Beating forecast, HCL Tech net shoots 29% in Jan-March | business | Hindustan Times
Today in New Delhi, India
Mar 30, 2017-Thursday
New Delhi
  • Humidity
  • Wind

Beating forecast, HCL Tech net shoots 29% in Jan-March

business Updated: Apr 18, 2012 23:16 IST
Vivek Sinha

HCL Technologies beat market forecasts with a 29% jump in its net profit during the January-March quarter that was led by an increase in IT outsourcing deals.

Importantly, the company sounded upbeat and dispelled the sense of gloom which had crept in after Infosys gave a muted revenue outlook for the current fiscal.

HCL has been in the league of offering total IT outsourcing deals wherein around 26% of its deals between 2006 and 2011 have been full services deals that puts in the same league as IBM, Accenture and HP.

“Despite macro-economic concerns the S&P 500 firms, which essentially are our target clients, have reported a 20% higher profits than in the pre-recession years,” Vineet Nayar, vice-chairman and CEO of HCL Technologies told Hindustan Times.

Nayar added that despite this hike the capital expenditures have come down by 1% and customers today seek more return for every dollar spent. “A company is spending lesser dollars to run the business and more dollars on IT services that change the business and increase its revenues,” Nayar said