The company, which has been suffering forex loses for several quarters, logged a loss of Rs 125.7 crore against Rs 120.3 crore is the corresponding quarter last year but down from Rs 150.4 crore in the last quarter.
However, Anil Chanana, CFO, HCL Technologies, said that the companys net profit was dragged mainly due to the Rs 13.3 crore loss booked in other income compared to Rs 120.6 crore of profit booked in the same quarter last year mainly because of lower deposit rates from banks. At the end of December 2009, the company had $397.9 million of cash and cash equivalents.
Chanana said the company has also cut its net debt to $130 million from the end-June level of $221 million. HCL Techs stock was down 5.68% to close at Rs 361.15 on the Bombay Stock Exchange. During the quarter, the company made gross addition of 5,508 employees. The net addition was 1,691 people. Nayar said that while the company is bullish on hiring, it will continue to do just-in-time hiring. He did not also divulge any hiring targets for the coming quarters.