The shares of Roshni Nadal Malhotra-led HCL Technologies Ltd. rose 3.89% during the early hours of trading on Thursday. The stock touched its day high of Rs. 989 at 9:20 IST. This positive movement comes on the back of a healthy 6% year-on-year (Y-o-Y) rise in the consolidated net profit of the company.
On Wednesday, HCL Technologies announced September quarter results for the current financial year 2022-23. The company registered a 6% rise in net profit to Rs. 3,489 for the quarter. It had clocked a profit of Rs. 3,259 crores during the same quarter last year (Q2FY22).
As for its consolidated revenue, it increased by 5.2% QoQ and an impressive 19.5% YoY to Rs. 24,686 crores from Rs. 20,655 crore in Q2FY22. Following good growth, the board of HCL Tech has approved an interim dividend of Rs. 10 per share. It has fixed 20 October 2022 as the record date for the payment of the dividend. The payment date shall be 2 November 2022.
Moving forward, the management has a positive outlook on the growth of the company. In line with this, it has revised its revenue growth guidance to 13.5% to 14.5% from the 12-14% it provided earlier. The company anticipates growth of 16-17% in constant currency terms for FY23.
“Our new brand identity brings razor-sharp focus to our go-to-market strategy and execution capabilities to supercharge the digital transformation of our clients with the best of technology and people,” commented Roshni Nadar Malhotra, Chairperson of HCL Tech.
Eying strong future growth with consistent bookings, analysts at Macquarie have given an ‘outperform’ rating on the stock with a target price of Rs. 1,420 per share. This results in potential gains of 44% for the investors.
Written By – Vikalp Mishra
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