"We have had a fairly well layered hedging policy that will continue. With respect to where I would see the currency, its anyones guess as to where it would be," Anant Gupta, CEO, HCL Tech said.
Every rupee appreciation impacts margins by about 100 bps
Anant Gupta
Prez & CEO
HCL Technologies
The rupee may have strengthened, but there will be no change in our hedging strategy, says the CEO of HCL Tech . In an exclusive interview to CNBC-TV18, Anant Gupta says, "We have had a fairly well laid hedging policy that will continue." He sees the Indian rupee hovering in the range of plus-minus 58 per US dollar.
Speaking about the performance of the company, he adds that HCL's transformational deal pipeline looks robust and margins will continue to be above 20 percent if not more.
India's fourth largest software services exporter exceeded street forecast by reporting third quarter (January-March) net profit at Rs 1,624 crore, up 8.5 percent sequentially and 59 percent on yearly basis due to better operating performance.
Also Read: HCL Tech wins global contract from Novartis
Its net profit margin expanded to 19.4 percent from 18.3 percent Q-o-Q. Net profit in dollar terms stood at USD 264 million, up 9.4 percent compared to previous quarter and 39.9 percent compared to a year-ago period. The forex loss during the quarter was at USD 23.3 million as against USD 25.5 million Q-o-Q.
Meanwhile, Gupta feels that a merger of HCL Tech and HCL Infosystems makes no strategic sense as there is no synergy between the two.
HCL Tech stock price
On June 09, 2014, HCL Technologies closed at Rs 1366.30, up Rs 38.45, or 2.90 percent. The 52-week high of the share was Rs 1588.65 and the 52-week low was Rs 744.50.
The company's trailing 12-month (TTM) EPS was at Rs 77.87 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 17.55. The latest book value of the company is Rs 146.25 per share. At current value, the price-to-book value of the company is 9.34.
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