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  4. HCL Tech Q2 net profit up 58.4%

HCL Tech Q2 net profit up 58.4%

New Delhi: India's fourth largest software services exporter HCL Technologies reported a 58.4% rise in consolidated net profit at Rs 1,496 crore for the second quarter ended December 31, 2013, on the back of growth

PTI Updated on: January 16, 2014 15:54 IST
In the July-September quarter, HCL Technologies reported a net profit of $226 million and revenues of $1.27 billion.

"HCL continues its profitable growth trajectory with yet another stellar quarter of 4% QoQ revenues growth and 39.1% YoY net income growth," HCL Technologies President & CEO Anant Gupta said.

The company also crossed many milestones during the quarter, with its CY 2013 revenues crossing the $5 billion landmark. Besides, Infrastructure services, Europe geography and Manufacturing vertical each crossed $1.5 billion in revenues, he added.

For the year ended December 31, 2013, HCL Technologies had cash and cash equivalents of $135.1 million compared to $96.8 million at the end of September 30, 2013.

"The asset light model reflected by our fixed asset turnover at 10x of revenues, and efficient working capital management, continued to keep the return on equity at a historic high of 35% and operating cash flows in excess of 100% of net income," HCL Technologies CFO Anil Chanana said.

HCL Technologies added 6 clients during the October-December quarter, taking the total clients to 844. Total headcount of the company stood at 88,332 for the period, with gross additions at 7,593 and net at 1,136.

Shares of the company was trading at Rs 1350.10 apiece, up 1.10% from its previous close on BSE.
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