HCL Tech Q3 Net Up 0.3 Per cent At Rs 1,926 Crore

Posted By: Religare
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India's fourth largest IT services provider, HCL Technologies Limited on Thursday announced that its third quarter FY 2015-16 consolidated net profit rose by a miniscule 0.3 per cent to Rs 1,926 crore from the previous quarter.

HCL Tech Q3 Net Up 0.3  Per cent At Rs 1,926 Crore
HCL Technologies: Quotes, News
BSE 1034.10BSE Quote40.6 (3.93%)
NSE 1037.60NSE Quote42.25 (4.07%)

The Noida-based company has reported consolidated revenue of Rs 10,698 crore in the January-March 2015-16 quarter, representing sequential growth of 3.4 per cent, HCL Technologies Limited said in a filing to the Bombay Stock Exchange (BSE).

In constant currency terms, the company's consolidated revenues for the third quarter ended March 31, 2016 climbed by 1.3 per cent, quarter-on-quarter to USD 1,587 million led by a 3.7 per cent growth in its Americas business. However, net income dropped 2 per cent from the December quarter to USD 285 million in Q3.

HCL Technologies added three clients in the 40 million plus category and one in the 100 million + segment in the third quarter ended March 31, 2016.

"A new set of 21st century enterprises are emerging, posing a threat to the dominance of traditional leaders. These 21st century enterprises are experience centric, services oriented, agile, lean and ecosystem driven. The market is undergoing a tectonic shift as sales and earnings of blue chip majors are under pressure, while average life spans are declining", the company said.

Shares of the firm tumbled by 3.75 per cent at Rs 806.25 a piece on the BSE at 11:33 AM IST as investors reacted negatively to HCL Technology's tepid Q3 numbers.

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