HCL Tech Q2 profit up 13%

NEW DELHI: HCL Technologies has reported a 13 percent increase in net profit at Rs 91.05 crore for the second quarter ended December 31, 2003, against Rs 80.50 crore in the same period last year.

Gross revenues grew 33 percent to Rs 622.32 crore for the second quarter ended December 31, 2003 as compared to Rs 467.93 crore in the corresponding period last year.



Consolidated net income stood at Rs 351.34 crore, augmented by sale of stake in HCL Perot Systems.

The BPO business continued to grow well and recorded a 13 percent sequential growth in revenues, along with improved EBIDTA margins. BPO contribution to overall revenues stands at nine percent. The company has declared an interim dividend of Rs two per share, during the present quarter, for the quarter ended December 31 '03. Its customer base increased to 438, with 37 new customers added during the quarter. The company also recorded net addition of 1,062 employees during the quarter.

Commenting on the company's performance, HCL Technologies chairman and CEO, Shiv Nadar said, "I am delighted to report a quarter that has been one of the most satisfying in recent times, coming as it does on the back of a significant turnaround in the business. It presages the onset of a clear trend line of growth that will enable us to achieve our aim of accelerated top line growth, improved operating margins and a return to predictability."

(CyberMedia News Service)