HCL Tech profits jump 54% to Rs 1834 crores; shares fall

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HCL Tech profits jump 54% to Rs 1834 crores; shares fall
India's fourth largest software services firm HCL Technologies today reported a 53.7 per cent jump in its consolidated net profit to Rs. 1,834 crore for the fourth quarter ended June 30, 2014.

The company had posted a net profit of Rs. 1,193 crore in the year-ago period, it said in a statement. Its consolidated revenues rose 20.7 per cent to Rs. 8,424 crore in the April-June quarter against Rs. 6,980 crore in the same period last year.

The firm follows July-June as the fiscal year. Commenting on the performance, HCL Technologies CEO Anant Gupta said: "HCL has posted a robust financial year performance, which emphatically demonstrates the continued success and relevance of our overall strategy."

In FY14, the company crossed the $5 billion revenue milestone and further evolved the key building blocks to deliver next generation propositions to customers, he added.

Gupta further said that backed by the solid performance, HCL remains confident in its ability to continue delivering industry leading growth.

For the full year ended June 30, 2014, its net profit moved up 58.3 per cent to Rs. 6,369 crore as against Rs. 4,023 crore in the previous fiscal. Revenues rose 27.8 per cent to Rs. 32,917 crore during the year as compared with Rs. 25,758 crore in FY 2012-13.

In US dollar terms, HCL Technologies reported a 44.2 per cent rise in net profit for the June quarter to USD 305.4 million as against USD 211.7 million in the corresponding period a year earlier. Its revenues rose 14.6 per cent to USD 1.4 billion from USD 1.22 billion.

The stock of HCL Tech dropped more than 2 per cent as investors sold the shares despite the outperformance. The stock was down 2.6 per cent at 1556 on the National Stock Exchange.

With inputs from PTI

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