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HCL Tech Q1 net up 78% at Rs 885 cr

Last updated on: October 17, 2012 11:49 IST
IT firm HCL Technologies on Wednesday posted 78.1 per cent jump in net profit at Rs 884.8 crore (Rs 8.84 billion) for the first quarter ended September 30.

The company's net profit stood at Rs 496.7 crore (Rs 4.96 billion) in the July-September quarter of 2011, HCL Technologies said in a statement.

 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 (Rs 8.54 billion) in April-June, 2012.

HCL's revenues stood at Rs 6,091 crore (Rs 60.91 billion) during the reporting quarter, up 31 per cent from Rs 4,651.3 crore (Rs 46.51 billion) 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 (Rs 59.19 billion) 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 (Rs 5.74 billion) 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.

HCL continues to convert more than 100 per cent of the net income to operating cash flow on LTM basis, he added.

During the quarter, the company added 4,479 (gross) and 946 (net) employees, taking its total headcount to 85,335 by the end of September 30, 2012.

HCL has won 12 multi-year, multi-million dollar deals this quarter across service lines, led by manufacturing, financial services and consumer services verticals.

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