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HCL Infosystems: Telecom drives growth

Apr 22, 2004

HCL Infosystems (HCL Infosys), India's largest personal computer (PC) maker, has reported strong consolidated results for the quarter and nine month period ending March 2004. For 3QFY04, while the topline has improved YoY by 61%, the bottomline has almost remained flat owing to extinction of tax benefits that was available to the company in 3QFY03. For 9mFY04, while revenues have grown YoY by 72%, profits are up strongly by 121%. However, owing to higher growth in expenses relative to revenue growth, operating margins have taken a hit for both these periods.

Consolidated financial performance: A snapshot
Rs m 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net Sales 7,386 11,925 61.4% 17,999 30,915 71.8%
Other Income 18 103 483.0% 90 224 150.2%
Expenditure 6,926 11,321 63.5% 17,116 29,430 71.9%
Operating Profit (EBDIT) 460 604 31.2% 882 1,485 68.3%
Operating Profit Margin (%) 6.2% 5.1%   4.9% 4.8%  
Interest 15 6 -56.5% 51 25 -51.2%
Depreciation 48 43 -10.0% 142 128 -10.1%
Profit before Tax 415 656 58.3% 778 1,556 99.9%
Extraordinary items (85) -   (403) -  
Tax (227) 102   (209) 263  
Profit after Tax/(Loss) 556 555 -0.3% 585 1,293 121.0%
Net profit margin (%) 7.5% 4.7%   3.3% 4.2%  
No. of Shares 31.9 31.9   31.9 31.9  
Diluted Earnings per share* 69.8 69.6   24.5 54.0  
P/E Ratio         14.1  
(* annualised)            

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