HCL Technologies share price declined 2% post Q2 result

Marco Green
October 16, 2020

Lakshmi Vilas Bank: The Board of Directors of Lakshmi Vilas Bank (LVB) on Thursday approved raising of funds up to Rs 500 crore through issue of equity shares or such other securities by way of rights issue.

Cyient: IT firm Cyient reported a 14.8 per cent decline in its consolidated net profit at Rs 83.9 crore for September 2020 quarter.

Its revenue grew 6.1 per cent to Rs 18,594 crore in the quarter under review, from Rs 17,528 crore in the corresponding quarter a year ago.

Hathway Cable: Net profit of Hathway Cable & Datacom came in at Rs 52.22 crore for the quarter ended September 2020 as against net loss of Rs 2.57 crore during the previous quarter ended September 2019. According to CNBC-TV18 poll, the profit was expected at Rs 3,046 crore. While, sequentially, net profit rose 7.4 per cent. "The stock is likely to see consolidation in this range", Wagh added.

iStockFederal Bank, HCL Technologies, Bajaj Consumer Care, LKP Securities, Shoppers Stop, and Tata Communications are slated to announce their financial results for September quarter on Friday.

The company's EBIT margins in rupees also expanded by a whopping 9.7% to hit 21.6%. From the March lows of Rs 375.50, HCL Technologies shares have rallied 118.64 per cent.

Its EBITDA or earnings before interest, taxes, depreciation and amortization margin improved to 26.6 per cent in the second quarter of current financial year, from 25.6 per cent in the April-June period.

The dollar revenue growth stood at 6.4 per cent at 2,507 million and the company posted constant currency revenue growth of 4.5 per cent. The Record date of October 24, 2020, has been fixed for the payment of the interim dividend.

HCL Tech has beaten guidance to clock-in 4.5% growth in revenue in constant currency during the second quarter.

"This growth momentum was driven by our continued leadership in digital transformation and Cloud businesses and a strong stability in the products and platforms segment, all of which continue to open diverse growth avenues for us", said C Vijayakumar, president and CEO, HCL Technologies.

Other reports by Click Lancashire

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