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HCL Q1 net dips 35 pc, appoints Nayar as Vice Chairman

IT firm HCL Technologies today reported a fall of 35.20 per cent in its net profit at Rs 194.88 crore for the first quarter ended September 30.

business Updated: Oct 20, 2010 11:50 IST

IT firm HCL Technologies on Wednesday reported a fall of 35.20 per cent in its net profit at Rs 194.88 crore for the first quarter ended September 30.

Besides, the company also appointed Vineet Nayar as Vice Chairman with effect from November 1, 2010. The promotion is in addition to Nayar's current duties as CEO and whole time board member of the company.

As per Indian Accounting standards, HCL Technologies had a standalone net profit of Rs 300.75 crore in the same period previous fiscal, it said in a statement.

"HCL is committed to ensuring a sustained growth momentum by investing in emerging technologies and business areas while at the same time continuing to profitably capitalise on the existing opportunities," HCL Technologies Chairman and Chief Strategy Officer Shiv Nadar said.

Total income rose to Rs 1,498.32 crore in the July-September quarter against Rs 1,247.32 crore in the same quarter last fiscal.

"We also continue to invest in the future through an expansion of our workforce and global delivery base as well as focusing on incubating new businesses through the establishment of a dedicated group called Ecosystem and Business Incubation," HCL Technologies CEO Vineet Nayar said.

The board has proposed an interim dividend of Rs 1.50 per equity share on the face value of Rs 2 each.

The company made a net addition of 5,661 employees, taking its total headcount 70,218 at the end of the September quarter.

HCL won 14 major deals during the last quarter from leading global companies. These deals span across all services lines and the vertical segments including Financial Services, Manufacturing, Automobiles, Travel, Transportation & Logistics and Healthcare.

The company had cash and cash equivalents at USD 94.6 million as on September 30, as against USD 94.6 million as on June 30, 2010.

Shares of the company were trading at Rs 434.05, down 1.14 per cent from the previous close.

First Published: Oct 20, 2010 11:48 IST