HCL Technologies posts disappointing results; Q3 Net profit down by 42%

HCL TechnologiesHCL Technologies, a leading offshore IT & software development company, on Wednesday reported a 42 per cent decline in its net profit at Rs 152.57 crore for the third quarter ended March 31, 2009

The firm had posted a net profit of Rs 263.08 crore in the same quarter last fiscal.

In addition, the total income of the company also fell to Rs 1,048.90 crore in the quarter under review, against Rs 1,275.58 crore in the same quarter previous fiscal.

For the nine-month ended March 31, the company has posted a net profit of Rs 804.37 crore from Rs 794.19 crore in the same period a year ago, up 1.28 per cent.

In an official statement, the company said that it has hired 2,298 employees during the third quarter, taking the total headcount to 54,026.

The scrip of HCL Technologies on Wednesday dipped 13.29 per cent on the BSE during early trading session after the company reported a dismal performance in the third quarter. However, it later settled the day at Rs 125, down 9% compared to previous close of Rs 138.