HCL Q2 Beats Street Estimates; Shares Up 2%

Business

oi-Sneha B K

Dollar revenue of HCL increased by 11.5 per cent on a year on year basis to $1,722 million. The EBIT margins dropped 0.7 per cent at Rs 2,318 crores against Rs 2,333 crores corresponding period of las

By Sneha B K

Published: Friday, October 21, 2016, 11:59 [IST]

HCL Tech reported results that were above estimates with net profits coming in at Rs 2,014 crores, on revenues of Rs 11,519 crores for the quarter ending September, 2016.

Dollar revenue of HCL increased by 11.5 per cent on a year on year basis to $1,722 million.

The EBIT margins dropped 0.7 per cent at Rs 2,318 crores against Rs 2,333 crores corresponding period of last year.

The company declared an interim dividend of Rs 6/- per equity share for the Financial Year 2016-17.

Commenting on the results, Anil Chanana, CFO of the company said, "We are enthused with overall Q2 FY17 performance. Earnings per share (EPS) this quarter, has gone up by 16.8 percent YoY. This demonstrates our resilient business model focused on both revenue growth and profitability. The conversion of net income to operating cash flow has been in excess of 100 percent for last twelve months ended September 30, 2016 while the return on equity continues to be robust at 28 percent."

The company across verticals driven by public services at 25 per cent, retial and CPG at 21.6 per cent, lifesciences and healthcare at 15.9 per cent, telecommunications, media, publishing and entertainment at 14.9 percent, manufacturing at 7.1 per cent and financial services at 5.3 per cent.

Shares of HCL technologies were seen trading at Rs 834, higher by Rs 2.31 per cent on BSE at 11.37 pm IST. It touched an intra-day high of Rs 848 during trade.

Goodreturns.in