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HCL Technologies net up 97 per cent

The Board of Directors of HCL Technologies Ltd. has recommended a dividend of five per cent for the year ended June 30, 2000.

It also recommended for approval of shareholders (at its AGM on October 20, 2000), issue of American Depository Receipts up to $ 500 millions.

The ADR issue would be happen in around 15 to 16 weeks' time, said Mr. Shiv Nadar, Chairman, President and CEO of the company, at a news conference in Mumbai.

HCL Technologies has announced a 97.9 per cent increase in net profit for the year ended June 30, 2000. Net profit rose to Rs. 199.9 crores from Rs. 100.97 crores. Total income increased 53.8 per cent, to Rs. 451.73 crores from Rs. 293.74 crores.

Income from software and related technical services rose 44.9 per cent to Rs. 399.68 crores from Rs. 275.73 crores. Under other income, interest and related income amounted to Rs. 46.12 crores (Rs. 15.34 crores) and net exchange gain contributed Rs. 5.9 4 crores (Rs. 2.67 crores).

Total expenses amounted to Rs. 226.11 crores, 33 per cent higher than the previous figure of Rs. 169.88 crores.

Profit before interest, depreciation and tax rose over 82 per cent to Rs. 225.62 crores (Rs. 123.85 crores).

There was no interest for the year under consideration (Rs. 4.35 crores the previous year); and depreciation stood at Rs. 15.44 crores (Rs. 16.47 crores).

Profit before tax amounted to Rs. 210.18 crores (Rs. 103.03 crores). Provision for tax stood at Rs. 10.28 crores (Rs. 2.06 crores).

The board also recommended for approval of shareholders a total number of 1,50,00,000 equity shares which can be issued to eligible employees and directors of the company and its subsidiaries under the 2000 Stock option plan on exercise of options.

The company said it was its first annual results announcement post listing earlier this year. -- Our Bureau