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HCL Tech Profit Decline by 5.94 Per Cent

... Rediff.com:

India's fourth-largest software services exporter HCL Technologies on Tuesday reported 0.2 per cent rise in consolidated net profit at Rs 1,920 crore (Rs 19.20 billion) for the second quarter ended December 31, 2015.

HCL Technologies, which follows July-June fiscal year, had posted a net profit of Rs 1,915 crore (Rs 19.15 billion) in the year-ago period, it said in a BSE filing.

Consolidated revenues grew 11.4 per cent at Rs 10,341 crore (Rs 103.41 billion) in the October-December quarter as against Rs 9,283 crore (Rs 92.83 billion) in the same quarter of the 2014-15 fiscal.

In the July-September quarter, the firm had reported a net profit of Rs 1,726 crore (Rs 17.26 billion) and revenues of Rs 10,097 crore.

In dollar terms, the company's net profit declined 5.4 per cent to $290.8 million in the reported quarter, while revenues grew 5.1 per cent to $1.56 billion.

"We have achieved a revenue growth of 13.5 per cent year-on-year in constant currency terms this calendar year. As part of HCL's 21st Century Enterprise blueprint, our investments and focus on BEYONDigital, Next–Gen ITO and IoT WoRKS is enabling us to stay ahead of the curve and achieve a healthy business growth and financial performance," Anant Gupta, President and CEO, HCL Technologies said.

For the quarter ended December, HCL Technologies had cash and cash equivalents of Rs 1,762.3 crore (Rs 17.62 billion).

The company signed 8 transformational engagements during this quarter with more than $1 billion of total contract value (TCV).

"The broad–based business wins across service lines and industry verticals were driven by next–generation offerings – Next-Gen ITO, BEYONDigital and IoT WoRKS," the company said.

Total head count stood at 1,03,696 at the end of December 2015, with gross additions at 6,234.

The attrition for IT services on LTM basis stood at 16.7 per cent.

Shares of the company were trading 2.36 per cent down at Rs 823.45 apiece during morning session on the Bombay Stock Exchange.  

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