HCL Technologies hit street prospects with a 33% growth in net profit for the three month period ended on March 31, 2011, as customers augmented outsourcing especially in spheres like financial services, energy plus utilities.

Despite the management's remarks on flat IT expenditures and slowing down of big agreements in the marketplace, HCL's third-quarter outcomes cheered the bourses.

The company's Jan-Mar quarter financial performance is in sharp variance to that of Infosys, which during the last week, frightened capitalists with dull development, sequential volume declination and feeble guidance.

Mr. Vineet Nayar, Vice-Chairman and CEO of HCL Technologies stated, "We had a good quarter. The strategic initiatives we took in terms of investments to drive market share and lateral hiring in large numbers, have yielded more customers and strategic deals."

During the three month period, the company got hold of certain software assets from Citibank International worth $26 million.

HCL, which counts Merck and GlaxoSmithKline among its key customers, does not provide direction or sale increase estimate.

But it has stated that anticipating the long-standing pipelines of agreements remains tricky in the current macro-economic environment.

"This is not a party time. We expect more of smaller deals, transformational contracts and project engagements, and less of total IT outsourcing and large deals over the next three months at least," Mr. Vineet added.

The consolidated net profit of the company for January-March period stood at Rs 468 crore, up 17.1% on a sequential basis and 33% over year-ago period.