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HCL TECH'S NET PROFIT IN FY02 DOWN 11%; Q4 NET DOWN 48%.
NEW DELHI, Sept 2 Asia Pulse - HCL Technologies (BSE:HCLT) on Friday posted a 11 per cent drop in its net profit for the fiscal ended June 30, to Rs 4.25 billion (US$87.7 million) against Rs 4.80 billion in the last fiscal.
"Extraordinary provisioning of Rs 612 million towards bad debts and diminishing returns on our previous investments as venture capital in high-tech start-ups forced us to take the hit", S L Narayan, corporate vice-president, finance, HCL Technologies told reporters here.
For the 4th quarter ended June 30, the company clocked a 48 per cent fall in the net profit to Rs 689.8 million against Rs 1.32 billion during the same period last fiscal year.
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