HCL Tech Q2 net up 12%

Aided by a falling rupee against the dollar, HCL Technologies posted a consolidated net income of Rs 373.3 crore (Indian GAAP) for the second quarter ended December 2008, up 12.1 per cent from Rs 332.9 crore registered in the year-ago period. Its revenues for the quarter stood at Rs 2,490.8 crore, up 37.1 per cent from Rs 1,816.6 crore in the year-ago period.

Sequentially (compared to the trailing quarter), the company’s net income was up 4.8 per cent from Rs 356.2 crore posted in the previous quarter. Revenue was up 5.1 per cent q-o-q from Rs 2,369.3 crore in the quarter ended September 2008.

However, currency fluctuations in the pound and the euro against the dollar took their toll on the company’s performance in the US GAAP terms. Revenue grew only 11 per cent y-o-y and 1.4 per cent q-o-q, while net income growth dipped by 9.3 per cent y-o-y and grew a mere 1.1 per cent q-o-q.

Foreign exchange losses in the period stood at Rs 141.9 crore and the company has a hedged position of $1.58 billion covering the next seven quarters at Rs 41.20 per dollar. For the entire year, the company has a capex of $131 million.

Net employee additions in the period were 243, taking its headcount to 52,957.