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HCL Tech net up 59%

New Delhi, April 17: IT services firm HCL Technologies today posted a 59 per cent increase in net profit at Rs 1,624 crore for the quarter ended March 31, 2014.

The Noida-based company had posted a net profit of Rs 1,021 crore in the corresponding quarter of the last fiscal (2012-13).

HCL Technologies follows a July-June financial year.

Revenues for the reported quarter were up 29.8 per cent to Rs 8,349 crore from Rs 6,430 crore in the year-ago period.

In dollar terms, net profit grew 39.9 per cent to $264.2 million, while revenues rose 14.3 per cent to $1.36 billion in the third quarter of 2013-14 from the year-ago period.

“Our growth momentum continues with a revenue increase of 3 per cent quarter-on-quarter along with the tenth straight quarter of margin expansion,” HCL Technologies president and chief executive officer Anant Gupta said.

On a sequential basis, net profit grew 8.5 per cent from Rs 1,496 crore in the previous quarter and revenue was up 2 per cent from Rs 8,184 crore in the October-December quarter of 2013.

The company announced an interim dividend of Rs 4 per equity share of face value of Rs 2 each.

During the quarter, HCL Technologies added 8,291 jobs (gross), while net employee addition was 1,858, taking the total headcount to 90,190.

The company signed 12 transformational engagements this quarter and over $1 billion in total contract value.