HCLTech shares surge to record high after IT major stages strong Q3 performance

HCLTechnologies Q3 results, HCLTech share price target: HCLTechnologies shares took centre stage on D-Street on Monday, January 15, soaring to a record high after the Noida-headquartered IT company reported its highest ever quarterly consolidated net profit last week. The HCLTech stock strengthened as much as 5.1 per cent to a record high of Rs 1,619.6 apiece on NSE, emerging the top Nifty gainer in morning deals. 

HCLTech shares jumped by as much as Rs 74.7, or 4.8 per cent, to a record Rs 1,617.7 apiece on BSE. 

After market hours on Friday, the IT major reported a 6.2 per cent quaretr-on-qoarter increase in consolidated net profit to Rs 4,350 crore for the October-December period, driven by growth in its services as well as software businesses. Its quarterly revenue grew 6.5 per cent to Rs 28,446 crore, according to a regulatory filing.

Should you buy, sell or hold HCLTech shares? Brokerages divided

"Our results this quarter have been remarkably strong with revenue growth of 6 per cent on Quarter-on-Quarter in constant currency driven by strong momentum in both services and software businesses... We delivered a stellar operating margin of 19.8 per cent, a 126 bps improvement Q-o-Q and 16 bps improvement Year-on-Year," HCLTech CEO and Managing Director C Vijayakumar told reporters, according to a report by news agency PTI.

The services revenue of HCLTech crossed Rs 1 lakh crore on a run-rate basis during the quarter under review.

HCLTech posted the lowest-ever attrition in the last seven years at 12.8 per cent.

HCLTech guidance

The company projected its revenue to grow in the range of 5-5.5 per cent in the current fiscal year on a year-on-year basis. Read more