HCL Technologies Posts 73% Rise In Net Profit
BANGALORE | Wed Apr 17, 2013 8:40am IST
(Reuters) – HCL Technologies Ltd(HCLT.NS), India’s fourth-biggest software services provider, beat analysts’ estimates with a 73 percent rise in quarterly profit after winning orders and keeping a lid on hiring.
Net profit rose to 10.4 billion rupees for the fiscal third-quarter ended March 31 from 6 billion rupees in the year-earlier period, said HCL Technologies, whose customers include Finnish mobile phone maker Nokia Oyj(NOK1V.HE).
That compared with the average forecast of 9.35 billion rupees in a survey of 16 analysts by Thomson Reuters I/B/E/S. HCL follows a July-June fiscal year.
On Friday, larger rival Infosys Ltd(INFY.NS), which has been losing market share to the likes of HCL and industry leader Tata Consultancy Services Ltd (TCS)(TCS.NS), disappointed investors with lower-than-expected revenue guidance, sending its shares plunging 21 percent on the day.
TCS is due to report March quarter results later on Wednesday.
(Reporting By Harichandan Arakali; Editing by Chris Gallagher)
Source : Reuters.