HCL Technologies' Q1 profit rises 64%, tops estimate - Hindustan Times
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HCL Technologies' Q1 profit rises 64%, tops estimate

Reuters | By, Bangalore
Oct 17, 2013 09:48 AM IST

HCL Technologies, India's No. 4 IT services exporter, beat market expectations with a 64% rise in September quarter profit, joining larger rivals in signalling accelerated spending by clients.

HCL Technologies, India's No. 4 IT services exporter, beat market expectations with a 64% rise in September quarter profit, joining larger rivals in signalling accelerated spending by clients.

Consolidated net profit for the three months ended September 30 rose to Rs. 14.16 billion ($229 million) from Rs. 8.64 billion in the same period a year earlier, HCL Technologies said on Thursday.

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That compares with the Rs. 13.36 billion average of 25 analyst estimates according to Thomson Reuters. HCL's customers include Nokia Oyj, Xerox Corp and AstraZeneca PLC. HCL Technologies follows a July-June fiscal year.

Tata Consultancy Services, the No. 1 Indian IT services provider, on Tuesday beat profit expectations for the September quarter and said it may increase hiring.

On Friday, No. 2 player Infosys increased the lower end its revenue forecast for the year ending in March and said clients were accelerating spending.

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