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HCL Tech Dec quarter net falls 36 p.c.

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CIOL Bureau
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NEW DELHI, INDIA: Software services provider HCL Technologies Ltd's quarterly net income fell by 36 per cent as the company reported a quarterly net profit of Rs 255.44 crore in the October-December quarter.

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As per the Indian accounting standards, total income has decreased from Rs 1430.46 crore for the quarter ended December 31, 2008 to Rs 1259.22 crore for the quarter ended December 31, 2009, HCL Tech said in a filing to the Bombay Stock Exchange.

During the quarter under review, the company increased the headcount to 55,688, with a net addition of 1,691 persons in IT Services.

“2010 marks the end of the first decade of the millennium which began and ended with a recession and in its course brought about fundamental shifts in the Industry,” said Shiv Nadar, chairman and chief strategy officer. “We have delivered consistent and sustained growth over these years and now as we stand on the threshold of a new decade I am confident that HCL will stay on the forefront of change,” he added.

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Commenting on the results, Vineet Nayar, CEO, HCL Technologies said “At HCL, in 2009 we have delivered industry leading growth. We see early signs of economic recovery, which we anticipate would gain momentum by middle of 2010.HCL is well positioned to leverage the structural shifts developing in the market place.”

CFO Anil Chanana said HCL has continued to maintain the volume-led growth momentum this quarter in addition to focus on improving operational efficiency.

“Our sequential revenue growth of 4 per cent in IT services is on back of 4.1 per cent and 8 per cent recorded sequentially in the previous two quarters. Our focus on cash flows generated unprecedented inflows of $189 million from operations during the first 6 months of fiscal 2010 as compared to inflow of $206 million for the whole of fiscal 2009,” he said.

The board of the company has proposed an interim dividend of Rs one per equity share of Rs 2 each of the company.

As per the US accounting standards, HCL Tech's consolidated net income declined by 16.94 per cent to US$ 63.8 million in October-December.

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