HCL Technologies net up 150 per cent

NEW DELHI, APR 20: Shiv Nadar-promoted HCL Technologies turned in better-than-estimated 150 per cent increase in net profit, logging in Rs...

NEW DELHI, APR 20: Shiv Nadar-promoted HCL Technologies turned in better-than-estimated 150 per cent increase in net profit, logging in Rs 65.43 crore during the quarter ending March 31, 2000 as against Rs 26.14 crore in the corresponding quarter ending March 1999. The results made HCLT’s stock rise 8 per cent and made it the only technology company on Thursday to hit the upper circuit breaker.

Technology development revenue contributed 35 per cent in the quarter as against 20 per cent during the same quarter last year. Revenue on this count increased 115 per cent to Rs 83 crore, according to HCL Technologies executive vice-president Vineet Nayar.

HCLT has decided to keep aside up to two per cent of its revenue for merger and acquisition of IT firms in US and India. It spent Rs 3.5 crore in the last quarter towards preparing for its first acquisition.

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The gross profit for the quarter went up to Rs 112.22 crore as compared to Rs 76.90 crore in the corresponding quarter last year. Interest and other income for the quarter stood at Rs 18.05 crore as against Rs 33 lakh.

Net profit during the first nine months rose by 144 per cent to touch Rs 146.27 crore as against Rs 59.94 crore registered by the company during the corresponding period in the previous fiscal. HCLT recorded a 20 per cent growth in sales at Rs 632.92 crore during the nine-month period as against Rs 526.15 crore in the corresponding period last year.

Hughes Software: The communications software giant Hughes Software Systems (HSS) has reported an increase of 73 per cent in total income for the year 1999-2000 at Rs 120.75 crore, up from Rs 69.82 crore (on an annualised basis for the previous accounting period of 15 months) – this includes other Income of Rs 13.46 crore.

The after-tax profit increased by 157 per cent for the same period, rising to Rs 37.70 crore from Rs 14.66 crore last year. The company recorded 96 per cent growth in Total Income for the quarter ending March 31, 2000 (Rs 36.00 crore, up from Rs 18.36 crore for Q4 in 1999). This includes other income of Rs 2.78 crore. The profits for the quarter ending March 31, 2000 rose 302 per cent (Rs 11.90 crore, up from Rs 2.98 crore for Q4 in 1999).