HCL Q3 net vaults 59% to Rs1,624 cr; revenues up 30%

HCL Technologies has reported consolidated net profit of Rs1,624 crore for the third quarter of its business year ended 31 March 2014, up 59 per cent from the corresponding period last year.

Revenues during the January-March quarter rose 30 per cent to Rs8,349 crore from Rs6,430 crore in the same period last year, the company said in a statement.

HCL Technologies, the country's fourth-largest IT company, also reported a 40-per cent increase in its gross profit for the quarter at Rs3,246 crore, against Rs2,313 crore in the corresponding period of 2013.

"With an emergence of an increasingly positive macro environment, these values will continue to be HCL's key differentiators and provide an impetus to our future growth,'' Shiv Nadar, chairman and chief strategy officer, HCL Technologies, said.

HCL Technologies said its application services business recorded a robust performance led by Digital Systems Integration proposition on the discretionary side, the company said.

"We continue on our journey of making significant investments in talent acquisition by on-boarding several senior leaders representing a mix of industry and skill profiles to exponentially multiply our capability in the emerging Digital Systems Integration space,'' Anant Gupta, president and chief executive officer, HCL Technologies, said.

Sales for the third quarter rose 2 per cent sequentially to Rs8,349 crore compared to Rs8,184 crore reported in the previous quarter.

HCL's results follow stronger-than-expected profits at India's top IT services firm Tata Consultancy Services and at No 2 player Infosys.

HCL saw its employee strength rising to 90,190 as of end-March 2014 compared with 84,403 at the end of last year.