India’s HCL Technologies Profit Fall Miserably due to Forex Loss
HCL Technologies profit down by half on forex loss
MUMBAI, India — Indian software services firm HCL Technologies Ltd. said quarterly profits plunged by nearly half as the company battled foreign exchange losses, lower prices, and declining demand from financial services and telecom customers.The company said Wednesday that it earned $43.0 million in net income during the quarter ended March 31, versus $85.4 million during the same period a year earlier. Excluding foreign exchange losses, the decline in profits was 2.4 percent.
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