HCL Technologies announces Q2 results

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HCL Technologies announces Q2 results
HCL Technologies Ltd has announced the following Unaudited results for the quarter ended December 31, 2013:

The Company has posted a net profit of Rs. 12978.70 million for the quarter ended December 31, 2013 as compared to Rs. 7247.20 million for the quarter ended December 31, 2012. Total Income is Rs. 39758.60 million for the quarter ended December 31, 2013 where as the same was at Rs. 28061.40 million for the quarter ended December 31, 2012.

During the quarter ended June 30, 2013, in accordance with the terms of a Scheme of arrangement under Sections 391 to 394 of the Companies Act, 1956, approved by the Honble High Court of Delhi vide its order dated April 12, 2013, the IT enabled services division of HCL Comnet Systems & Services Limited, a subsidiary, has been demerged and transferred to the Company on going concern basis with effect from April 01, 2012, the appointed date.

In view of the above, the results of the operations of the transferred division for the period July 01, 2012 to June 30, 2013 have been included in the statement of financial results and the segment results of Infrastructure services segment for the quarter and previous year ended June 30, 2013. However, the net profit of the transferred division for the period April 01, 2012 to June 30, 2012 of Rs. 13,552 lacs net of tax Rs. 9,354 lacs have been reflected in the Statement of financial results of the Company for the previous year ended June 30, 2013 under the head "Exceptional item" and are not included in segment results.

Accordingly, the results for the three months and half year ended December 31, 2013 are not comparable with the results for the corresponding period of the previous year.

The Consolidated Results are as follows: (in million $)

The Group has posted a net income attributable to HCL Technologies Limited Shareholders of $ 241.6 million for the quarter ended December 31, 2013 as compared to $ 173.8 million for the quarter ended December 31, 2012. Revenues has increased from $ 1154.3 million for the quarter ended December 31, 2012 to $ 1321.3 million for the quarter ended December 31, 2013.

Dion Global Solutions Ltd.

Story first published: Thursday, January 16, 2014, 9:10 [IST]
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