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HCL Tech Q2 net profit surges; margins a pleasant surprise
US Dollar revenues have come in at 1270 million, a growth of 3.5%, quarter-on-quarter. Despite revenues coming in line with estimates, the profitability has surged largely on account of healthy expansion in margins.
"Against the backdrop of encouraging macro economic trends, these results cement HCL's position as a company with a strong and differentiated business model. HCL remains well positioned in both existing and emerging momentum markets - with exceptionally strong customer relationships driving sustainable growth," said Shiv Nadar, Chairman & Chief Strategy Officer, HCL Technologies.
"YoY growth of 42.8% in net income and 14.1% in revenues continues the 8 successive quarter of HCL's story of profitable growth. Our focus on Generation 2 propositions like Enterprise of the Future in ITO and ALT ASM in Application Services continues to drive the company's quality of revenue," said Anant Gupta, President and CEO, HCL Technologies.
"HCL continues to strengthen its position in the momentum markets of the industry with Europe crossing a milestone run rate of $ 1.5 bn reflecting a very healthy 23.6% growth YoY."
The company has managed to add six, 100 milllion + clients, while the fifure stoos at 11 for 50 million + clients for the quarter ending Sept 30, 2013.
Growth in the company was led by existing momentum verticals of financial services & manufacturing at 6.9% and 5.4%respectively and Emerging Momentum Verticals of Lifesciences & Healthcare and Public Services at
6.5% and 3.1% respectively.
The stock of HCL Tech is likely to open higher, given the performance that meets market expectations. It has already rallied significantly in the last few months.
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