Weighed down by forex losses of Rs 151 crore, the country’s fourth largest software exporter HCL Technologies on Wednesday posted a 10% drop in consolidated net profit for the first quarter ended September 30, 2009, at Rs 320 crore. The net income was Rs 356 crore in the same quarter last year. The shares of HCL closed lower by 1.91% at Rs 313 on the BSE. “Our net profit dropped 10% as we incurred forex losses of Rs 151 crore on account of hedging of rupee. Our net profit would have been Rs 470 crore had we not made the losses. The losses have to be written off each quarter and will have identical forex loss in the next three-four quarters,” company CEO Vineet Nayar said. He said the company had hedged the rupee in early 2007 for 14 months, which would come to an end in September 2010. The company’s revenue stood at Rs 3,031 crore for Q1, a growth of 29% over the same period a year ago, according to US GAAP standards. Nayar said the company’s current hedges extend up to September 2010 and stand at 725 million dollars at Rs 40.50 a dollar. The company had hedged in early 2007. The rupee has since then moved to Rs 48.50 a dollar. HCL Technologies has completed the acquisition of UKbased SAP-expertised firm Axon in the quarter. AGENCIES
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