HCL Technologies Ltd, India's fifth-largest software exporter, reported on Thursday second-quarter consolidated net profit fell 35.9 per cent year-on-year, slightly below market expectations, pushing its shares lower.
New Delhi-based HCL said net consolidated income for the October-December quarter slid to Rs 80.5 crore (Rs 805 million) from Rs 126 crore (Rs 1.26 billion) last year.
Gross revenues for HCL, which designs software for global giants such as Cisco Systems and General Motors, climbed 16.6 per cent to Rs 468 crore (Rs 4.68 billion) from Rs 401 crore (Rs 4.01 billion).
The profit was marginally below the median estimate in a Reuters poll of 12 analysts released in early January that had forecast HCL's second-quarter consolidated net income would be Rs 82.8 crore (Rs 828 million).
Gross revenues were in line with the poll estimate of Rs 469 crore (Rs 4.69 billion).
HCL's stock was down 7.93 per cent at Rs 154.35 in early deals on the Bombay Stock Exchange, whose main index was off 0.32 per cent.
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