Date:26/10/2004 URL: http://www.thehindubusinessline.com/2004/10/26/stories/2004102601480700.htm

Back HCL Tech Q1 net income up 71 pc

Our Bureau

New Delhi , Oct. 25

HCL Technologies has clocked 71 per cent rise in net income for the first quarter ended September 2004 at Rs 161.7 crore against Rs 94.6 crore in the corresponding previous period.

Gross revenues rose to Rs 782.2 crore (Rs 560.7 crore), translating into a growth of 39.5 per cent as per US GAAP.

"The business has stabilised, and new initiatives like BPO have started contributing. There has been an improvement in expense control," said Mr S.L. Narayanan, Corporate Vice President (Finance).

However, net income (after sales incentive) dipped 23 per cent sequentially from Rs 208.8 crore notched during the quarter ended June.

"During the last quarter, other income had many one-time items and it was higher than normal. It is much lower this quarter and this has reflected in sequential net income comparison," a company official said.

The board of directors has declared an interim dividend of Rs 4 per share (200 per cent on a face value of Rs 2 per share) and has fixed the date of the AGM on December 17.