Hcl Tech Posts 142% Increase In Net Income

Infotech major HCL Technolo- gies has recorded a 142 per cent increase in its net income to cross Rs 233.2 crore for the year ended June 30, 2000, as compared with Rs 96.3 crore in the previous year. Net revenue of the company rose to Rs 915.4 crore from Rs 724.5 crore. Commenting on the company's results, Shiv Nadar, chairman and chief executive officer said, "Our conscious focus on our key business strategies has enabled us to perform well and acquire some very exciting and future focused business accounts this year." The company registered a rise of 28 per cent in its gross revenues at Rs 925.6 crore in as against Rs 7,24.5 crore. Its gross margins expanded by 8 per cent to reach 47 per cent while the Ebidta increased 89 per cent to Rs 212.9 crore in the financial year ended June 30, 2000, against Rs 112.5 crore in the last year. The company showed a 122 per cent increase in EBIT to Rs 181.5 crore in the fiscal from Rs 81.9 crore. Depreciation and amortisation was at Rs 31.4 crore (Rs 30.6 crore), while net interest and oher income was at Rs 53.8 crore (Rs 8.9 crore). The company's employee strenght grew by 1,167 during 1999-2000 to reach 3,701, out of which 81 per cent were based outside India. Its total number of billable engineers was up 51 per cent to 3087. Average revenue per employee increased to Rs 3 million in 1999-00 and average gross profit per employee stood at Rs 0.14 crore. Nadar added, "Our revenue per employee is the highest among any other technolgy company." HCL Technolgys' employee stock options covers over 93 per cent of employees. The company's share of income from equity investment was at Rs 27.9 crore in the financial year ended June 30, 2000 as against Rs 16.9 crore in the same period last year.