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HindustanTimes Fri,19 Sep 2014

HCL Technologies' Q1 profit rises 64%, tops estimate

Reuters  Bangalore, October 17, 2013
First Published: 09:42 IST(17/10/2013) | Last Updated: 09:48 IST(17/10/2013)

HCL Technologies, India's No. 4 IT services exporter, beat market expectations with a 64% rise in September quarter profit, joining larger rivals in signalling accelerated spending by clients.

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Consolidated net profit for the three months ended September 30 rose to Rs. 14.16 billion ($229 million) from Rs. 8.64 billion in the same period a year earlier, HCL Technologies said on Thursday.

That compares with the Rs. 13.36 billion average of 25 analyst estimates according to Thomson Reuters. HCL's customers include Nokia Oyj, Xerox Corp and AstraZeneca PLC. HCL Technologies follows a July-June fiscal year.

Tata Consultancy Services, the No. 1 Indian IT services provider, on Tuesday beat profit expectations for the September quarter and said it may increase hiring.

On Friday, No. 2 player Infosys increased the lower end its revenue forecast for the year ending in March and said clients were accelerating spending.


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