HCL Tech shares tumbles 6% post earnings!

The company had posted a net profit of Rs 1,834 crore in the year-ago period, it said in a statement. However, its consolidated revenues rose 16.1% to Rs 9,777 crore in April-June as against Rs 8,424 crore in the same period last year as per US GAAP accounting.

Shares of HCL Technologiestoday plunged 6% after the company reported a decline in consolidated net profit for the fourth quarter ended June 30. After a weak opening, the stock further lost 5.24% to Rs 944.35 on BSE.

On NSE, it slumped 6% to Rs 941.60. India’s fourth-largest software services firm HCL Technologies today reported a 2.8% drop in consolidated net profit at Rs 1,783 crore for the fourth quarter ended June 30, 2015.

The company had posted a net profit of Rs 1,834 crore in the year-ago period, it said in a statement. However, its consolidated revenues rose 16.1% to Rs 9,777 crore in April-June as against Rs 8,424 crore in the
same period last year as per US GAAP accounting.

The firm follows July-June as the fiscal year. For the full year ended June 30, 2015, its net profit moved up 13.9% to Rs 7,254 crore as against Rs 6,369 crore in the previous fiscal.

Revenues rose 12.6% to Rs 37,061 crore during the year compared with Rs 32,917 crore in 2013-14.

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