HCL Tech Q3 net up 33%, beats estimates

HCL Technologies reported a 33% jump in net income to Rs 468.2 crore for the third quarter ended March 31, 2011. The company had posted a net income of Rs 350.3 crore in the January-March quarter last fiscal, the software company said in a statement.

The consolidated revenue of the company as per US GAAP grew by 32% to Rs 4,138 crore in the March quarter from Rs 3,132 crore in the year-ago period, the statement added.

On a sequential basis, the company reported a 17% growth in net income and 6.4% jump in revenue income during the recently concluded quarter.

HCL Technologies has also declared an interim dividend of Rs 2 per share

“Impressive sequential revenue growth at 5.8%, 130 bps improvement in operating margin and net income to operating cash conversion at 114% are the key highlights of HCL’s performance this quarter. Moreover, the EPS growth of 34% over the last one year in line with the revenue growth firmly demonstrates strength of HCL’s business model”, said Anil Chanana, CFO, HCL Technologies.

The shares surged by 7.60% and at 1022 hrs, were trading at Rs 511.75 on the Bombay Stock Exchange.