TCS share price fell 5% on Monday.The earnings season is back with large IT companies being the first one to report their Q1 results.Last week, IT bellwether Tata Consultancy Services (TCS) reported mixed numbers and faced the brunt. TCS share price fell 5% on Monday this week as the company had more than just the attrition worries to report.Other IT companies followed suit and fell that day as that is the trend IT stocks follow. If the biggest company has nothing decent to report and only concerns, the cascading effect is usually seen in other IT majors too.Not just because of the results, IT stocks are falling due to recession concerns.Keeping that in mind…another IT major reported its Q1 results post market hours yesterday.Ranked among India’s top four IT companies, HCL Tech reported its results and guess what…it had nothing exceptional to report.Among other things, investors were closely tracking the management’s commentary on demand environment, margins and attrition rate.Deal wins and deal pipelines were other things investors were waiting for.Here are five takeaways from HCL Tech’s Q1 results.• HCL Tech’s net profit grew by a more 2.4% year-on-year (YoY) to Rs 32.8 bn as compared to Rs 32.1 bn in the same quarter last year.• Revenues rose 16.9% YoY to Rs 234.6 bn as compared to Rs 200.7 bn in the same quarter last year.• EBITDA margin was slightly off and stood at 21.2% against 22.4% in March 2022 and 25.2% in the June quarter last year. The contraction in margins was due to salary increases.• The company retained its constant currency revenue guidance for financial year 2022-23 in the range of 12-14%. Similarly, EBIT margin guidance was left unchanged at 18-20%.• Attrition rate for the quarter was up at 23.8%. In the previous quarter, attrition was at 21.9%. The total headcount of the company stood at 210,966, up 19.5% YoY. HCL Tech has plans to take on 30,000-35,000 freshers this year.• The company declared a dividend of Rs 10 per share.How HCL Tech has performed recentlyNot very good.On similar lines with major IT companies, HCL Tech share price has faced the brunt and is trading at its 52-week low.Ahead of its results yesterday, shares of the IT company dipped 2%.Today, the stock fell another 2% and touched a new 52-week low.HCL Tech has a 52-week high quote of Rs 1,377 touched on 24 September last year while it has a 52-week low quote of Rs 905 touched today.On a YTD basis, shares of the company are down a whopping 31%.About HCL TechnologiesHCL Technologies is an Indian multinational information technology (IT) services and consulting company, headquartered in Noida, Uttar Pradesh, India. It’s a subsidiary of HCL Enterprise.Originally a research and development division of HCL, it emerged as an independent company in 1991 when it entered into the software services business.It operates across sectors including aerospace, defence, automotive, banking, chemical and process industries, energy, and utilities.For more details about the company, you can have a look at HCL Technologies factsheet.Also check out the in-depth comparative analysis where we dig deeper and compare the biggest IT companies in India:HCL Tech vs L&T Infotech: Which IT Stock is Better?TCS vs HCL Tech: Which IT Stock is Better?Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. This article is syndicated from Equitymaster.com(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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