Indian based IT outsourcing provider HCL Technologies has posted greater than expected profits for the third quarter period.

The financial and marketing sectors were the main service users, with Europe and U.S. markets being the most profitable for the IT company.

HCL posted a 59 per cent profit rise over the March quarter period, with revenues up by 29.8 per cent over the July-June period, beating market expectations.

The company has now revised its growth predictions, with the IT services markets gearing up for growth from increased demand, as the improving economic recovery prompts companies to renew focus on new technology investments.

Shiv Nadar, Chairman & Chief Strategy Officer at HCL Technologies, said: "Our leadership has been driven by our commitment towards sustainability, diversity and trust through transparency. With an emergence of an increasingly positive macro environment these values will continue to be HCL's key differentiators and provide an impetus to our future growth".

The announcement follows similar strong reports from fellow Indian based IT firm Tata which also posted prediction beating results.

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