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HCL Tech net drops 35% to Rs 80.6 cr

Jan. 23: HCL Technologies today reported a 35 per cent drop in its net profit to Rs 80.59 crore in the quarter ended December 31, 2002 as opposed to Rs 123.22 crore reported in the corresponding quarter last year.

Gross revenue grew 17 per cent to Rs 467.93 crore in the review period over Rs 401.26 crore turnover in the same period last year, a company statement said here.

HCL Tech also announced the appointment of Ajai Chowdhry, chairman and CEO of HCL Infosystem Ltd, as additional director on HCL Tech board.

Revenues from Europe continue to grow, contributing 17 per cent to the kitty, up from 15 per cent last quarter, the statement said.

Twenty-one new customers were added during the quarter, including two Fortune 500 clients, taking the total number of clients to 356 while the offshore-centric business held steady contributing 78 per cent to the consolidated revenue.

During the October-December quarter, software businesses of HCL Infosystems and HCL Tech merged to consolidate practices in the area of end-user applications and widen suite of offerings in the enterprise solutions space.

HCL Tech, through one of its subsidiaries, is also acquiring the technical help-desk business of HCL Infinet Ltd, a subsidiary of HCL Infosystems Ltd, the statement said.

Colour-Chem net

Colour-Chem Ltd reported higher net profit at Rs 2.90 crore in the third quarter ended 31 December, 2002, from Rs 56 lakh in the same period last fiscal. Gross sales stood at Rs 88.43 crore during the reporting period.

The company posted a 65 per cent rise in net profit for the nine-month period ended December 31, 2002. Net profit rose to Rs 12.93 crore as against Rs 7.83 crore in the corresponding period last year.

Sales turnover of the company during this period rose by 17 per cent to Rs 291.40 crore from Rs 248.72 crore in the previous corresponding period.

Camlin Q3 net up

Camlin Ltd has reported a jump in its net profit at Rs 1.66 crore for the third quarter ended December 31, 2002, compared with Rs 16.38 lakh in the same period last fiscal.

Net sales from operations during the period under review increased to Rs 40.36 crore as against Rs 39.78 crore in the corresponding previous period, the company said in a release.

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