HCL Tech see's profit booking

Like Infosys and Wipro, today morning, HCL Tech too fell despite declaring a very good performance on the back of profit booking.

The stock price first rose 2.5% to Rs.1052 but profit booking at this level, pushed the stock price down by 2% to Rs.1007 and it is currently trading at Rs.1041 levels.

The company, for quarter ended 31st Dec’20, reported a 27% (QoQ) rise at Rs.3982 crore on a 4% increase in revenue at Rs.19,302 crore.

Dollar revenue went up from $2507 million to $2617 million.

Its operating profit rose 10% at Rs.4437 crore and margins expanded from 21.59% to 22.22%.

The company has won 13 transformational deals across industry verticals, including Life Sciences and Healthcare, Technology and Financial Services.

The good news is on the guidance front. It has raised its revenue guidance from 1.5 to 2.5% earlier to 2 to 3% growth in Q4FY21. It has also raised its EBIT margin guidance for FY21 from 20 to 21% to 21 to 21.5%.