Thursday, 17 October 2013

HCL Tech Q1 net up 64% at Rs 1,416 crore

Consolidated dollar revenue for the quarter stood at $1,270 mn

HCL Technologies, India's No. 4 IT services exporter, beat market expectations with a 64% rise in September quarter profit, joining larger Indian rivals in signalling accelerated spending by clients.

Consolidated net profit for the three months ended September 30 rose to Rs 1,416 crore from Rs 864 crore in the same period a year earlier, HCL Technologies said on Thursday.

The rupee revenue stood at Rs 7,961 crore while the consolidated dollar revenue was $1,270 mn.

The company reported EBIT at Rs 1,895 crore, with the EBIT margin at 23.8%.

HCL's customers include Nokia Oyj, Xerox Corp and AstraZeneca PLC. HCL Technologies follows a July-June fiscal year.

Tata Consultancy Services, the No. 1 Indian IT services provider, on Tuesday beat profit expectations for the September quarter and said it may increase hiring.

On Friday, No 2 player Infosys increased the lower end its revenue forecast for the year ending in March and said clients were accelerating spending.

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