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HCL Tech: Beats expectations

Apr 19, 2001

HCL Tech has reported growth in revenues by 85% and the rise in net profit by 117.5% (YoY). However, the company has posted a flat revenue growth of 1.7% and a marginal dip of 2% in net profits on a QoQ basis for 3QFY01.

(Rs m) 2QFY01 3QFY01 Change
Sales 1,866 1,897 1.7%
Other Income 301 277 -8.0%
Expenditure 893 886 -0.8%
Operating Profit (EBDIT) 973 1,012 4.0%
Operating Profit Margin (%) 52.1% 53.3%  
Interest - -  
Depreciation 51 60 17.1%
Profit before Tax 1,223 1,229 0.5%
Tax 73 99 35.0%
Profit after Tax/(Loss) 1,150 1,130 -1.7%
Net profit margin (%) 61.6% 59.5%  
Diluted number of shares (m) 282.0 282.0  
Diluted Earnings per share* 16.3 16.0  
*(annualised)      
P/E (x)   22.2  

The highlight of the of the performance is an improvement in operating margins by 120 basis points to 53.3% compared to 2QFY01.

The company has signed 16 new contracts in the last quarter. Its offshore business has moved up to 65% (63% in 2QFY01), which the company plans to increase to 70% by the year end.

At the current market price of Rs 355, the stock is trading at a P/E multiple of 22 times its 3QFY01 earnings.


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