Driven by growth in software and infrastructure services businesses, IT major HCL Technologies on Tuesday reported an over two-fold jump in its consolidated net income at Rs 330.1 crore (3.301 billion) for the quarter ended June 30, 2009.
The consolidated net income of the company stood at Rs 141 crore (1.41 billion) during the same period last fiscal.
The fourth largest software firm said the markets continue to be challenging amid slowdown, but it expects a revival in the IT sector by the next year as demand picks up.
"If we look at S&P 500 companies, many of them have registered a drop in profits ... However, the markets are expected to improve by next calendar year and we are in the same band," HCL Technologies' chief executive officer Vineet Nayar told reporters in New Delhi.
The company expects hedging losses to the tune of $127 million (over Rs 600 crore) in the current fiscal based on the exchange rate of Rs 48.83.
The company's consolidated revenue rose by 34.7 per cent to Rs 2,908.5 crore (Rs 29.08 billion) in the fourth quarter compared to Rs 2,158.9 crore (Rs 21.6 billion) in the year ago period.
The revenue from infrastructure services vertical grew by 56.4 per cent to Rs 513 crore (Rs 5.13 billion), while the software services business clocked a 33.1 per cent rise at Rs 2,114.8 crore (21.14 billion) in the fourth quarter.
The income from BPO services segment rose by 15.8 per cent to Rs 280.6 crore (2.806 billion) in the fourth quarter.
Image: HCL chairman Shiv Nadar
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