It’s a hat-trick: HCL Tech net up 58 per cent, confirms IT rebound
HCL Technologies posted a 57.7 per cent rise in its net profit for the January-March 2010 quarter as compared to the same period a year ago.business Updated: Apr 21, 2010 21:24 IST
HCL Technologies posted a 57.7 per cent rise in its net profit for the January-March 2010 quarter as compared to the same period a year ago.
The results that come close on the heels of better-than-expected results for industry leaders Infosys and Tata Consultancy Services confirm recovery trends for IT industry.
The net income for the January-March period, which for HCL is the third financial quarter, stood at Rs 344 crore, while the same in US dollar terms was reported at $77 million. In dollar terms, the rise in income was higher at 78.1 per cent for the current quarter as compared to a year ago. Revenues for the quarter grew by 7.5 per cent at Rs 3,076 crore from a year ago. The company said that the growth was led by improved operating margins in IT services.
“The new post-recession era will be marked by transformational changes in the world of business. I believe that HCL is uniquely positioned to be at the forefront and succeed in the emergent era,” said Shiv Nadar, chairman and chief strategy officer, HCL Technologies.
The company also managed to bring down its foreign exchange losses to $14 million from $27 million in the October-December 2009 period. “We had taken outstanding hedges of around $468 million three years back. These cover us for the next two quarters in terms of net inflows,” said Anil Chanana, chief financial officer, HCL Technologies.