HCL Tech topples Wipro to become India's third biggest IT firm

During the first quarter of this fiscal, HCL Technologies saw its net income grow 5.7 per cent to USD 356 million, while revenue increased 9 per cent to USD 2.05 billion compared to the same period last year.

By BusinessToday.In  
Saturday, July 28, 2018

HCL Technologies has surpassed Wipro to become India's third-largest software service provider in terms of dollar revenue.  The company clocked USD 2.05 billion topline in the April-June quarter, which is higher than Wipro's USD 2.02 billion revenue in the same period.

TCS and Infosys are the two IT giants that were ahead of HCL with revenues of USD 5.05 billion and USD 2.83 billion, respectively in Q1.

 

HCL Technologies expects its dollar revenue to grow between 8.4 per cent to 10.4 per cent in dollar terms in FY2018-19. Wipro, on the other hand, does not issue a full-year revenue outlook.

During the first quarter of this fiscal, HCL Technologies saw its net income grow 5.7 per cent to USD 356 million, while revenue increased 9 per cent to USD 2.05 billion compared to the same period last year.

The company said it had witnessed broad-based growth driven by Technology and Services (36 per cent), Lifesciences and Healthcare (10.2 per cent), Financial Services (9 per cent) and Retail and CPG (7 per cent) on LTM (last twelve months) constant currency basis.

In the April-June quarter, HCL Technologies signed 27 transformational deals, led by strong momentum in telecom, financial services, retail - CPG and energy and utilities verticals.

Speaking on the result, HCL Technologies President and CEO C Vijayakumar said: "We achieved highest-ever bookings in this quarter led by our next-gen Infrastructure services as well as Mode 2 offerings. Our combined Mode 2 and 3 offerings contributed 26.6 per cent of our revenues and it grew 9.6 per cent quarter-on-quarter."

HCL will continue to invest in its next-generation portfolio to help enterprises build their digital future, he added.

 

(With inputs from PTI)

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