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HCL Tech Q3 net profit falls 15 percent sequentially
By siliconindia
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Wednesday, 22 April 2009, 19:53 IST
Bangalore: HCL Technologies, which is into IT enterprise business, recorded a 23.40 percent Year-on-Year (Y-o-Y) growth in consolidated earnings for the quarter ended March, 2009. On sequential basis, the company registered a drop of 15 percent in consolidated profit over the quarter. Under U.S. accounting standards profit of HCL fell 36.4 percent to 2.18 billion rupees in the quarter, from 3.43 billion a year ago.
The consolidated total income for the quarter grew 49.40 percent on Y-o-Y basis to Rs 28.61 billion. On Quarter-on-Quarter (Q-o-Q) basis, the consolidated total income of the company rose 15.9 percent over the quarter.
Annualized earnings per share (diluted) of the company slipped 34.82 percent on Y-o-Y basis (fell 41.25 percent on Q-o-Q basis) during the quarter to Rs 13.10.
"HCL's investments in new growth engines, innovative service offerings and value centricity have helped us convert today's challenging market environment into opportunities for growth. HCL's leadership in the industry in having a robust growth pipeline yet again this quarter is a proof point that this strategy is paying off. Our investments are not only delivering business results but with heightened employee engagement and a global recognition of HCL's Bold business strategy, HCL is geared to lead the industry well through this difficult time," said Shiv Nadar, chairman and chief strategy officer, HCL Technologies.
Commenting on the results, Vineet Nayar, CEO, HCL Technologies says, "HCL's response to the challenging environment has been focused on growth and investing in emerging trends and solutions that create value for customers. $1.5 billion worth of large deals won in the last nine months and Gartner's comment on HCL's infrastructure utility (IU) offerings that cites HCL has been investing in utility-type offerings for infrastructure for more than five years is a vendor to watch are proof points. HCL's Employee First philosophy continues to be a key differentiator for us. The Hewitt employee study adjudging HCL as the No. 1 Employer in India and the best employer in Asia is a recognition of this fact."
