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HCL Technologies post net profit of Rs 134.76 cr for Q3 FY 05-06

By Staff
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Mumbai, Apr 19 (UNI) HCL Technologies has posted a net profit of Rs 134.76 crore for the quarter ended March 31, 2006 (Q3 FY 05-06) as compared to Rs 76.76 crore for the quarter ended March 31, 2005 (Q3 FY 04-05).

Announcing the results, the Company said its Total Income is Rs 729.72 crore for Q3 FY 05-06 where the same was at Rs 371.13 crore in Q3 FY 04-05.

A Scheme of Amalgamation under sections 391 to 394 of the Companies Act, 1956, for amalgamation of DSL Software Ltd, Shipara Technologies Ltd, HCL Technologies BPO Services Ltd, HCL Technologies (Mumbai) Ltd, Aquila Technologies Ltd and HCL Enterprises Solutions (India) Ltd -- all wholly owned subsidiaries, with the Company has been approved by the high courts of Delhi and Karnataka during the quarter ended December 31, 2005. The effective date of amalgamation is April 1, 2005.

Accordingly, the results for the quarter ended March 31, 2006 of the Company include results of the transferor companies for the quarter and twelve-month period from April 1, 2005 to March 31, 2006 respectively and are not comparable with the those of the corresponding previous periods, the Company said.

The Consolidated Results (as per US GAAP) shows that the Group has posted a Net Income of USD 43.24 million for the quarter ended March 31, 2006 (Q3 FY 05-06) as compared to USD 35.94 million for the quarter ended March 31, 2005 (Q3 FY 04-05). Revenues have increased from USD 196.16 million in Q3 FY 04-05 to USD 251.51 million for Q3 FY 05-06.

The Board of Directors has declared an interim dividend of Rs 4 per share (200 per cent on an equity share of face value of Rs 2).

The Board of Directors has appointed Mr P C Sen as Additional Director of the Company. Mr Sen retired as National Human Rights Commission secretary general in April 2003 and is presently the director of India International Centre. The Board has approved the resignation of Mr Cyrll Shroff as director with effect from April 18, 2006.

UNI SN MAZ SKB1856

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