Net income down 20.5% on year ago quarter
HCL has reported revenues of INR30.32bn for the second quarter of FY 2010, an increase of 22.8% compared to INR24.69bn for the same period prior year. Revenues remained flat sequentially.
For the quarter ended December 31, 2009, the EBIT was INR5.02bn, an increase of 13.9% compared to INR4.41bn for the same period last year and a decrease of 8.1% sequentially. Forex loss was INR1.25bn compared to INR1.2bn for the second quarter previous year.
Gross profit was INR10.81bn, compared to INR9.71bn for the same period last year. Gross profit margin was 35.7%, down compared to 39.4% for the second quarter of FY2009.
The company posted a net income of INR2.96bn for the second quarter of FY2010, a decrease of 20.5% compared to INR3.73bn for the same period last year. Net income before Forex losses were INR4.22bn, a decrease of 14.4% compared to INR4.93bn for the same period last year.
The software services revenues were INR21.5bn, an increase of 22.8% compared to INR17.51bn for the same period last year, while its revenues decreased 0.4% sequentially. Infrastructure services revenues were INR6.14bn, an increase of 49.3% compared to INR4.11bn. BPO services revenues decreased by 12.5% to INR2.68bn from INR3.06bn, while it declined 5.2% sequentially.
Vineet Nayar, CEO of HCL Technologies, said: “At HCL, in 2009 we have delivered industry leading growth. We see early signs of economic recovery, which we anticipate would gain momentum by middle of 2010. HCL is well positioned to leverage the structural shifts developing in the market place.”
