HCL Tech net up 73% on other income, order book
The country’s fourth-largest IT services exporter, HCL Technologies, on Wednesday beat the Street estimates, posting a 73% year-on-year and 7.8% sequential jump in the net profit during the January-March period, backed by higher other income, forex gains and a strong order book despite a challenging macro environment. For the quarter ended March, the company recorded a profit of R1,040 crore against R602.5 crore in the year-ago period. In the October-December quarter, profit stood at R964.7 crore. During the quarter, the company had a forex gain of about R23 crore. However, revenue during the period stood at R6,425 crore, up 23.2% y-o-y and 2.4% sequentially.