HCL Tech profit rises 78 percent, beats expectations

HCLTECHNOLOGIES-RESULTS:HCL Tech profit rises 78 percent, beats expectations

bangalore  October 17, 2012, 9:32 IST

bangalore  10 17, 2012, 09:40 IST

 

HCL Technologies, India's fourth largest software services provider, beat market expectations with a 78 percent rise in consolidated net profit for the fiscal first quarter that ended in September, helped by higher contract wins.

Consolidated net profit rose to 8.85 billion rupees from 4.97 billion rupees for the year-earlier period. Analyst were expecting profit to rise to 8 billion rupees, according to Thomson Reuters data.

HCL Technologies' customers include Reader's Digest Association and Finmeccanica .

India's $100 billion-a-year outsourcing industry, which gets nearly 75 percent of its revenue from the United States and Europe, may grow 11-14 percent in the current fiscal year that ends March 2013, according to the National Association of Software and Services Companies Or NASSCOM, an industry lobby.

 

Infosys , the No. 2 provider, forecast it will grow only 5 percent this year, citing the continued global economic uncertainty, which it said made clients less confident about spending. Top-ranked Tata Consultancy Services will report its results on Friday.