HCL Technologies posts excellent results, net profit at Rs.205.83 Crores

HCL Technologies Ltd has announced the following Unaudited results for the quarter ended September 30, 2006:

The Company has posted a net profit of Rs 2058.30 million for the quarter ended September 30, 2006 where as the same at Rs 893.90 million for the quarter ended September 30, 2005. Total Income is Rs 9225.20 million for the quarter ended September 30, 2006 where as the same was at Rs 4558.60 million for the quarter ended September 30, 2005.

The Consolidated Results (as per US GAAP) are as follows: (in million US $)

The Group has posted a Net Income of $ 54.48 million for the quarter ended September 30, 2006 where as the same was at $ 38.05 million for the quarter ended September 30, 2005. Total Revenue is $ 300.41 million for the quarter ended September 30, 2006 where as the same was at $ 220.57 million for the quarter ended September 30, 2005.

A Scheme of Amalgamation (Scheme) under sections 391 to 394 of the Companies Act, 1956 for amalgamation of DSL Software Ltd, Shipara Technologies Ltd, HCL Technologies BPO Services Ltd, HCL Technologies (Mumbai) Ltd, Aquila Technologies Ltd and HCL Enterprise Solutions (India) Ltd, all wholly owned subsidiary of the Company (Transferor Companies) with the Company has been approved by the Hon’ble High Courts of Delhi and Karnataka during the quarter ended December 31, 2005. The effective date of amalgamation is April 01, 2005.

On approval by the Hon’ble High Courts, the results of the Transferor Companies have been included in the results of the Company for the quarter ended December 31, 2005. Accordingly, the results for the quarter ended September 30, 2006 include results of the Transferor Companies and are not comparable with those of the corresponding previous quarter.

The results for the previous year ended June 30, 2006 includes the results of Transferor Companies for the 15 months period ended June 30, 2006.

Further the Company has informed that, the Board of Directors has declared interim dividend of Rs 4 per share (200% on an equity share of face value of Rs 2/-).

"HCL’s numbers do the talking. Our robust sequential revenue growth of 10% and VoY growth of 42% are testimony to the successful Transformational Strategy that we embraced over the last year. What is satisfying is that the growth is broad based and has emerged from HCL's wide range of service. HCL’s talent base, strong multi service positioning with customers, and our Investments in creating future momentum augur well for the year ahead," said Shiv Nadar, Chairman and CEO, of the Company.

Source : Equity Bulls

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