HCL Tech - Q2FY2021 Results - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

"HCL Tech reported a 6.4% qoq growth in revenues to USD 2,507mn in Q2FY2021 which was in line with our expectations. In rupee terms consolidated revenue increased by 4.2% qoq to ₹18,594 crore while gross profits increased by 7.8% qoq to ₹7,665 crore. Gross margins expanded by ~130bps qoq to 41.2%. Consolidated operating profit for the quarter was up by 9.7% qoq while EBIT margins were up by ~110bps qoq to 21.6%. Net profit for the quarter was up by 7.5% qoq to ₹3,142 crore. Management has maintained their guidance of a 1.5-2.5% growth in revenue in constant currency terms for the rest of the quarters in the financial year. While Q2FY21 revenue was in line with our expectations gross margins came in ahead of expectations despite currency headwinds EBIDTA and net profits for the quarter too were in line with our expectations. We continue to remain positive on HCL Technologies post the Q2 numbers."

Shares of HCL TECHNOLOGIES LTD. was last trading in BSE at Rs.859.45 as compared to the previous close of Rs. 890.1. The total number of shares traded during the day was 881042 in over 11950 trades.

The stock hit an intraday high of Rs. 903.55 and intraday low of 834. The net turnover during the day was Rs. 772086091.

Source : Equity Bulls

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