HCL Technologies shares declined more than 2 per cent in a strong market as the IT firm reported a 72 per cent decline in profit in the January-March quarter of the financial year 2020-21. HCL Technologies’ profit declined to Rs 1,102 crore in the March quarter from Rs 3,969 crore in the October-December quarter on the back of higher tax expense during the fourth quarter. At 10:15 am, the shares of HCL Tech were the the top losers on the BSE, trading lower by 2.4 per cent at Rs 932.55.
The company’s revenue from operations went up 5.7 per cent year-on-year at Rs 19,641 crore in the quarter, compared to Rs 18,587 crore in the corresponding period last year. The company’s net income for the quarter stood at Rs 2,962 crore, registering a decline of 25.6 per cent quarter-on-quarter and a fall of 6.1 per cent on a year-on-year basis.
The BSE Sensex was trading at 48,559.55, higher by 688 points or 0.44 per cent and the NSE Nifty was at 14,531.55, up 189.45 points or 1.33 per cent at the time.