HCL posts storming results

Indian IT giant HCL Technologies ...

Indian IT giant HCL Technologies has posted strong financial results for its first quarter, continuing the company's fast-paced growth trajectory.

Sales at HCL grew to $804m (£511m), up 27.6% year-on-year and 9% on the previous quarter. Profits increased to $254.4m, up 4.3% compared to the previous quarter.

Vineet Nayar, CEO of HCL Technologies, said the results were the latest in a series of reports indicating a strong growth momentum.

"We continue to invest in the future through an expansion of our workforce and global delivery base as well as focusing on incubating new businesses," he said.

IT services led revenue growth at 9.2%. The strongest sectors were retail, which grew by 13%, healthcare by 11.7% and financial services by 10%, said the report.

European business grew by 17.5% compared to last year.

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