HCL Technologies beat analysts’ expectations as net profit for the fourth quarter rose 51.7% year-on-year to Rs 510 crore. On a sequential basis the net profit was up 9%.
The mid-tier software services provider’s revenue for the three-month period, was however, marginally lower than analysts expectation at Rs 4,300 crore, up 27.5% year-on-year and 3.9% sequentially.
Analysts on average had expected HCL Tech to report fourth quarter net profit of Rs 495 crore on revenue of Rs 4,320 crore, according to CNBC-TV18 poll.
HCL Tech’s EBIT (earnings before interest and taxes) rose 28.7% from a year ago to Rs 665 crore. The company’s EBIT margin was at 15.5% in April-June, compared with 15.3% in the year ago quarter, while EBITDA margin was 18.5% versus 18.6%.
"Over the last few years HCL Technologies has been investing in creating new capabilities and markets which have given a new face and shape to the company. Additionally our focus on diversity and localizing footprints have tremendously increased our competitiveness in the global IT space," said Shiv Nadar, chairman.
HCL Tech said it net added 3,626 employees, taking its headcount to 77,046 employees. The company signed 20 deals during the quarter across verticals including manufacturing, media, telecom, retail, BFSI (banking and financial services), hi-tech and healthcare, it said.
For the full year 2010-11 (July-June), HCL Tech’s net profit was up 30.9% year-on-year to Rs 1,709 crore, and revenue rose 27.4% to Rs 16,034 crore.
HCL Tech said all geographies reported growth during the year with Americas at 23.5%, Europe at 28.9% and rest of the world at 69%.
HCL Technologies shares were trading down 1.8% at Rs 506 on NSE in morning trade.
Source: www.moneycontrol.com
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Gaurav Agarwal
Head Dealer
DENIP consultants Pvt Ltd
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