HCL Tech shares fall over 1% on profit booking, likely to underperform peers

HCL Tech shares fell 1.60% to Rs 1054.75 on Friday on profit booking after the IT giant, the previous day reported a higher-than-expected profit for the December quarter supported by strong deal wins, but lowered its full-year revenue view noting seasonal challenges in the fourth quarter. The company reported a 19% rise in consolidated net profit at Rs 4,096 crore for the December quarter (Q3FY23) compared to the same period the previous year. On a sequential basis, the profit after tax (PAT) rose 17% from Rs 3,489 crore in the previous September quarter. The company’s board has approved an interim dividend of Rs 10 per equity share for FY23. The record date is set as 20 January 2023. The payment for the said interim dividend shall be made on 1 February 2023. HCL Tech shares closed 1.6% or Rs 17.10 higher at 1071.90 on Thursday.