Highlights: HCL earnings beat street estimates, stock hits record high

On the back of HCL Tech's better than expected earnings result, the company stock hit a record high of Rs 1377.

Earlier this morning HCL announcedconsolidated net profits during the quarter rose 5.7 percent on quarter was Rs 1,496 crore, higher than a CNBC- TV18 poll estimate of Rs 1,453 crore. Its revenue was up 2.8 percent at Rs 8,184 crore compared with the estimate of Rs 8,126 crore.

[caption id="attachment_493244" align="alignleft" width="380"] Reuters[/caption]

These are the highlights:

- Revenue in constant currency grew 3 percent.

- Business from Europe and Americas was up 5 percent and 3.4 percent, respectively.

- Infrastructure and business services verticals grew 4.8 percent and 11.4 percent. Engineering and R&D services at 2 percent and application services at 1.4 percent.

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- The company's earnings growth was led by manufacturing and financial services verticals which grew 4.4 percent and 2.1 percent respectively.Public services grew 20.8 percent and retail & consumer packaged goods rose 6 percent.