HCL Tech net up 26 per cent | business | Hindustan Times
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HCL Tech net up 26 per cent

HCL Technologies on Tuesday posted a net profit of Rs 1,320 crore for the year ended June 30, 2009 under the Indian accounting standards, up 26 per cent from the year ago period, reports Ruchi Hajela.

business Updated: Aug 25, 2009 22:22 IST
Ruchi Hajela

HCL Technologies on Tuesday posted a net profit of Rs 1,320 crore for the year ended June 30, 2009 under the Indian accounting standards, up 26 per cent from the year ago period.

Axon contributed less than $100 million (Rs 500 crore) to HCL Technologies’ business. Overall revenue grew on account of deals signed during the first nine months of the fiscal, a top official said. HCL follows the July-June fiscal.

“July to December last year was the period when deals were happening. Axon came in only in January by when we already had signed deals worth $1.3 billion (around Rs 6,500 crore),” said Vineet Nayar, chief executive officer at HCL Technologies. The company signed close to 18 deals during the year worth a total $1.5 billion ( Rs 7,500 crore).

HCL Tech, the country’s fifth largest software exporter, had acquired UK’s SAP player Axon last year for around Rs 3,100 crore or £440million.

The company is eyeing more acquisitions. “We are looking at expanding into new services and geographies such as enterprise application area, business process outsourcing and geographies like Continental Europe, Asia Pacific and the Middle East,” said Nayar.