HCL Tech shares: Motilal Oswal has set a target of Rs 1,250 for HCL Tech, Kotak Institutional Equities at 1,225. Nuvama Institutional Equities sees the stock at Rs 1,220. Reliance Securities finds the stock worth Rs 1,160.
Stocks in focus today: The dark clouds of weak Q4 numbers are haunting the domestic market. Tepid cues from the global peers are also creating havoc. The biggest risk for the market is a downgrade in the corporate earnings forecast. HCL Technologies, Vedanta, Mastek, Zomato are among the stocks to watch on Thursday. Watch this Business Today Visual Story to know more.
HCL Tech may start with annual revenue growth guidance of 5-7 per cent in CC terms for FY24. On EBIT margin guidance, analyst expects it to be 18-19 per cent for FY24E.
IT firm HCL Technologies on Friday posted a 6.1 per cent dip in consolidated net profit to Rs 2,962 crore for the March quarter. The Noida-headquartered firm has also announced a special interim dividend of Rs 10 per share to mark the USD 10 billion annual revenue milestone. The IT major had registered a net profit of Rs 3,154 crore in the January-March 2020 quarter, HCL said in a regulatory filing. Including the impact of a one-time milestone bonus, the company s net profit for March 2021 quarter was at Rs 2,387 crore. Its revenue grew 5.7 per cent to Rs 19,642 crore in the quarter under review, from Rs 18,590 crore in the corresponding quarter last year, as per US GAAP.
IT services firm HCL Technologies fourth quater numbers were impacted by higer taxes and one-time bonus payment. The company reported a 64.9 per cent fall in its fourth quarter net profit at Rs 1,111 crore on a year-on-year basis. Profit was down 72 per cent on a sequential basis. The provision for tax nearly doubled sequentially in Q4 to Rs 1,191 crore. The fourth quarter revenue was Rs 19,642 crore, up 1.8 per cent sequentially and up 5.7 per cent on y-o-y basis. The Noida-based company expects FY22 revenue to grow in double digits in constant currency, and expects EBIT margin between 19.0 per cent and 21 per cent.