HCL Q2 net soars 58%, revenues cross $5 b

Beating market estimates, India’s fourth-largest IT services firm HCL Technologies today posted a 58.4 per cent rise in profit for the quarter ended December 31, aided by growth in Europe and contracts won in financial services, infrastructure and manufacturing.

The Noida-based firm’s revenue crossed $5 billion in 2013, a first for the company.

HCL’s profit rose to Rs 1,496 crore in the second quarter ended December 31 from Rs 944 crore in the year-ago period. The company follows a July-June financial year.

Consolidated revenue increased 30.4 per cent to Rs 8,184 crore from Rs 6,278 crore.In the July-September quarter, the firm had reported a profit of Rs 1,416 crore and revenue of Rs 7,961 crore.

“Again, a good performance in the quarter. In calendar year 2013 we crossed the $5 billion mark and three of our businesses grew over $1.5 billion mark,” HCL Technologies President and CEO Anant Gupta said.

Infrastructure and manufacturing services each crossed the $1.5 billion mark, as did the Europe business, he said.

HCL shares hit a 52-week high of Rs 1,398.30 on the BSE.

“As a company HCL has always differentiated itself on two key pillars, corporate excellence and governance and trust through transparency and flexibility. Our sustained efforts in these areas continue to be recognised,” HCL Technologies Chairman Shiv Nadar said.

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