Indian IT supplier HCL reports double-digit revenue growth


Indian IT supplier HCL reports double-digit revenue growth

Karl Flinders

Indian IT supplier HCL Technologies has reported double-digit revenue growth for its latest quarter.

Revenue reached $511.5m for the second quarter, which represented an 11% increase on the same period a year ago. Profit in the quarter decreased 9.3% to $76.6m compared with last year.

Measured in Indian rupees, profit was up about 12.1%.

HCL said it won $1bn worth of business, with 26 new customers added in the quarter. The firm also completed its £488.5m acquisition of Axon Group in the UK.

Indian IT firms are in the spotlight following a $1bn accounting fraud at Satyam as well as three of the country's suppliers being barred from supplying the World Bank because of conflicts of interest.

Wipro, Megasoft Consultants and Satyam are the three barred for "providing improper benefits to World Bank staff and failing to maintain documentation to support fees charged for its subcontractors", said the World Bank.

Shiv Nadar, chairman at HCL Technologies, said, "HCL's growth is founded in the trust that we have earned over years of our employees, customers, investors and other stakeholders which we are committed to uphold," he said.

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