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This is an archive article published on January 20, 2011
HCL Tech Q2 net up 34% at Rs 400 cr
The company had posted a net income of Rs 297.7 crore in the October-December quarter last fiscal.
Written by Press Trust Of India
New Delhi | January 20, 2011 12:10 AM IST
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HCL Technologies,the country’s fourth largest software company,today posted better-than-expected 3rd quarter results,registering 34.2 per cent jump in its net profit at Rs 399.70 crore on the back of strong demand for IT services in financial and travel sectors.
The company had posted a net income of Rs 297.7 crore in the October-December quarter last fiscal.
The dynamic demand environment necessitates a sharp focus on innovation and tangible value generation for customers. Our focus on innovation and transformational deals has helped us post good results, HCL Technologies vice chairman and CEO Vineet Nayar told reporters here.
The company’s consolidated revenue as per US accounting standards GAAP,grew by 27.8 per cent to Rs 3,888.4 crore for the December quarter from Rs 3,041.4 crore in the year-ago period. HCL Technologies results are above estimates.
While revenues were marginally higher than our estimates,margins improved more than what we had assumed, Kotak Securities senior vice president (PCG Research) Dipen Shah said.
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