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April 24, 2009

HCL profit down 50% on strong Q3 revenue

Core software services revenue increased 21% to $423m

By CBR Staff Writer

IT services provider HCL Technologies has reported a 50% decline in third-quarter net profit to $43m, compared to $85.4m in the year-ago quarter, on revenue up 18% at $564.45m. EBITDA grew 20% to $120.4m from $100.6m in the same quarter last year.

The India-based company said IT services revenue grew 21% to $508m, with core software services revenue increasing 21% to $423m, and infrastructure services revenue increasing 19% to $85.4m. BPO services revenue rose 1% to $56.4m.

Geographically, the US accounted for 61% of total revenue, Europe 27.6%, and Asia Pacific 11.4%. During the quarter, the company signed 68 new clients and expanded its North American operations with a new office in Toronto, Canada.

Vineet Nayar, chief executive at HCL Technologies, said: HCL’s response to the challenging environment has been focused on growth and investing in emerging trends and solutions that create value for customers. The company won $1.5 billion worth of large deals in the last nine months. HCL’s Employee First philosophy continues to be a key differentiator for us. The Hewitt employee study adjudging HCL as the No. 1 Employer in India and the Best Employer in Asia is a recognition of this fact.”

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