HCL Tech January-March net zooms 72.59% to Rs1,039.9 crore

HCL Technologies, the country's fourth largest software services firm, has reported a 72.6 per cent year-on-year jump in its fiscal third quarter (January-March 2013) net profit, at Rs1,039.9 crore against Rs602.5 crore in the year-ago quarter.

HCL follows a July-June financial year.

The better-than-expected third quarter (January-March 2012--13) performance has been driven by strong growth in infrastructure services, HCL Technologies said.

HCL Technologies' 72 per cent increase in quarterly net profit comes on the back of lower profit growth for bigger rivals like Infosys Technologies and Tata Consultancy Services during the quarter.

IT bellwether Infosys reported a slow 3 per cent growth in its net profit during the January-March 2013 quarter while top IT exporter TCS reported a better 22 per cent profit growth during the quarter.

HCL Tech's revenues rose 23.2 per cent to Rs6,424.6 crore during the quarter, from Rs5,215.6 crore in the same quarter of the previous year.

"Amidst a challenging and uncertain business environment, HCLT continues on its growth trajectory fuelled by its Alternative Outsourcing (AO) approach, led by two unique value propositions of Alternative ASM and Enterprise Function as a Service (EFaaS)," HCL Technologies President and CEO Anant Gupta said.

During the quarter, the company added 37 new customers, including one $100 million client.

HCLT has won over $1 billion in large multi-year deals and over 90 per cent of these were through rebids while more than 50 per cent are integrated deals.

Gupta said the deal pipeline is growing, and the first two quarters - July to December - of the 2013-14 fiscal are expected to be better.