HCL Tech Q1 Net up by 50%

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HCL Tech Q1 Net up by 50%
HCL Technologies: Quotes, News
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HCL Technologies Ltd, an Indian IT major on Tuesday, reported a 50% rise in its net profit for Q1 ended on September 30.

HCL's net profit jumped to Rs 496.7 crore during the quarter against Rs 331.31 crore in the corresponding quarter previous year.

The net revenues of the company grew by 25.4% from Rs 3,708 crore a year ago to Rs 4,651 crore this year. From the net revenues, the revenues from IT stood at Rs 4,435 crore, while the revenues from BPO services stood at Rs 216 crore during the quarter.

It's EBITDA rose by 31.8% to Rs 795 crore during the quarter against Rs 603 crore in the corresponding quarter previous year.

The company’s cash and cash-equivalents stood at Rs. 469.4 crore as on September 30, 2011.

The company also announced dividend of Rs 2 per share for the 35th consecutive time.

Commenting on the results, Shiv Nadar, Founder, HCL and Chairman, HCL Technologies said, “HCL has always been an organization focused on inclusive growth. In the current context of economic slowdown and job losses in US and EU, this commitment has resulted in our renewed emphasis on reverse investment in local economies and local job creation. This has resulted in substantial investment in the shape of new near-shore delivery hubs like the Redmond and Dublin Centers that we recently announced. We aspire to be valued by our customers as a socially responsible enterprise and a trusted partner.”

“We have doubled our quarterly revenues in just three years to record a billion dollar quarter despite the tough economic environment,” Vineet Nayar, Vice Chairman and CEO, HCL Technologies said.

“We continue to see growth both in revenue and earnings. Our revenues grew 5.1% sequentially in constant currency and 25% YoY this quarter, accompanied by operating and net income growth of 38% YoY and 49% YoY respectively. While the currency markets continue to be volatile, we at HCL followlayered hedging program to cover our foreign currency exposure”, added Anil Chanana, CFO, HCL Technologies.


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