Financial Daily from THE HINDU group of publications
Friday, Jan 30, 2004
Corporate Results - Hardware
HCL net up 13 pc in Q2; dividend at 100 pc
Mr Shiv Nadar, Chairman and CEO, HCL Technologies
New Delhi , Jan. 29
SOFTWARE developer, HCL Technologies, on Thursday said its net profit for the second quarter rose 13 per cent year-on-year to Rs 91 crore on higher revenues and more clients.
Gross revenues of the company in the second quarter ended December 2003, stood at Rs 622.3 crore, up by 33 per cent from Rs 467.9 crore in the same quarter a year back.
Consolidated net income of HCL Technologies in the quarter stood at Rs 351.3 crore as the company made a one-time gain of Rs 263.3 crore by selling its stake in HCL Perot Systems.
Announcing the results here at a press conference, HCL Technologies' Chairman and CEO, Mr Shiv Nadar said the second quarter results were `one of the most satisfying in recent times, coming as it does on the back of a significant turnaround in the business.'
"It presages the onset of a clear trend line of growth that will enable us to achieve our aim of accelerated top line growth, improved operating margins and a return to predictability," Mr Nadar said.
HCL Technologies has announced a dividend of 100 per cent, or Rs 2 per share, in line with its policy to declare quarterly dividends.
In the quarter, the company added 37 new clients to take the total number of customer to 438. Offshore centric business contributes 79 per cent to the consolidated revenues.
HCL Technologies had a net addition of 1,062 employees in the quarter. Of this, 575 people were added in software services and 415 in the business process outsourcing (BPO) business.
The BPO business grew 13 per cent sequentially and its contribution to overall revenues stood at nine per cent. New engagements in the quarter include providing voice-based support for a telecom major. "Initially entailing 350 seats, the project is expected to ramp up to over 1,500 seats within 18 months," HCL Technologies said.
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