India's HCL Tech profit rises 78 pct, beats expectations
* Profit at 8.85 billion rupees for fiscal first quarter ended September
* Analysts expected profit of 8 billion rupees
By Harichandan Arakali
BANGALORE, Oct 17 (Reuters) - HCL Technologies, India's fourth largest software services provider, beat market expectations with a 78 percent rise in consolidated net profit for the fiscal first quarter that ended in September, helped by higher contract wins.
Consolidated net profit rose to 8.85 billion rupees ($167.9 million) from 4.97 billion rupees for the year-earlier period. Analyst were expecting profit to rise to 8 billion rupees, according to Thomson Reuters data.
HCL Technologies' customers include Reader's Digest Association and Finmeccanica.
India's $100 billion-a-year outsourcing industry, which gets nearly 75 percent of its revenue from the United States and Europe, may grow 11-14 percent in the current fiscal year that ends March 2013, according to the National Association of Software and Services Companies Or NASSCOM, an industry lobby.
Infosys, the No. 2 provider, forecast it will grow only 5 percent this year, citing the continued global economic uncertainty, which it said made clients less confident about spending. Top-ranked Tata Consultancy Services will report its results on Friday.
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