HCL Tech dips post Q1 results

HCL Technologies has dipped 8% to Rs 406 after reporting 2.7% quarter-on-quarter drop in its consolidated net income to Rs 496.70 crore in first quarter ended September 2011, as per US accounting standards. Consolidated sales climbed 8.2% to Rs 4,651 crore on a sequential basis.

HCL has crossed $1 billion in quarterly revenues. The company's board announced an interim dividend of Rs 4 per share, which includes one-time special milestone dividend of Rs 2 per share.

Commenting on the results, Anil Chanana, CFO, HCL Technologies said, “We continue to see growth both in revenue and earnings. Our revenues grew 5.1% sequentially in constant currency and 25% y-o-y this quarter, accompanied by operating and net income growth of 38% y-o-y and 49% y-o-y respectively. While the currency markets continue to be volatile, we at HCL follow layered hedging program to cover our foreign currency exposure."

A combined 1.4 million shares have changed hands on the counter till 1056 hours on both the exchanges.