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HCL Tech net at Rs. 1,102 cr.

CHENNAI: HCL Technologies posted a net profit of Rs. 1,101.82 crore for the year ended June 30, 2007, against Rs. 638.38 crore in the corresponding period in the previous year, a growth of 72.6 per cent. Total income was higher by 35.03 per cent at Rs. 4,208.04 crore against Rs. 3,116.26 crore.

Commenting on the results, Vineet Nayar, President, HCL Technologies, said, “The past year has been spectacular for us and in the four consecutive quarters, we have grown sequentially over 9 per cent.”

The board of directors has recommended a final dividend of Rs. 2 per share (face value of Rs. 2) for 2006-07.

PTI reports

At a time when most IT firms were adversely affected by the rise in the rupee value against the dollar, HCL Technologies made a foreign exchange gain of $79.2 million due to hedging of the rupee during 2006-07.

The company, with a view to protecting earnings from a future weakening of the dollar, has taken a cover of $1.1 billion. This should protect earnings for at least six quarters, HCL Technologies Chairman Shiv Nadar said here.

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