Bangalore-based HCL Technologies on Wednesday registered a 16 per cent year-on-year growth for its combined net income for the first quarter (Q1), which ended in September 2008.

The company’s sales jumped 39 per cent and amounted to $477.5 million (Rs 2,369.3 crore), which is considered to be the result of the rupee’s sharp depreciation against the dollar. Shiv Nadar, chairman of HCL Technologies, said, "Considering the fact that our first quarter sees salary hikes, and given the difficult times in the global market, we seem to have come out reasonably well. The currency changes that we see are, however, extremely worrying."

However, with net income increasing to $71.7 million (Rs 356.2 crore) in Q1 results, HCL has met market expectations. The company’s sales jump of 39 per cent comes from key verticals like science, telecom services, media publishing and entertainment.

Company CEO Vineet Nayar, said, "We have seen a volume growth of 1.8 per cent on a sequential basis. The performance is also being driven by bullishness in the Asia Pacific geography, and inking of deals worth $270 million." X

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