India's HCL Technologies' Q1 profit rises 64 percent, tops estimate

October 17, 2013

BANGALORE, Oct 17 (Reuters) - HCL Technologies, India's No. 4 IT services exporter, beat market expectations with a 64 percent rise in September quarter profit, joining larger Indian rivals in signalling accelerated spending by clients.

Consolidated net profit for the three months ended Sept. 30 rose to 14.16 billion rupees ($229 million) from 8.64 billion rupees in the same period a year earlier, HCL Technologies said on Thursday.

That compares with the 13.36 billion rupee average of 25 analyst estimates according to Thomson Reuters I/B/E/S.

HCL's customers include Nokia Oyj, Xerox Corp and AstraZeneca PLC. HCL Technologies follows a July-June fiscal year.

Tata Consultancy Services, the No. 1 Indian IT services provider, on Tuesday beat profit expectations for the September quarter and said it may increase hiring.

On Friday, No. 2 player Infosys increased the lower end its revenue forecast for the year ending in March and said clients were accelerating spending.