SHARES of HCLTech, India's third-largest IT services company, rallied to a fresh lifetime high of ₹1,882 in intraday trade on Tuesday following a better than expected performance in Q2FY25. The stock ended slightly lower at ₹1,870, up nearly 0.8 per cent on the BSE.
Brokerages said the Noida-headquartered company beat Street estimates, reporting stellar financials with revenue growing 1.6 per cent in constant currency (CC) quarter-on-quarter (Q-o-Q). There was broad-based growth across service lines driven by IT Services (1.8 per cent CC Q-o-Q) followed by Product and Platforms (1.4 per cent CC Q-o-Q) and ER&D (1.1 per cent CC Q-o-Q).
All verticals excluding BFSI and Telecom saw over 3 per cent Q-o-Q growth, said analysts at Nuvama Institutional Equities.
The BFSI segment managed to remain flat Q-o-Q despite headwinds from the planned State Street divestment in the UK.
The management, however, highlighted headwinds in the automotive and aerospace clients, which was partially offset by strong ramp-up in the SAP business.
This story is from the October 16, 2024 edition of Business Standard.
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This story is from the October 16, 2024 edition of Business Standard.
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