HCL Technologies posted a 53.7 per cent jump in consolidated net profit to Rs.1,834 crore for the quarter ended June 30, 2014.
The company, which follows July-June fiscal year, had reported a net profit of Rs.1,193 crore in the year-ago period.
Consolidated revenues increased by 20.7 per cent to Rs.8,424 crore from Rs.6,980 crore.
In U.S. dollar terms, the company reported a 44.2 per cent rise in net profit at $305.4 million, while revenues rose 14.6 per cent to $1.4 billion.
“Q4 was another quarter of consistent growth for us. 2013-14 was a strong year for us, we crossed the $5 billion revenue milestone. Backed by this solid performance, we remain confident in our ability to continue delivering industry-leading growth at HCL,” CEO Anant Gupta told The Hindu .
For the year ended June 30, 2014, the company’s net profit rose 58.3 per cent to Rs.6,369 crore, while revenues rose 27.8 per cent to Rs.32,917 crore. In dollar terms, the net profit rose 42 per cent to $1,037, while revenues increased by 14 per cent to $5,360 million. For most domestic IT services companies, the dollar figures are important as clients overseas get billed in that currency.
On drivers for growth, Mr. Gupta said, “Infrastructure continued to drive growth, but we have started seeing significant uptick in BPO business and financial services. Manufacturing sector, which has a large weight in the kitty of IT spend, also showed strong growth. Public services, from which the company expects future growth to come, grew 44 per cent.”
About the year ahead, Mr. Gupta said, “2014-15 looks to be very bullish. The amounts of booking we have are indicative of good growth to come. The market opportunity is large. There is a churn going on in the market. There are large customers looking at renewing contracts.”HCL’s cash and cash equivalents, investments and borrowings at the end of June 2014 stood at Rs.1,020.6 crore.
