HCL Technologies Ltd is a newly formed company of the HCL group that is engaged in software solutions,software engineering,e-commerce,internet services and a host of other IT related services.
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The above results are as per Indian GAAP. It proposes to shortly list with the New York Stock Exchange and the NASDAQ shortly to fund its expansion plans mainly by way of acquisitions. The company already has Rs 1bn for acquistions, but according to it this would not suffice.The encouraging factor for such acquisitions is that the company already has orders on book worth Rs 1.6 bn which is expected to grow substantially.
The encouraging factor for the company is that revenue from high revenue areas such as internet and e-commerce grew by 93% over the previous quarter to touch Rs 1000 m. The company continues to focus on high growth areas which are technology driven by making new forays in areas of blue tooth which facilitates internet access through mobile phones and setting up a test lab for cellular phone technology.
The only discouraging factor though is that other income includes non operational income to the extent of Rs 119 m . This income has accrued from sale of investments and has significantly contributed to the rise in profits.
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