HCL Tech Q1 net profit up 32% at Rs1,873 cr

HCL Technologies, the country's fourth-largest IT services exporter, has reported a 32-per cent year-on-year jump in its consolidated net profit at Rs1,873 crore for the first quarter of its financial year ended 30 September 2014. Net profit grew 3.7 per cent sequentially.

HCL had reported a net profit of Rs1,416 crore in the corresponding period of the previous year.

Margins, however, slipped 0.3 per cent to 23.9 per cent from 24.2 per cent during the same period.

The company's revenues rose 10 per cent to Rs8,735 crore during the July-September 2014-15 quarter from Rs7,961 crore in the corresponding quarter of the previous financial year, the company said in a statement.

"Our customer acquisition momentum continues with yet another billion dollar quarter driven by strong growth in global infrastructure services at 16.9 per cent YoY and engineering and R&D services at 14 per cent YoY. We have also added 15 Fortune 500 global 2000 clients this quarter,'' Anant Gupta, president and chief executive of HCL Technologies, said.

HCL Tech's $100 million plus clients increased to 7 from 6 on quarter-on-quarter basis.

The IT major also announced dividend of Rs 6 per share which also marks 47th consecutive quarter of dividend payout.

HCL Technologies' shares slipped as much as 8.7 per cent to hit its intrday low of Rs1,510.60. The stock was trading at Rs1,532.45, down 7.46 per cent, on the BSE at 09:40 a.m. The stock touched a high of Rs1,600 in trade today.