HCL Tech Q4 profit drops 2.8pc

The Pak Banker - - COMPANIES/BOSS -

DELHI: HCL Tech­nolo­gies Ltd, In­dia's fourth-largest soft­ware ex­porter, on Mon­day posted a de­cline of 2.8% in its net in­come to Rs.1,783 crore for the three months ended June com­pared with the year-ago pe­riod. Net sales rose 16.1% to Rs.9,777 crore com­pared with the same pe­riod last year. Se­quen­tially, net profit rose 5.9%, while rev­enue grew 5.5% over the same pe­riod. In dol­lar terms, net profit was $279 mil­lion, an 8.8% de­crease over a year ago, on rev­enue of $1.53 bil­lion, up 9.3%.

In con­stant cur­rency terms, rev­enue grew 16% year-onyear over the same quar­ter last year. An­a­lysts had been ex­pect­ing the com­pany to post a con­sol­i­dated net profit of $284.08 mil­lion on rev­enue of $1.51 bil­lion, ac­cord­ing to a Bloomberg poll of an­a­lysts. In rupee terms, net profit had been es­ti­mated at Rs.1,824.5 crore on net sales of Rs.9,672.9 crore. HCL saw rev­enue growth of 3.2% se­quen­tially (in dol­lar terms) in the June quar­ter, higher than that of big­ger ri­vals Wipro Ltd and Tata Con­sul­tancy Ser­vices Ltd (TCS) which re­ported 1% and 3.5% growth, re­spec­tively. In­fosys posted a rev­enue growth of 4.5%.

Last month, TCS, In­dia's largest soft­ware ser­vices com­pany, beat an­a­lysts' es­ti­mates by post­ing 9.3% in­crease in rev­enue to $4.04 bil­lion over last year, while its quar­terly profit rose 6.2% to $898 mil­lion from $845 mil­lion a year ago. In­dia's sec­ond-largest soft­ware ser­vices ex­porter In­fosys' first quar­ter net profit fell 4.5% se­quen­tially to $476 mil­lion, in line with es­ti­mates, but dol­lar rev­enue in con­stant cur­rency terms surged 4.4% to $2.25 bil­lion, ahead of fore­casts. Wipro, In­dia's third-largest soft­ware ser­vices ex­porter, re­ported a net in­come of $344 mil­lion in the quar­ter ended June on the back of 1.1% sequential growth in rev­enue, which touched $1,794 mil­lion.

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