at 20.1%, within the guidance range.”

The company’s buyback programme ended successfully within the quarter, HCL said in its BSE filing.

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