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HCL Technologies: Weakness in core business

Jan 23, 2003

HCL Technologies has posted a 6% sequential growth revenues for 2QFY03. The net profits have also grown by a similar rate. On a YoY basis, the revenues are up 17%. However, the bottomline figure is lower by 34% compared to 2QFY02.

(Rs m) 1QFY03 2QFY03 Change
Sales 4,424 4,679 5.8%
Other Income 67 89 32.6%
Expenditure 3,410 3,645 6.9%
Operating Profit (EBDIT) 1,015 1,034 1.9%
Operating Profit Margin (%) 22.9% 22.1%  
Interest - -  
Depreciation 205 219 6.7%
Profit before Tax 877 904 3.1%
Extra-ordinary item income/(expense) - -  
Stock based sales incentive expense/ (income) 2 (1) -140.9%
Tax 129 75 -41.7%
Minority interest & income of equity investee 14 (24) -272.3%
Profit after Tax/(Loss) 760 806 6.0%
Net profit margin (%) 17.2% 17.2%  
Diluted number of shares (m) 285.4 285.4  
Diluted Earnings per share* 10.7 11.3  
P/E (x)   14.0  
*(annualised)      

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