HCL Tech tanks 3% post Q4 nos but brokerages remain bullish; here’s why

Shares of HCL Technologies slipped over 3 per cent in Monday’s intra-day session after the IT major’s March quarter results for the financial year 2020-21 (FY21) missed Street estimates across the board.

Impacted by higher taxes and one-time bonus payment, the company on Friday reported a 6.1 per cent fall in its fourth-quarter net profit at Rs 2,962 crore. The profit was down 25.6 per cent on a sequential basis. The provision for tax nearly doubled sequentially in Q4 to Rs 1,191 crore.

The March quarter revenue, meanwhile, was at Rs 19,642 crore, up 1.8 per cent sequentially and up 5.7 per cent on a year-on-year (YoY) basis.