HCL Technologies posts 50-per cent jump in July-September net profit
18 Oct 2011
HCL Technologies Ltd, India's fourth-largest software services firm, reported a 50-per cent jump in July-September net profit at Rs496.7 crore on a consolidated basis, which was better than street expectations, helped by rise in outsourcing orders and lower foreign exchange losses.
The software firm posted a net profit of Rs331.1 crore in the comparable quarter of the previous year, it said in a statement.
However, the company's shares fell by over 7 per cent on a weak Mumbai market, with India's biggest software services exporter Tata Consultancy Services fell as much as 8 percent.
"TCS' second quarter missed across revenues, margins and net profits despite moderated expectations post the European turmoil," brokerage CLSA, said in a note.
The brokerage has an underperform rating on the stock.
Rivals Infosys Ltd and Wipro Ltd were also trading lower on Tuesday.
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