HCL Tech profit rises 78 pc, beats expectations
Posted on: 09:38 AM IST Oct 17, 2012
Bangalore: HCL Technologies, India's fourth largest software services provider, beat market expectations with a 78 per cent rise in consolidated net profit for the fiscal first quarter that ended in September, helped by higher contract wins. Consolidated net profit rose to 8.85 billion rupees from 4.97 billion rupees for the year-earlier period. Analyst were expecting profit to rise to 8 billion rupees, according to Thomson Reuters data.
HCL Technologies' customers include Reader's Digest Association and Finmeccanica. India's $100 billion-a-year outsourcing industry, which gets nearly 75 per cent of its revenue from the United States and Europe, may grow 11-14 per cent in the current fiscal year that ends March 2013, according to the National Association of Software and Services Companies or NASSCOM, an industry lobby.
Infosys, the No 2 provider, forecast it will grow only 5 per cent this year, citing the continued global economic uncertainty, which it said made clients less confident about spending. Top-ranked Tata Consultancy Services will report its results on Friday.