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HCL Technologies Q2 consolidated net profit rises 28 per cent to Rs 1,915 crore

In dollar terms, the company's net profit rose by 27.3 per cent to US $307.2 million in Q2, while revenues grew 12.8 per cent to US $1.43 billion.

twitter-logoPTI | January 30, 2015 | Updated 13:08 IST
HCL Technologies President and CEO Anant Gupta
"Our continued focus in developing next generation propositions around digitalisation, engineering platform services and target operating model for enterprise IT have allowed us to stay ahead of the innovation curve and gain significant market share in the global IT services market," HCL Technologies President and CEO Anant Gupta said. (Photo: Reuters)

HCL Technologies, the country's fourth-largest software services exporter, on Friday reported a 28 per cent rise in consolidated net profit at Rs 1,915 crore for the second quarter ended December 31, 2014 on the back of growth in European business as well as life-sciences and healthcare verticals.

HCL Tech, which follows the July-June financial year, had posted a net profit of Rs 1,496 crore in the year-ago period, it said in a filing to the Bombay Stock Exchange.

Consolidated revenues grew by 13.4 per cent at Rs 9,283 crore in the reporting quarter as against Rs 8,184 crore in Q2 of FY14. In the July-September quarter, the firm had reported a net profit of Rs 1,873 crore and revenues of Rs 8,735 crore.

"The global IT industry is undergoing a seismic change as the scope of IT buying expands to capture adjacencies beyond IT. This is not only changing the contours of the traditional buyer as we know it but also bringing technology to the very centre stage of organisational competitiveness," HCL Technologies Chairman and Chief Strategy Officer Shiv Nadar said.

In such a scenario, a balanced portfolio, integrated IT services and engineering capabilities have ensured that HCL remains service provider of choice for companies looking for business model transformation, he added.

In dollar terms, the company's net profit rose by 27.3 per cent to US $307.2 million in Q2, while revenues grew 12.8 per cent to US $1.43 billion.

"Our continued focus in developing next generation propositions around digitalisation, engineering platform services and target operating model for enterprise IT have allowed us to stay ahead of the innovation curve and gain significant market share in the global IT services market," HCL Technologies President and CEO Anant Gupta said.

For the quarter ended December, HCL Technologies had cash and cash equivalents of Rs 1,221 crore. The company signed 15 transformational engagements during the three-month period under review with more than US $1 billion of total contract value (TCV). Total headcount of the company crossed the one lakh-mark to stand at 1,00,240 at the end of December, with gross additions at 11,734 and net at 4,718.

The attrition for IT services on LTM basis stood at 16.4 per cent. In order to expand the retail base, the company's Board has recommended issuance of bonus shares in the ratio of 1 share for every 1 share held.

HCL Tech also declared an interim dividend of Rs 8 per equity share of Rs 2 each.

The company's scrip was trading 9.67 per cent higher at Rs 1,805 a piece during morning session on the BSE.

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