HCL Tech Q3 net dips 11%

NEW DELHI: HCL Technologies has posted a net profit of Rs 89.42crore for the quarter ended March 31, 2003 compared to a net profit of Rs 101.38 crore for the quarter ended March 31, 2002. Total income of the IT major has, however, increased from Rs 218.05 crore in the March 2002 quarter to Rs 249.24 crore in the quarter ended March 31, 2003.

The group has posted a net income of Rs 79.85 crore for the quarter ended March 31, 2003 compared to Rs 131.74 crore in the March 2002 quarter. The revenues have increased from Rs 408.99 crore in the March 2002 to Rs 465.81 crore in the quarter ended March 31, 2003.

The board has declared an interim dividend of Rs 2 per share or 100 per cent on the equity share of face value of Rs 2 each.

Commenting on the company`s performance, Shiv Nadar, chairman said, "Despite the depressed business sentiments globally, we remain confident about the onset of improved traction in offshore outsourcing. The challenge ahead would be the task of re-engineering traditional cost structures and aligning them with emerging price points for the industry. We will do all that is necessary to revamp our P&L metrics in the coming quarters."

Source: IRIS