HCL Q3 net income surges 15.3 per cent

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HCL Q3 net income surges 15.3 per cent
Bangalore, Apr 21: HCL Technologies reported a 15.9 per cent surge in its net income for the third quarter (Q3) ended Mar 31, 2010.

As per the data released by the company on Wednesday, Apr 21, the software outsourcing firm's net income for the said period came up at Rs 344 crores, accounting for a 57.7 per cent rise in a Year on Year (YoY) basis.

HCL's Q3 revenue stood at Rs 3,076 crores, up 1.4 per cent from the previous quarter.

The company also announced a dividend of Rs 1 per share.

"We have reported another good quarter driven by strong volume growth of 9.2 per cent and revenue growth of 24.6 per cent year-on-year and 6.6 per cent quarter-on-quarter in IT services," HCL Technologies CFO Anil Chanana said.

HCL declared the much awaited third quarter results ahead of the opening bell of the stock exchanges. The company's stock witnessed a 7 per cent surge as of Wednesday, Apr 21 noon.

Responding to the encouraging results posted by the company, the CEO Vineet Nayyar said, " We have completed 5 years of the transformational journey that began in Apr 2005. During this time, our revenues have grown 3.6 times. our operating profits have increased 3.4 times and our customer base in the over 5 million dollars category has quadrupled. In the last 5-years, we have also de-risked and diversified our business. HCL has also gained recognition as a 'thought leader' with a breakthrough management innovation in its discovery and practice of Employee First Customer Second (EFCS) philosophy."

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