HCLTech Q1 profit drops 11% to Rs 3,843 crore
The country’s third largest IT services firm, HCLTech on Monday, posted an 10.8% sequential drop in net profit for the April-June quarter to Rs 3,843 crore, falling short of Bloomberg estimates pegged at Rs 4,253 crore. Revenue was nearly flat at Rs 30,349 crore, inching up from the previous quarter and broadly in line with projections of Rs 30,298 crore. Operating margin narrowed sharply to 16.3% from 17.9% in Q4, marking the weakest June-quarter margin in six years.
