HCL shares shed 2%, drops to 52 week low

New Delhi: Shares of HCL Technologies on Wednesday dipped over 2 percent to hit their 52-week low after the company's June quarter earnings failed to cheer investors. The stock fell 2.46 percent to hit its 52-week low of Rs 905.20 after a muted start on the BSE. At the NSE, it declined 2.45 percent to its 52-week low of Rs 905. IT services company HCL Technologies on Tuesday reported a 2.4 percent year-on-year rise in its consolidated net profit for the three months ended June 2022 at Rs 3,283 crore.

The revenue of the Noida-headquartered firm stood at Rs 23,464 crore, nearly 17 percent higher than the year-ago period. The company has retained its FY23 revenue outlook in the 12-14 percent band, as it continues to see "strong momentum in the market" and is positive about its growth trajectory. (Also Read: Retail inflation fell to 7.01% in June; May IIP growth at 19.6%)

For the fiscal's first quarter ended June 30, 2022, the net profit of Rs 3,283 crore was 2.4 percent more than in the year-ago period.

Seen sequentially, however, the net profit was 8.6 percent lower compared to the March quarter. "Our operating margin came in at 17 percent. We have put in place the right measures that will improve our profitability going forward," HCL Tech CEO and Managing Director C Vijayakumar said. (Also Read: BIG gift before DIWALI! 7.5 lakh Rajasthan govt employees to get bonus)

"HCLT reported broadly in-line revenue performance (a tad better-than-street) though disappointed yet again on margins with EBIT margins of 17 percent," according to a research report by JM Financial Institutional Securities.