HCL Tech beats market estimates, Q2 net up 68%

HCL Technologies today beat market estimates with 68.4 per cent jump in quarterly profit, driven by strong growth in infrastructure and financial services verticals.

The company's net profit zoomed to Rs 964.7 crore for the second quarter ended December 31, 2012, from Rs 572.7 crore in the October-December quarter of 2011. It follows July-June fiscal year.

The results are in line with those of larger rivals Infosys and Tata Consultancy Services, an indication of pickup in outsourcing deals.

Reacting to the results, HCL Tech shares closed higher by 4.31 per cent at Rs 703.30 on the BSE.

HCL Technologies' revenues stood at Rs 6,273.8 crore during the reported quarter, up 19.6 per cent from Rs 5,245.2 crore in the same quarter of FY12.

HCL on Thursday announced the elevation of Anant Gupta (current COO and head of infrastructure business) as the president and CEO, taking over from Vineet Nayar who will continue as the vice-chairman and joint MD till July 2013 and as vice-chairman thereafter. HCL also said that it won deals worth $1 billion in this quarter. With FE

ALSO READ

After lull, highway projects see aggressive bid offers

PM: Govt initiating more measures to attract investments

Cautious RBI cuts repo by 25 bps, says little space for more easing

‘Govt mulling stronger laws to block Ponzi schemes’