HCL net up by 42%
Software major HCL Technologies posted a 42% jump in net profit at Rs 1,210 crore for the April- June quarter on solid performance across its business units and regions. The results beat market expectations.
The company reported net revenues of Rs 6,944 crore, up by 17.3% from the year-ago period. Even in dollar terms, HCL Tech’s revenue and net profit were well above market expectations, dispelling doubts that the company’s gains have been solely due to the depreciation of the rupee against the US dollar. Net profit in dollar terms stood at $214 million, up by 37.3% from a year ago.
HCL Tech’s quarterly results were better than its larger peers Infosys and Wipro.
HCL Tech reports its financial year from July to June. The company’s annual revenues grew 22.4% to Rs 25,734 crore.
Anant Gupta, president and chief executive officer of HCL Tech, said that the company had seven successive quarters of net income margin expansion with around 62% growth in net income during the current financial year.
“We have consolidated our leadership position in the infrastructure management services and verticals like financial service and life sciences and healthcare,” Gupta added.
Roshni Nadar Malhotra, daughter of HCL chairman Shiv Nadar, has joined HCL Tech’s board as a non-executive director.