In the first quarter, the results of IT sector company HCL TECH were as per the estimates. The company’s profit grew by more than 8 percent. HCL TECH’s Conso profit in the first quarter of the financial year 2021-22 ended 30 June 2021 increased from Rs 1100 crore in the fourth quarter of the financial year 2020-21 to Rs 3,210 crore. During the same period, the company’s Conso earnings increased from Rs 19,640 crore in the previous quarter to Rs 20,070 crore. Explain that the analyst had estimated the company’s income at Rs 20303 crore and profit at Rs 3253 crore.
The company’s dollar income in the first quarter of the year 2021-22 has been $272 million. It was estimated to be at $2751 million. During the same period, the company’s consolidated EBIT stood at Rs.3931 crore and conso EBIT margin stood at 19.59%. These were estimated to be Rs 3,888 crore and 19.15% respectively.
HCL TECH’s dollar revenue growth in the first quarter stood at 0.9% per cent against the estimate of 2% per cent. At the same time, constant currency revenue growth has been at 0.7% during this period. At the same time, Shiv Nadar resigned from the post of managing director and C. VIJAYAKUMAR got this responsibility.
Brokerage on HCL TECH
Commenting on HCL TECH after the results, brokerages say that there is no positive surprise in FY22 guidance. On the other hand, margins are weak on an annual basis. But the results have been good as compared to other companies.
MACQUARIE Opinions on HCL TECH
MACQUARIE has outperform rating on HCL TECH and has a target of Rs 1250 for the stock.
CLSA’s opinion on HCL Tech
CLSA has given Buy rating on HCL TECH and has a target of Rs 1180 for the stock.
MS’s opinion on HCL Tech
MS has Equal-weight Rating on HCL TECH and has a target of Rs 1065 for the Share.
UBS’s opinion on HCL Tech
UBS has a sell rating on HCL TECH and has a target of Rs 855 for the stock.
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