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HCL posts another good quarter, revenue up 33.5%

HCL Technologies, India’s fifth largest IT services provider, posted a moderate increase in revenues of 33.5% year on year and 5.8% quarter on quarter to $ 915 mn.

Revenue growth has decelerated on a quarter on quarter basis, compared to the 9% jump exhibited in the September quarter.

However, due to the same reasons of low-base, year-on-year growth, where the quarter’s revenues are compared to the March quarter of 2010, has been the highest in several quarters — at 33.5%.

Operating profits, before Tax and Finance charges, jumped 16.2% sequentially and 19% year on year to $132 mn, keeping with the trend seen during the last 3-4 quarters.

The migration of revenues away from the two core market of the US continued apace, even during the March quarter.

Against 59.5% of revenue coming from the Americas during the same quarter last year (and 57.1% during December quarter,) the contribution of the Americas to HCLs sales dipped to 54.3% during the last three months.

The big gainer in revenue contribution, geographically, was the ‘rest of the world’ — primarily Asia. It went from 13.8% a year ago to 16.35% during the December quarter and 18.7% during the last quarter (Jan-Mar 2011.)

Revenue from the Americas moved up just 0.7% compared to the December quarter (in constant currency), while Europe was up 4.2% and rest of the world was higher by 20.5% in just one quarter.

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