HCL Tec Q2 net income surges; Anand Gupta elevated to CEO

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HCL Tec Q2 net income surges; Anand Gupta elevated to CEO
HCL Technologies has reported a stellar financial performance for Q2 ending December 31, 2012, with revenue at Rs 6,274 crores; up 19.6% YoY & 3.0% sequentially and net income at Rs 965 crores; up 68.5% YoY. The company has surprised on all parameters including revenues, margins and net income.

"Calendar 2012 has been an exceptional year for HCL. While the entire Industry saw a very difficult year,HCL fired on all cylinders. Our revenues grew 13%, profits grew 41% and operating margin expanded by 360 bps. I am also very pleased to announce the elevation of Anant Gupta as the President and CEO of HCL Technologies. Vineet Nayar will continue as the Vice Chairman and Joint Managing Director of the company till July 2013 and as Vice Chairman thereafter.", said Shiv Nadar, Chairman and Chief Strategy Officer, HCL Technologies.

"On the back of this exceptional Calendar Year performance, our quarterly results demonstrate increasing momentum. In the OND quarter we grew 3.6% QoQ, our highest over the last 5 quarters and 13% year on year. Our EBIT Margin improved 400 bps over the year to reach 19.8%. Our net margin has improved for five straight quarters to reach 15.4%, and net income grew 59% YoY and 9.7%
sequentially. All in all, this has been a quarter of great impetus which has placed HCL in a position of advantage for leveraging the changing market dynamics," said Vineet Nayar, Vice Chairman, HCL Technologies.

HCL has won 12 multi-year, multi-million dollar deals with Fortune500/Global 2000 corporations this quarter, six of which are large integrated engagements. A majority of these engagements are from Americas and Europe.

Anant Gupta has been elevated to the position of President and CEO, while Vineet Nayar continues as Vice Chairman.


Read more about: hcl tech
Story first published: Thursday, January 17, 2013, 8:48 [IST]
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