Shares of HCL Technologies Ltd. climbed in a subdued market after the company's fourth-quarter results beat analysts' expectations. HCL Tech shares rose the most in three months.
The stock closed at Rs380, up Rs7.40 or ~2% on the NSE. It had earlier been as high as Rs396 and a low of Rs375 after starting the day at Rs380. Traded volume stood at 3.83mn shares.
The company's fourth-quarter revenue were up 11.4% sequentially at Rs34.25bn while net income fell by 0.6% quarter-on-quarter to Rs3.42bn. HCL Tech's standalone net profit for the April-June quarter was up 23% at Rs2.38bn. Its EBIT was up 5.5% sequentially at Rs5.25bn.
In US Dollar terms, HCL Tech's Q4 FY10 revenue rose by 7.7% sequentially and 9.1% in constant-currency terms at US$738mn. But the net income fell by 4% quarter-on-quarter to US$74mn.
For the year ended June 30 2010, the company has posted a 2% rise in net profit at Rs13.03bn. Revenue increased 18.6% to Rs125.65bn and EBIT for the year is up 11.6% at Rs20.72bn.
In US Dollar terms, HCL Tech's annual net income was up 6.1% at US$281mn, while revenue rose 24% to US$2.7bn. EBIT for FY10 rose by 16.5% to US$446mn.