* Company cuts staff for second straight quarter
* Staff reduced to 84,403 versus 85,194 in Dec quarter
* Company added 37 new clients during the quarter
* Industry leader TCS to report results later Wednesday
(Adds vice chairman's comment, staff cuts)
By Harichandan Arakali
BANGALORE, April 17 HCL Technologies Ltd
, India's fourth-biggest software services provider,
beat analysts' estimates with a 73 percent rise in quarterly
profit after winning orders and reducing staff for the second
quarter in a row.
Net profit rose to 10.4 billion rupees ($193 million) in its
fiscal third-quarter ended March 31 from 6 billion rupees in the
year-earlier period, said HCL Technologies, whose customers
include Finnish mobile phone maker Nokia Oyj.
The result compared with the average forecast of 9.35
billion rupees in a survey of 16 analysts by Thomson Reuters
I/B/E/S. HCL follows a July-June fiscal year.
It was also much faster than a 3 percent rise in quarterly
profit at larger rival Infosys Ltd, which has been
losing market share to the likes of HCL and industry leader Tata
Consultancy Services Ltd (TCS). Shares of Infosys
plunged 21 percent on Friday after it issued lower-than-expected
TCS is due to report March quarter results later on
During the quarter, HCL added 37 customers. The company
reduced 791 staff, taking the total to 84,403 from 85,194 at the
end of the December quarter, maintaining tight control of
headcount after shedding jobs in the previous quarter as well.
The future of the IT industry lies in transforming
traditional outsourcing into higher-value services that solve
business problems with technology innovations, Vice Chairman
Vineet Nayar said in a statement.
Exports in India's $108 billion IT outsourcing industry rose
10.2 percent in the fiscal year that ended in March, according
to the National Association of Software and Services Companies
(NASSCOM). The industry group expects export growth of 12 to 14
percent in the fiscal year that started this month.
(Reporting By Harichandan Arakali; Editing by Chris Gallagher)