The Delhi-based Shiv Nadar group company slipped due to flat sales and a fall in net profit. HCL Technologies reported standalone revenues of Rs 723.42 crore and a net profit of Rs 401.95 crore in the full year ended June 2003. While revenues were flat compared to the previous year, net profit was down 6% over the previous year. However, its gross block was up 54% to Rs 259.27 crore. HCL Technologies is ranked #5 in sales, #4 in profit, #11 in gross block, #34 in sales growth, #26 in profit growth and #8 in gross block growth. The cash-rich HCL Technologies has been one of the most aggressive Indian IT companies in terms of acquisitions; among the companies acquired in 2002 were Gulf Computers Inc. and Aquila Technologies. HCL Technologies is a leading player in IT software and solutions in the areas of embedded products and product development, networking services and the Internet. It provides these services at 26 locations in 14 countries and has an employee strength of more than 8,800 people. The company provides BPO services through its subsidiary HCL Technologies BPO Services, which recently closed a multi-million dollar, five-year contract with British Telecom.