People walk in front of the HCL Technologies Ltd office at Noida, on the outskirts of New Delhi April 17, 2013. HCL Technologies Ltd, India's fourth-biggest software services provider, beat analysts' estimates with a 73 percent rise in quarterly profit after winning orders and reducing staff for the second quarter in a row.
HCL Technologies Ltd President and Chief Executive Officer Anant Gupta speaks during a news conference at Noida, on the outskirts of New Delhi April 17, 2013. HCL Technologies Ltd, India's fourth-biggest software services provider, beat analysts' estimates with a 73 percent rise in quarterly profit after winning orders and reducing staff for the second quarter in a row.
In line with the strong performance of its peers, HCL Technologies today reported a better-than-expected earnings, on the back of a slew of multi-million dollar deals during the October-December quarter.
The company's consolidated net profit grew 9 percent quarter-on-quarter to Rs 965 crore, as against an estimate of 5 percent decline to Rs 840 crore.
Its revenue rose 3 percent to Rs 6,274 crore, compared with the CNBC Aawaz poll projection of 2 percent rise to Rs 6,207 crore. Its volumes grew 3 percent on quarter.
Financial services vertical witnessed a 11.3 percent growth.
The company said its growth was led by infrastructure management service, which grew 10.9 percent on quarter.
Revenue from Europe witnessed a 4.2 percent rise on quarter in constant currency terms and that from Americas 3.4 percent, the company said.
The company won 12 multi-year multi-million dollar deals in the third quarter.
The big surprise was the improvement in EBITDA margin to 22.6 percent as against CNBC-TV18 poll expectation of a decline to 20.6 percent.
Shares in HCL Technologies gained 1.8 percent, after earlier hitting a session high at Rs 629.85 , their highest since March 2000.
HCL Technologies scrip today gained nearly 4 percent to hit one year high after the IT firm posted 78.1 percent jump in net profit for the quarter ended September 30.
After opening the trade on a strong note, shares of the company further jumped 3.67 percent to a 52-week high of Rs 605.75 on the BSE. Similarly on the NSE, the scrip rose by 3.83 percent to a 52-week high of Rs 584.50.
HCL Technologies, India's fourth largest software services provider, beat market expectations with a 78 percent rise in consolidated net profit for the fiscal first quarter that ended in September, helped by higher contract wins.
Consolidated net profit rose to Rs 885 crore from Rs 497 crore a year ago. Analysts were expecting profit to rise to Rs 800 crore, according to Thomson Reuters data.
HCL Technologies' customers include Reader's Digest Association and Finmeccanica, according to a Reuters report.
