HCL Tech September-quarter consol net profit meets estimates

MUMBAI (Reuters) - HCL Technologies Ltd , India's fourth-largest software services exporter by revenue, reported a 8 percent fall in quarterly net profit on Monday, but met street estimates as its core manufacturing clients added more projects.

Revenue in dollar terms rose 8 percent to $1.54 billion. In September, HCL Tech said its revenue in U.S. dollars would have adverse impact of 80 bps on a sharp depreciation of multiple currencies against the dollar.

HCL is part of a $150-billion Indian outsourcing sector that generate the bigger part of its sales by providing services like IT network installation and development of software applications to Western clients.

 

Consolidated net income for HCL Technologies under U.S. accounting standards rose to 17.26 billion rupees in the quarter ended Sept. 30, down 8 percent from a year earlier.

Analysts, on average, expected the company to report a net profit of 17.23 billion rupees, according to Thomson Reutersdata.

(Reporting by Zeba Siddiqui in Mumbai; Editing by Sunil Nair)