35 percent dip in HCL net profits
Mumbai: Software service major HCL Technologies Monday reported a 35 percent dip in net profits at Rs.255.44 crore for the quarter ended Dec 31, compared to Rs.398 crore it earned in the previous corresponding quarter.
The firm's scrip at the Bombay Stock Exchange ended 5.68 percent lower at Rs.361.15, having dipped to a low of Rs.357.60.The company's total income also decreased 11.97 percent to Rs.1,259.2 crore from Rs.1,430.46 crore in the like quarter of last year.
Main revenue segments like software services and business process outsourcing saw a dip during the quarter under review, while the company's networking business grew at a handsome rate. Addressing the press after the result, HCL Technologies CEO Vineet Nayar said that there were early signs of an economic recovery. This will gain momentum by the middle of 2010. We are bullish on the way the economy is moving. We plan to become cash-positive in the next two quarters.
The company is primarily engaged in providing a range of software services, business process outsourcing (BPO) and infrastructure services. It delivers solutions across select verticals including retail, aerospace and defense, automotive, telecom, financial services, government, hi-tech, media and entertainment, travel, transportation and logistics, energy and utilities, life sciences and healthcare. Some of its subsidiaries include Capital Stream, Axon International, Axon Solution (Canada), Axon Acquisition Company and Axon EBT Trustees.
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