HCL quarterly net rises 15.6 pc as per US-GAAP

NEW DELHI, INDIA: HCL Technologies Ltd registered a rise of 15.6 per cent in its profit for the quarter ended September 30, 2008 (Q1) as per the generally accepted accounting principles in the US (US-GAAP).

The quarter net income of the company for the period July-September is Rs. 3.56 billion. The same for the previous year was Rs 3.08 billion rupees, under the US accounting rules.

Revenue for Q1 rose to Rs 23.69 billion, which is 38.6 per cent higher than the revenue for the same period last year, which was Rs 17.09 billion.

However, under Indian accounting standards, earnings fell marginally from Rs 2.64 billion a year ago to Rs 2.54 billion rupees for Q1.

A company statement said it has given 150 per cent dividend for Q1 and said this is the seventh consecutive quarter with declining attrition.