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

Reuters

BANGALORE, Oct 17 (Reuters) - HCL Technologies,India's No. 4 IT services exporter, beat market expectationswith a 64 percent rise in September quarter profit, joininglarger Indian rivals in signalling accelerated spending byclients.

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

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

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

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

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

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