HCL posts jump of 177 percent in net income

HCL Technologies Ltd has reported a 177 percent jump in its net income to Rs 124 crore in the second quarter ended December 31,2000. The corresponding figure for the last year was Rs 44.8 crore. Its gross revenue rose by 66 percent to Rs 342.3 crore in October-December as against Rs 205.6 crore in the same quarter in 1999-2000.

The company has also reported a 176 percent increase in net profit to Rs 224.1 crore during the six month period ended December 2000 as against 81.2 crore profits posted in the same period the previous year. Gross revenue increased by 65 percent to Rs 660 crore in the six months period as compared to Rs 398.8 crore in the corresponding segment in the previous year.

Elaborating on the company’s performance during the quarter, Shiv Nadar, Chairman, HCL Technologies, said that offshore centric revenues continued to show significant growth and increased by 70 percent to cross Rs 215.6 crore and now account for 63 percent of total revenues. Its billable engineers have gone up by 57 percent over Q2 1999-00 aggregating to 3773. Technology development services grew by 127 percent to Rs 151.5 crore. Dotcom customers accounted for less than 5 percent of the revenues.

The company’s sustained focus on front running emerging technologies continues to yield high dividends. Internet and e-commerce revenues registered a 123 percent growth to reach Rs. 174.6 crore, contributing to 51 percent of total revenues. Technology Development services revenues grew to Rs. 151.5 crore, comprising 44 percent of total revenues.

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