HCL Technologies beats expectations; stock surges 5%

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HCL Technologies beats expectations; stock surges 5%
HCL Technologies: Quotes, News
BSE 787.30BSE Quote14.4 (1.83%)
NSE 793.60NSE Quote9.5 (1.20%)
HCL Technologies reported a better than expected financial performance for the third quarter, with the markets heaving a sigh of relief, after the dismal performance of IT major Infosys.

The company posted a net profit of Rs 4001.50 million for the quarter ended March 31, 2012 as compared to Rs 3318.10 million for the quarter ended March 31, 2011. Total Income has increased from Rs 17355.90 million for the quarter ended March 31, 2011 to Rs 21962.70 million for the quarter ended March 31, 2012.

The company won deals in excess of US$ 1.5 bn in TCV and it crossed US$4 bn in LTM revenue.

The company has declared an interim dividend of Rs.2/- per equity share of face value of Rs. 2/- each of the Company

“A key strategic shift in the global IT Industry has been the leveling of the playing field between the Indian Origin Service Providers and the Global MNCs. It is encouraging to note that HCL has continued its growth trajectory even in this environment thanks to our globally competitive business model which is emerging as an attractive alternative to enterprises worldwide”, said Shiv Nadar, Chairman and Chief Strategy Officer, HCL Technologies.

The shares of HCL Technologies was up 4.5% at Rs 503 on the Bombay Stock Exchange (BSE) at 9.25 am.

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