HCL Technologies Q4 profit rises 29 pct; stock surges
HCL Technologies said on Wednesday consolidated net profit for the fiscal fourth quarter ended June 30 rose to 6.59 billion rupees from 5.1 billion rupees a year earlier.
Analysts had forecast a net profit of 6.75 billion rupees for the company, whose customers include Xerox Corp and Readers Digest Association Inc, according to Thomson Reuters data.
HCL and bigger rival Infosys Ltd are part of India’s $100 billion information technology and back-office services sector earning the bulk of their revenues from customers in the United States and Europe.
An uncertain global economy and increased competition from global rivals such as Accenture Plc make the outlook a tough one for the Indian providers. Infosys, on July 12, provided a worse-than-expected forecast of dollar-sales growth for the year ending March 2013.
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