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HindustanTimes Mon,21 Apr 2014

HCL Tech net soars 73% to Rs. 1,040 crore

HT Correspondent, Hindustan Times  New Delhi, April 17, 2013
First Published: 12:14 IST(17/4/2013) | Last Updated: 22:09 IST(17/4/2013)

India's fourth largest software services firm HCL Technologies on Wednesday beat market expectations with a 73% jump in net profit to Rs. 1,040 crore during the January-March quarter as its broad-based revenue basket continued to return handsome incomes.

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The company had reported a net profit of Rs. 603 crore in the year-ago period.

The company follows a July-June fiscal year.

HCL Tech's results, alongwith with TCS' robust profit numbers, dispelled fears about the overall health of the Indian IT sector.

"A key reason behind HCL's stellar performance over the last few years has been its focus on delivering technology-led business process transformation to corporations," said Vineet Nayar, vice-chairman, HCL Tech.

Revenues during the quarter rose 23% year-on-year to Rs. 6,425 crore.

The market had anticipated a net profit in the range of Rs. 925-950 crore for HCL Tech.

However, despite surging 6% intra-day on Wednesday, HCL Tech's scrip ended down 1.5% to Rs. 751 on the BSE.

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