Millennium Post

HCL Tech reboots revenues 22% to log 62% rise in annual net

India's fourth largest software services exporter HCL Technologies on Wednesday reported 41.6 per cent rise in consolidated net profit at Rs 1,209.6 crore for the fourth quarter ended 30 June, 2013.

The company had posted a net profit of Rs 854.1 crore in the year-ago period, it said in a BSE filing.Its consolidated revenues rose by 17.3 per cent to Rs 6,944.2 crore in the April-June period as against Rs 5,919.1 is the same period of previous year.

The firm follows July-June as the fiscal year.Commenting on the performance, HCL Technologies chairman and chief strategy officer Shiv Nadar said: 'FY'13 results have demonstrated significant business momentum, non- linearity and record customer satisfaction.'

For the full year ended 30 June, 2013, its net profit was up by 62.3 per cent at Rs 4,098.9 crore against Rs 2,526 crore in previous fiscal. While revenues rose by 22.4 per cent to Rs 25,733.7 crore against Rs 21,031.2 crore.

'An exceptional growth of 22 per cent during the financial year has propelled HCL's revenue past the Rs 25,000 crore milestone. HCL continues to lead the industry in profitable growth, with seven successive quarters of Net Income Margin expansion, having reported 62 per cent growth in Net Income this year,' HCL Technologies President & CEO Anant Gupta said.

HCL Technologies have consolidated its leadership position in the infrastructure management services and verticals like financial service and lifesciences and healthcare, he added.

In US dollars, for the fourth quarter, HCL reported a 37.3 per cent rise in net profit at $213.8 million against $155.8 million. Its revenues rose by 13.7 per cent at $1.23 billion from $1.08 billion.

'Backed by another strong quarter, we closed our Financial Year on a positive note. Our net income margin expanded by 400 bps and touched a five year high of 16 per cent,' HCL Technologies CFO Anil Chanana said.

HCL's cash and cash equivalents, investments and borrowings at the end of June 2013 stood at $847 million.
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