HCL Q1 profit soars 78%

Published: 18th October 2012 10:20 AM  |   Last Updated: 18th October 2012 10:20 AM   |  A+A-

HCL Technologies reported a 78.1 per cent on year in net profit at Rs 885 crore for the quarter  ended September 30, beating market expectations and sending its shares to a 52-week high. In the year ago period, the company’s net profit stood at Rs 496.7 crore. HCL Technologies follows a July-June fiscal year. HCL Technologies, India’s fourth largest IT services company, clocked a 31.0 per cent jump in revenues at Rs 6,091 crore compared to Rs 4,651.3 crore in the corresponding period of 2011-12.  “A 31% year-on-year growth in revenues and a 78 per cent growth in net income this quarter reiterates the fact that robust revenue growth can be achieved profitably. Increased wins in Fortune 500 accounts have resulted in Americas and Europe geographies growing at 34% and 37% YoY respectively,” said Vineet Nayar, Vice Chairman & CEO, HCL Tech.  During the quarter,  it bagged 12 multi-year multi-million dollar contracts. Earlier this month, Infosys had announced a 24%t hike in profit but had lowered revenue guidance dampening the investor sentiment. 


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