HCL net up 64 percent in Q2

Bangalore : HCL Technologies Ltd posted net profit of Rs.1,416 crore for second quarter of fiscal 2013-14, registering a whopping 64 percent year-on-year (YoY) growth and 19 percent sequentially from first quarter.

“Consolidated revenue increased 31 percent YoY to Rs.7,961 crore during the quarter under review (Q2), which is 19 percent sequentially higher than in first quarter of this fiscal,” the New Delhi-based IT bellwether said in a statement Thursday.

Under the International Financial Reporting Standard (IFRS), net income grew 43 percent YoY to $226 million and gross revenue 14 percent YoY to $1.3 billion during the quarter.

Sequentially, net income grew 6.6 percent and gross revenue 3.5 percent from first quarter under IFRS.

“Against the backdrop of encouraging macro economic trends, these results cement our position as a company with a strong and differentiated business model,” HCL chairman and chief strategy officer Shiv Nadar said in the statement.

With a net addition of 1,691 people during the quarter, the company’s headcount increased to 87,196 employees by Sept 30.

“We remain well positioned in existing and emerging markets, with strong customer relationships driving sustainablegrowth,” Nadar said.

According to HCL chief financial officer Anil Chanana, the company posted 18 percent net margin for the quarter with its layered hedging policy in a volatile currency market.