HCL Tech Q1 net profit surges 50%

Q1FY2012 revenues in USD terms up by 4.1% QoQ to $1002.2 million, which was broadly in line with our expectation of $1004.1 million. The volume growth was at 4% inline with our expectations. On constant currency revenue grew by 5.1% to $1011.8 million.

The consolidated revenues in INR terms were up by 8.2% sequentially to Rs4651.3 crore for Q1FY2012, which is above our estimate of Rs 4588.6 crore.

EBITDA margins were down 140bps at 17.1%, we were expecting 170bps dip QoQ.

The net income was down by 2.7% QoQ to Rs 496.7 crore, ahead of our expectation of Rs 480.6 crore. On YoY basis, net profit up 50%.

IT services revenues grew by 4.5% QoQ to $709.4 million and IMS grew by 4.3% QoQ to $246.3 million.

During the quarter, company has made gross & net employee addition of 9311 and 3474 respectively taking total headcount to 80,520.

Announces an interim dividend of Rs2 per share and special milestone dividend of Rs2 per share.

HCL signed 12 transformational deals this quarter taking the total to 32 transformational deals in the last 2 quarters.