HCL Tech Q3 net profits beat forecasts at Rs 1624 crores

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HCL Tech Q3 net profits beat forecasts at Rs 1624 crores
HCL Technologies: Quotes, News
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HCL Tech has reported another set of sterling quarterly performance with Q3 net profits for the period ending March 31, 2014 coming in at Rs 1624 crores.

Revenues during the period were placed at Rs 8349, up 2 per cent quarter on quarter. The EBIT margin at the company has registered an impressive expansion of 7.1 per cent sequentially and 44.5 per cent YoY resulting in a healthy EBIT margin of 24.6 per cent.

Dollar revenues have come in at $1361 million, up 3 per cent, quarter on quarter. The company has announced a dividend of Rs 4.0 per share, making it the 45th consecutive quarter of dividend payout. HCL Tech has added two clients each in $50 million and $30 million categories during this quarter.

"Our leadership has been driven by our commitment towards sustainability, diversity and trust through transparency. With an emergence of an increasingly positive macro environment these values will continue to be HCL's key differentiators and provide an impetus to our future growth", said Shiv Nadar, Chairman & Chief Strategy Officer, HCL Technologies.

"Our success with the industrialized delivery model, increasing number of contracts moving into steady state, savings on G&A front, helped in improved net income margin of 19.4 per cent this quarter, up from 15.9 per cent in the corresponding quarter of last year. This has provided us more room for making relevant investments in a rapidly changing market landscape.

Our focus on generating higher free cash flow continued during the quarter with free cash flow as %age of EBITDA reaching 73 per cent, up from 61 per cent in the corresponding period last year. The return on capital employed (LTM basis) was at 38 per cent, higher than 32 per cent achieved in the corresponding quarter last year", said Anil Chanana, CFO, HCL Technologies.

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