* Profit at 8.85 billion rupees for fiscal first quarter
* Analysts expected profit of 8 billion rupees
By Harichandan Arakali
BANGALORE, Oct 17 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.