1. HCL Tech Q2 consolidated net profit down 1.93% qoq at Rs 2,015.60 crore

HCL Tech Q2 consolidated net profit down 1.93% qoq at Rs 2,015.60 crore

HCL Technologies reported 1.93 per cent fall in net profit at Rs 2015.60 crore for the quarter ended September 30, 2016 against Rs 2055.20 crore in the sequential quarter ended June 30, 2016.

By: | New Delhi | Updated: October 21, 2016 8:42 AM
HCL Technologies HCL Technologies reported 1.93 per cent fall in net profit at Rs 2015.60 crore for the quarter ended September 30, 2016 against Rs 2055.20 crore in the sequential quarter ended June 30, 2016.

HCL Technologies reported 1.93 per cent fall in consolidated net profit at Rs 2015.60 crore for the quarter ended September 30, 2016 against Rs 2055.20 crore in the sequential quarter ended June 30, 2016. However, net profit of the IT company jumped by 15.85 per cent on year-on-year basis. HCL Technologies had reported a consolidated net profit of Rs 1739.76 crore in the corresponding quarter a year ago.

Consolidated total income from operations of the company increased by 1.61 per cent on quarter-on-quarter basis (qoq) to Rs 11,519.21 crore against Rs 11,336.32 crore for the quarter ended June 30, 2016.

Standalone net profit of the company slipped by 6.03 per cent qoq to Rs 1,690.72.

HCL Technologies also declared an interim dividend of Rs 6 per equity share of Rs 2 each for the financial year 2016-17. The company has fixed November 7 for the payment date of the interim dividend.

In a separate filing on BSE, the company also announced that HCL Technologies has entered into an agreement to acquire Butler America Aerospace, LLC (Butler Aerospace), a provider of engineering, design services and aftermarket engineering services to US Aerospace and Defense customers. Butler Aerospace is a wholly owned subsidiary of Butler America LLC. The proposed acquisition will exclude the staffing business of Butler America Inc. The consideration for the proposed transaction is $85 million to be paid in cash. Butler Aerospace had revenues of $85.4 million for the year ending Dec 31, 2015 at EBIT of 12.2 per cent. The transaction when consummated is likely to be EPS accretive.

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