HCL Tech rises by over 4% as company reports 16.7% rise in net Q2 profit

Shares of HCL Technologies on Friday rose by over 4 per cent after the company reported a 16.7 per cent increase in net profit for the quarter ended September 2016. The stock surged 4.1 per cent to Rs 848.70 on BSE.

On NSE, it went up by 4 per cent to Rs 848.70. IT services firm HCL Technologies today reported a 16.7 per cent increase in net profit at Rs 2,014 crore for the quarter ended September 2016.

The Noida-based firm had posted a net profit of Rs 1,726 crore in the corresponding quarter of the last fiscal, HCL Technologies said in a statement.

Its revenues for the reported quarter were up 14.1 per cent at Rs 11,519 crore, from Rs 10,097 crore in the year-ago period, as per US GAAP accounting norms.

However, on a sequential basis, the company’s net profit was lower by 1.6 per cent from Rs 2,047 crore in April-June 2016 while revenue grew 1.6 per cent from Rs 11,336 crore.