NOIDA, India: HCL Technologies Ltd. (HCL), a leading global IT services provider, today announced results for the 3rd quarter of FY 2010-11. HCL's global revenues increased by 33.5% YoY to US$ 915 mn, while net income rose 16.5% sequentially.

HCL accelerated its growth in the European region reporting a revenue increase of 7.3% QoQ and 34.9% YoY during this quarter.

Commenting on the results, Rajeev Sawhney, President for HCL Europe, said, "HCL has consistently proven its ability to deliver true value to its customers based on its market strengths and technology leadership. Our market opportunity is vast, especially in Continental Europe and within Financial Services industry and we are confident that we will continue to grow exponentially moving forward."

"This quarter also saw us being named amongst Britain's Top Employers for 2011 by CRF, an independent industry association, which is yet another testimony of the relevance and success of our 'Employees First, Customers Second' philosophy across the world," he added.

The key European highlights from this quarter include:

- HCL has won a multi-year contract with one of the largest banks in UK. HCL will be providing IT outsourcing and transformational services for the bank's core systems that support the closed book insurance policies.

- HCL Technologies has been declared as one of Britain's Top Employers for 2011 for the fifth consecutive year by the Corporate Research Foundation (CRF) Institute.

- HCL hosted an exclusive evening titled 'Unconventional Management' on the sidelines of the annual World Economic Forum (WEF) conference at Davos which was attended by more than 100 participants including C-suite business executives, journalists and academicians from across the globe.

- Vineet Nayar, Vice Chairman & CEO, HCL Technologies, was a panellist at the annual WEF conference at Davos for a session titled 'New Norms for Corporation'.

- Vineet Nayar, Vice Chairman & CEO, HCL Technologies, has been conferred with the prestigious 'Leader in the Digital Age Award' (LIDA) at the CeBIT 2011 show in Hannover, Germany, the world's largest trade fair showcasing ICT. The award recognizes Vineet for pioneering 'the revolutionary corporate philosophy of Employees First, Customers Second, which acknowledges employees as the most important capital a company has.'

- Anand Pillai, Senior Vice President and Global Head of Talent Transformation, Intrapreneurship Development & EFCS Initiatives, HCL Technologies, conducted workshops across Europe, on 'Employees First, Customers Second'. These workshops conducted at employee and client locations, leading universities, B-Schools and Industry platforms generated a ground swell of support and goodwill for HCL's radical management philosophy.

Q3 FY 2011 Financial Highlights for HCL Technologies

- Q3 Revenues at US$ 915 mn; up 5.8% QoQ & 33.5% YoY

- Net Income crossed $ 100 mn/quarter milestone to reach $ 103 mn; up 16.5% QoQ & 35.0% YoY

- Gross & Net Employee addition of 7,534 & 1,153 respectively taking total headcount to 73,420

Q3 FY 2011 Financial Highlights for Europe:

- Europe posts 34.9% YoY revenue growth

- Europe posts 7.3% QoQ revenue growth

About HCL Technologies

HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on 'transformational outsourcing', underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of 'Employee First, Customer Second' which empowers our 73,420 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 3.3 billion (Rs. 15,160 crores), as on 31 March 2011 (on LTM basis). For more information, please visit http://www.hcltech.com

About HCL

HCL is a $5.7 billion leading global technology and IT enterprise comprising two companies listed in India - HCL Technologies and HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups. A pioneer of modern computing, HCL is a global transformational enterprise today. Its range of offerings includes product engineering, custom & package applications, BPO, IT infrastructure services, IT hardware, systems integration, and distribution of information and communications technology (ICT) products across a wide range of focused industry verticals. The HCL team consists of over 79,000 professionals of diverse nationalities, who operate from 31 countries including over 500 points of presence in India. HCL has partnerships with several leading Global 1000 firms, including leading IT and technology firms. For more information, please visit http://www.hcl.com

Forward-looking Statements

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes','strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

    
    For details contact

    HCL Technologies
    Ranjana Sharma
    HCL Technologies, Europe
    DID: +44(0)207-105-8661
    MOB: +44(0)7921-699137