On Tuesday HCL Technologies reported a 3.6% rise in quarterly net profit, lagging street estimates as margins dropped due to currency volatility.

The company said in a statement “Consolidated net income for HCL Technologies under US accounting standards rose to Rs 16.83 billion (Rs 1,683 crore) in the quarter ended March 31 from Rs 16.24 billion (Rs 1,624 cr) a year earlier.”

HCL Technologies in its EBITDA (earning before interest, tax, depreciation and amortisation) said, a key measure of profitability, dropped to 22.5% in the March quarter from 26.7% in the year ago period.