Forex losses pinch HCL Tech profits | business | Hindustan Times
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Forex losses pinch HCL Tech profits

business Updated: Jul 30, 2010 00:44 IST
HT Correspondent

HCL Technologies reported a robust 18 per cent revenue growth for April-June 2010 quarter led by a strong global demand across regions for its software services. The ongoing European crisis did not have any major impact on the company's revenues, where the company's revenues from European operations grew by 4 per cent. The company reported Rs 3,425 crore revenues for the April-June quarter.

However, foreign exchange losses hit the company's net profits that fell marginally by 0.6 per cent on a sequential basis, though at Rs 342 crore profits for April-June 2010 period rose 4 per cent on an annual basis. The annual profits of the company were up two per cent and stood at Rs 1,303 crore. The company's annual revenues were also up by 18.6 per cent and stood at Rs 12,565 crore for 2009-10. The financial year for HCL Technologies starts from July till June.

"We are quite bullish on retail, healthcare and media and entertainment sectors and expect each of these verticals to contribute around 15 per cent of our revenues in the long term," said Vineet Nayar, CEO HCL Technologies.