HCL Technologies' strong showing lifts dark clouds over IT sector
HCL Technologies' strategy of chasing growth over profitability to win customers over the last few months has paid off handsomely in the March 2011 quarter as many of these clients increased their spends, helping the company grow in revenues and profits above expectations. The country's fifth-largest software exporter laid to rest concerns about its profitability with a 17% sequential rise in net profit, powered by growth in its core infrastructure management services and software application services. "All is well," beamed Vineet Nayar, vice-chairman and CEO of HCL Technologies. "We paid for higher future growth and that's what happened."