Profit at India's HCL Technologies Doubles

Indian software company HCL Technologies Ltd. announced today its profit in the most recent quarter doubled from a year ago, thanks to a slew of new outsourcing orders that more than offset the impact of a stronger rupee; these orders included a contract valued at more than $35 million from New Zealand dairy company Fonterra and multiyear and multi-services contracts from Italy's Alenia Aeronautica and imaging company Konica Minolta. HCL Technologies is India's fifth largest software exporter, with contracts world-wide. HCL's success in spite of a strengthened rupie comes from explording businesses outside the US: while US sales dropped from 58% to 54%, sales in Australia and New Zealand doubled. The company plans to spend $150 million in the current financial year to set up new centers and expand capacity, according to company president Vineet Nayar.

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