New Delhi, Aug 1 (UNI) HCL Technologies Ltd today said its net profit has slipped 71 per cent to Rs 141 crore for the quarter ended June 2008 from Rs 487 crore for the same period a year ago, which included foreign exchange loss of Rs 300 crore.
On a standalone basis, the company registered a net loss of Rs 13.54 crore for Q4 FY08 as compared to net profit of Rs 391.23 crore during the same period last fiscal.
The total income, however, increased 16.43 per cent to Rs 1,142.56 crore for Q4 FY08 from Rs 981.29 crore in Q4 FY07.
HCL has got fresh orders worth 310 million dollars in the last quarter of the year, while it has got new orders worth one billion dollars in FY08.
The company's net profit stood at Rs 780.65 crore for the year ended June 2008 as compared to Rs 1,101.82 crore for the year ended June 2007, registering a decline of 29.15 per cent.
However, its total income for FY08 surged 23.89 per cent to Rs 4,785.79 crore from Rs 3,862.70 crore FY07.
HCL Tech has adopted a policy of hedging its business from currency fluctuations through long-term forex covers given the fact that the company's focus is on long term annuity-based contracts.
''In the last three years, HCL Tech has booked under the head 'other income', a cumulative foreign exchange gain of 0.4 million dollars (a loss of 7.5 million dollars in FY06, a gain of 79.2 million dollars in FY07 and a loss of 71.3 million dollars in FY08),'' company Executive Vice President (Finance) Anil Chanana told reporters here.
The FY08 forex loss was based on average mark to market (MTM) rate of Rs 44.21 to the dollar as on June 30, 2008.
''HCL Tech continues to adopt a policy of hedging its business against currency fluctuations and has outstanding covers of two billion dollars as on June 30,'' company CEO Vineet Nayar said.
Mr Nayar has been appointed to the Board of HCL Technologies as a Wholesome Director with effect from today.
UNI SR SG CS2032