HCL Technologies profits surge; stock follows

Business

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, July 25, 2012, 10:59 [IST]

HCL Technologies has reported decent numbers for Q4 2012, with revenues at Rs 5,919 crores; up 13.5% QoQ, while net profit has surged to Rs 854 crores; up 41.8% QoQ.

In terms of dollars, revenue is at $1,080 mn; up 3.0% QoQ & 12.1% YoY.

"HCL Technologies has covered many milestones this year. In FY'12 the company continued to demonstrate its ability to navigate through economic turbulence and grow profitably by executing well. We posted 21,031 crores in revenues and 4025 crores in EBITDA in this financial year, with
1300 crores EBITDA in this quarter alone. The promotion of Anant Gupta as the President & Chief Operating Officer of the company will provide further thrust to our agenda of industrialization and profitable growth", said Shiv Nadar, Chairman and Chief Strategy Officer, HCL Technologies.

"A five-fold increase in 100mn+ clients, a 31% increase in revenues, 54% increase in EBIT and 48% rise in net income year-on-year, establishes that industry leading growth can be achieved profitably", said Vineet Nayar, CEO and Vice Chairman, HCL Technologies.

HCL won many significant engagements this quarter reiterating the attractiveness of its broad-based business portfolio. HCL will execute the strategic shift of its IT department from a technology support role to technology innovation. Consumers Energy and HCL also collaborated to open a new "Glocal" Center of Excellence (GCoE) in Michigan. HCL has signed a strategic engagement with HCL for Content Management Services. HCL will provide its Production Operations as a Service across UBM Canon's product portfolio.

During the quarter HCL Axon has been positioned as a ‘Leader' in Gartner Magic Quadrant for SAP Implementation Service providers, North America, 12 July 2012 by Susan Tan (Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose).

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