HCL reports 28% rise in quarterly net profits

HCL reports 28% rise in quarterly net profitsHCL Technologies has reported a higher than expected 28 per cent rise in quarterly net profit as international customers increased orders aiming to save costs during the ongoing global crisis.

The India's fourth-largest software services exporter said on Wednesday that its consolidated net profit for the quarter till March 31 increased to Rs 600 crore from Rs 468 crore. The sales of the company increased by an impressive 26 per cent to Rs 5216 crore.

Vineet Nayar, vice chairman and CEO of HCL Tech said that the company has been able to sign deals worth US $ 2.5 billion over the last six months and out of this about US $ 1.4 billion worth of deals came from the North American region.

According to Thomson Reuters Starmine data, the analysts were expecting the company to report a net profit of Rs 574 crore. The company will focus on execution of large deals in the near-term, according to Nayar.

Anil Chanana, CFO of HCL Tech pointed out that the company's decision to merge its financial services and BPO business had resulted in higher earnings. However, he said that the revenues from the BPO business will remain low and will only recover at the end of this calendar year.

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