HCL Tech’s quarterly profit meets estimates due to fresh projects
HCL Technologies reported an 8% fall in quarterly net profit on Monday, but met street estimates as its core manufacturing clients added more projects.business Updated: Oct 19, 2015 09:28 IST
HCL Technologies reported an 8% fall in quarterly net profit on Monday, but met street estimates as its core manufacturing clients added more projects.
Company’s revenue in dollar terms rose 8% to $1.54 billion. In September, the company had said that its revenue in US dollars would have adverse impact of 80 bps on a sharp depreciation of multiple currencies against the dollar.
HCL is part of a $150-billion Indian outsourcing sector that generate the bigger part of its sales by providing services like IT network installation and development of software applications to Western clients.
Consolidated net income for HCL Technologies under US accounting standards rose to 17.26 billion rupees in the quarter ended September 30, down 8% from a year earlier.
Analysts, on average, expected the company to report a net profit of 17.23 billion rupees, according to Thomson Reuters data.