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India’s fourth-largest software company reports 2.8% loss

Mumbai :India’s fourth-largest software services firm HCL Technologies today reported a 2.8 per cent decline in its consolidated net profit at Rs 1,783 crore for the fourth quarter ended June 30, 2015.

The company had posted a net profit of Rs 1,834 crore in the year-ago period, it said in a statement.
However, its consolidated revenues rose 16.1 per cent to Rs 9,777 crore in April-June as against Rs 8,424 crore in the same period last year as per US GAAP accounting.

The firm follows July-June as the fiscal year.
Commenting on the performance, HCL Technologies President

and CEO Anant Gupta said: “HCL has yet again posted a broad-based performance for the financial year led by a robust revenue growth of 15.1 per cent last 12 months (LTM) year-on-year and 2.9 per cent sequentially in constant currency.”

All verticals posted strong double-digit performance in 2014-15 and industry-leading growth in the US and Europe with 14 per cent and 18.7 per cent yoy constant currency growth, respectively, on an LTM basis, he added.
“FY15 also saw us signing of 58 transformational engagements with more than USD 5 billion of total contract value,” he said.

These bookings saw significant momentum driven by next-gen IT outsourcing, engineering services outsourcing, digital and modern apps deals.

These engagements reflected a broad-based spread across verticals, service lines and geographies.
For the full year ended June 30, 2015, its net profit moved up 13.9 per cent to Rs 7,254 crore as against Rs 6,369 crore in the previous fiscal.

Revenues rose 12.6 per cent to Rs 37,061 crore during the year compared with Rs 32,917 crore in 2013-14.

In US dollar terms, HCL Technologies reported an 8.8 per cent decline in net profit for the June quarter to USD 278.7 million as against USD 305.4 million in the corresponding period a year earlier.

Its revenues rose 9.3 per cent to USD 1.53 billion from USD 1.40 billion.

For the fiscal, net profit was up 12.2 per cent at USD 1.16 billion while revenue grew 11.1 per cent to USD 5.95 billion in 2014-15.

HCL’s cash and cash equivalents, investments and borrowings at the end of June 2015 stood at Rs 1,352 crore. Its total headcount was recorded at 1,06,107 with the gross addition of 9,448 people.

The company announced a dividend of Rs 5 per share, its 50th consecutive quarter of dividend payout.
The stock was trading at Rs 955.20, down 4.15 per cent, on BSE.