HCL Tech Oct-Dec net up 43.3% at Rs 572.7 cr
IT company HCL Technologies today posted 43.3 percent jump in net profit to Rs 572.7 crore for the quarter ended 31 December, 2011.
New Delhi: IT company HCL Technologies today posted 43.3 percent jump in net profit to Rs 572.7 crore for the quarter ended 31 December, 2011.
The company's net profit stood at Rs 399.7 crore in the October-December quarter of 2010, HCL Technologies said in a statement. The company follows July-June fiscal year.
HCL Tech's revenues stood at Rs 5,245.2 crore during the reporting quarter, up 34.9 percent from Rs 3,888.4 crore in the same quarter of FY11.
"HCL continues to increase its market share both qualitatively and quantitatively by leveraging its multi-service capability ...This combined with 18 new transformational deal wins bears testimony to the uniqueness of HCL's business model in the current environment," company's Vice-Chairman and CEO Vineet Nayar said.
The board has declared an interim dividend of Rs 2 per equity share of Rs 2 face value.
The company's cash and cash-equivalents stood at Rs 601 crore as on 31 December, 2011.
"The sequential margin expansion of 150 bps and EBIT and EPS growth of 42.6 per cent and 29 per cent year-on-year respectively in this quarter is a result of our continued investment in business that has resulted in higher returns for our shareholders," HCL Tech CFO Anil Chanana said.
Going forward, the company remains watchful of the volatile currency movements and will continue with its layered hedging policy, he added.
"As the uncertainty around economic environment continues, the world will demand companies to be deeply conscious of the accompanying social sensitivities," HCL Tech Chairman and Chief Strategy Officer Shiv Nadar said.
"As economies contract and the job environment remains challenged, we at HCL are committed to creating local jobs, contributing to the welfare of local communities and pushing the pedal on enterprise philanthropy in continuing cognizance of our social responsibility," Nadar said.
During the quarter, the company added 7,804 (gross) and 2,556 (net) employees, taking its total headcount to 83,076 by the end of 31 December, 2011.
HCL signed 18 deals with total contract value exceeding USD 1 billion this quarter. These deals were across sectors like BFSI, Healthcare and Aerospace and include AstraZeneca, BD and CEVA.
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