HCL Technologies profit up 73%, beats estimates
Net profit rises to Rs 1,040 cr for the thid fiscal ended March 31 from Rs 600 crore in the year-earlier period
HCL Technologies Ltd, India’s fourth-biggest software services provider, beat analysts’ estimates with a 73% rise in quarterly profit after winning orders and keeping a lid on hiring.
Net profit rose to Rs 1,040 crore for the fiscal third-quarter ended March 31 from Rs 600 crore in the year-earlier period, said HCL Technologies, whose customers include Finnish mobile phone maker Nokia.
That compared with the average forecast of Rs 935 crore in a survey of 16 analysts by Thomson Reuters I/B/E/S. HCL follows a July-June fiscal year.
HCL Tech’s revenues stood at Rs 6,424.6 crore during the reported quarter, up 23.2% from Rs 5,215.6 crore in the same quarter last year.
“We have delivered yet another quarter of strong performance. Our net margins have improved for six straight quarters and are up by 51.5% along with a robust 14.6% US dollar constant currency growth for the 12 month period ended March 31, 2013,” HCL Technologies President and CEO Anant Gupta said.
For more visit: Business Standard
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