HCL Technologies today posted a 33 per cent growth in net profit at Rs 468 crore for the quarter ended March, helped by a sustained rise in software outsourcing orders.
Revenues of the country’s fourth-largest software exporter by sales rose 31.5 per cent to Rs 4,138 crore.
“We continue to expand our market share, backed by a second sequential quarter of revenue growth of 30 per cent along with the expansion in margins. HCL’s focus on forward investment in key markets and transformation services is paying rich dividends,” vice-chairman and CEO Vineet Nayar said.
The results are based on US accounting standards.
HCL had signed 11 transformational deals during the quarter, the company said.
Analysts said HCL was among the domestic infotech firms that were gaining from increased demand for outsourcing as businesses in developed markets shrugged off the effects of the economic slowdown.
The company’s robust results are in sharp contrast to that of bigger rival Infosys, which last week surprised investors with lower-than-expected results for the January-March period and a weak earnings outlook for this fiscal.
Sector leader Tata Consultancy Services is slated to come out with its results tomorrow, while Wipro, ranked No. 3, will report on April 27.
HCL has delivered “a very good” performance on the topline as well as margins, brokerage CLSA Asia Pacific said. The results should allay investor concerns on the demand environment, especially after the big miss at Infosys, the brokerage said.
Source:http://www.telegraphindia.com/1110421/jsp/business/story_13880111.jsp
