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HCL Tech Q3 net up by 12 p.c

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CIOL Bureau
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BANGALORE, INDIA: HCL Technologies today posted a net income of $85.4 million for the third quarter ended March 31, 2008, up 12 per cent year over year and one per cent when compared to the sequential quarter.

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The company’s revenues stood at $485 million up 33.8 per cent Y-o-Y and 5.2 per cent sequentially.

“The HCL strategy embodying a unique kind of disruptive innovation in its business model focusing on Value Centricity and internal organization focused on Employee First has resulted in deepening customer relationships and strategic partnerships where there is collaboration, goal alignment and substantive engagement,” said Shiv Nadar, chairman and chief strategy officer, HCL Technologies.

“HCL continues its leadership in winning large transformational deals with this quarter closing deals worth $500 million. Our Blue Ocean approach to business continues to pay rich dividends, this quarter being fourth consecutive for margin expansion and fifth consecutive with declining attrition,” said Vineet Nayar, CEO, HCL Technologies.

The company’s total headcount stood at 49,802 with an attrition rate of 15.2 per cent for the third quarter.

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