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HCL Tech Q1 profit rises 78 per cent to Rs 885 crore, beats estimates

HCL Tech Q1 profit rises 78 per cent to Rs 885 crore, beats estimates

HCL's revenues stood at Rs 6,091 crore during the reporting quarter, up 31 per cent from Rs 4,651.3 crore in the July-September quarter of 2011-12.

Beating market expectation, India's fourth largest software services provider, HCL Technologies, posted 78.1 per cent jump in net profit at Rs 884.8 crore for the first quarter ended September 30.

The company's net profit stood at Rs 496.7 crore in the July-September quarter of 2011, HCL Technologies said in a statement to BSE.

HCL follows a July-June fiscal year. On a sequential basis, the company's net profit grew by 3.6 per cent during the reporting quarter. Its net profit stood at Rs 854.1 crore in April-June, 2012.



HCL's revenues stood at Rs 6,091 crore during the reporting quarter, up 31 per cent from Rs 4,651.3 crore in the July-September quarter of 2011-12.

"A 31 per cent year-on-year growth in revenues and a 78 per cent growth in net income this quarter reiterates the fact that robust revenue growth can be achieved profitably," HCL Technologies Vice-Chairman and CEO Vineet Nayar said.

Increased wins in Fortune 500 accounts have resulted in Americas and Europe geographies growing at 34 per cent and 37 per cent y-o-y, respectively, he added.

On a sequential basis, the company's revenues grew by 2.9 per cent during the reporting quarter. Its revenue stood at Rs 5,919.1 crore in fourth quarter of FY2011-12.

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 574 crore as on September 30, 2012.

"Higher operating profits coupled with the efficient management of working capital, has enabled us to report 27 per cent return on equity on last twelve months (LTM) basis which is in the upper quartile of our industry," HCL Technologies CFO Anil Chanana said.

With PTI inputs