HCL Tech Q1 net up 22.2 %

By siliconindia staff writer   |   Monday, 03 November 2003, 20:30 IST
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NEW DELHI: HCL Technologies Ltd, India's fifth largest exporter of software services, has announced that its quarterly profit rose 22.2 percent as the fast growing industry experienced a pick-up in outsourcing business. New Delhi-based HCL Technologies, whose clients include Internet gear maker Cisco Systems, reported a first quarter net profit of 896 million rupees compared with 733.4 million in the year-ago period. The results came after larger rivals such as Infosys Technologies Ltd and Satyam Computer Services Ltd raised full-year profit forecasts following a surge in demand for cheaper software services. At their Thursday's close, shares of HCL Technologies were up 33 percent since end June, matching a similar rise on Bombay's infotech index.