HCL Tech shares crash 7% after revenue growth seen falling short of guidance

HCL share price: HCL Technologies Ltd shares (NSE: HCLTECH) fell almost 7 per cent after the management indicated that FY23 revenue growth will likely fall short of the guidance earlier given by the company.

The company on Thursday said that its FY23 revenue growth guidance will be lower than the expected growth guidance given earlier. The company informed about this during its US Investor Day which took place on December 8 in New York.

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The stock which is the top loser on Nifty50 opened at Rs 1075 apiece and quoted Rs 1025.80 apiece which was down by 6.86 per cent on NSE and on BSE the stock traded at Rs 1026.10 apiece.

The company also fears that there could be more furloughs than expected and in FY24 there will be an increase in only a few select contracts. 

In a report Zee Business' Kushal Gupta said that consolidation at vendor level will continue due to global uncertainty. The next two quarters could be challenging or the tech major. 

IT Services Company HCL had posted a 7 per cent year-on-year rise in consolidated net profit to Rs 3,489 crore for the September quarter and raised the full-year revenue guidance. 

The net profit stood at Rs 3,259 crore in the year-ago period. The revenue for the three months ended September 30, 2022, came in at Rs 24,686 crore, 19.5 per cent higher than the same period the previous year. 

Constant currency revenue in this quarter was up 3.8 per cent QoQ and up 15.8 per cent YoY. 

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