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HCL Tech: All round growth - Views on News from Equitymaster

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HCL Tech: All round growth

Apr 18, 2007

HCL Technologies announced strong results for the third quarter and nine-months ended March 2007 (June ending fiscal). The company’s strong sequential topline growth during 3QFY07 has been a result of an all-round performance, with all the three segments of IT services, BPO and Infrastructure services growth at a decent pace. Operating margins expanded by a marginal 10 basis points. This, combined with strong growth in other income (due to forex gains), has led to the company’s net profit growth (at 16% QoQ) outperforming growth in topline during the said quarter. The board has recommended an interim dividend of Rs 2 (dividend yield of 0.6%).

Financial performance (US GAAP consolidated): A snapshot…
(Rs m) 2QFY07 3QFY07 Change 9mFY06 9mFY07 Change
Sales 14,651 15,771 7.6% 31,505 44,216 40.3%
Expenditure 11,410 12,104 6.1% 24,464 34,318 40.3%
Operating profit (EBDIT) 3,241 3,667 13.1% 7,041 9,898 40.6%
Operating profit margin (%) 22.1% 23.3%   22.3% 22.4%  
Other income 481 615 27.9% 524 1,390 165.3%
Depreciation 623 659 5.8% 1,473 1,839 24.8%
Profit before tax 3,099 3,623 16.9% 6,092 9,449 55.1%
Tax 206 283 37.4% 650 709 9.1%
Minority interest & income of equity investee 30 23 -23.3% 21 53 152.4%
Profit after tax/(loss) 2,863 3,317 15.9% 5,421 8,687 60.2%
Net profit margin (%) 19.5% 21.0%   17.2% 19.6%  
No. of shares (m)         686.8  
Diluted earnings per share (Rs)*         16.0  
P/E ratio (x)*         19.9  

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