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HCL net dips 35%, appoints Nayar as Vice-chairman

The IT major posted a net profit of Rs 194.88 crore for the first quarer ended September 30, against standalone profit of Rs 300.75 in the same quarter last year.

twitter-logo PTI   New Delhi     Last Updated: October 21, 2010  | 17:23 IST

Information Technology firm HCL Technologies on Wednesday reported a 35.20 per cent drop in its net profit at Rs 194.88 crore for the first quarter ended September 30.

The company also appointed Vineet Nayar as Vice-chairman with effect from November 1. The promotion is in addition to Nayar's current duties as CEO and whole-time board member of the company.

According to Indian accounting standards, HCL Technologies had a standalone net profit of Rs 300.75 crore in the same period last year, it said in a statement.

"HCL is committed to ensuring a sustained growth momentum by investing in emerging technologies and business areas while at the same time continuing to profitably capitalise on the existing opportunities," Chairman and Chief Strategy Officer Shiv Nadar said.

Total income rose to Rs 1,498.32 crore in the July-September quarter, against Rs 1,247.32 crore in the same quarter last financial year.

"We also continue to invest in the future through an expansion of our workforce and global delivery base, as well as focusing on incubating new businesses through the establishment of a dedicated group called Ecosystem and Business Incubation," CEO Vineet Nayar said.

The board has proposed an interim dividend of Rs 1.50 per equity share on the face value of Rs 2 each.

The company made a net addition of 5,661 employees, taking its total headcount 70,218 at the end of the September quarter.

HCL won 14 major deals during the last quarter from leading global companies. These deals span across all services lines and the vertical segments including Financial Services, Manufacturing, Automobiles, Travel, Transportation & Logistics and Healthcare.

The company had cash and cash equivalents at $94.6 million as on September 30, against $94.6 million as on June 30.

Shares of the company were trading at Rs 434.05, down 1.14 per cent from the previous close.

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