Indian outsourcer posts big sales and profits increase

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Indian outsourcer posts big sales and profits increase

Antony Savvas

Indian outsourcer HCL Technologies has posted impressive results for the second quarter, with sales and profits dramatically up.

HCL, which recently signed a big outsourcing deal with insurance firm Skandia, saw a year-on-year sales increase of 41% to $331m (£175m) for the quarter. Net profits rose 61% to $64.7m (£34m).

The company’s headcount also rose by 1,865, taking the total up to 38,320 by the turn of the year.

Shiv Nadar, HCL’s CEO, said, "HCL is one of the fastest-growing Indian IT companies. In qualitative terms, the Skandia deal is another proof point of our leadership in value-centric, multi-service multimillion-dollar deals."

The firm reported that its business process outsourcing business grew by 12% compared with the previous quarter, helped by contract wins in the UK and US insurance markets.

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