BETTING BIG ON THE CLOUD

HCLTech is betting big on the cloud with its CloudSMART while IoT WoRKS and EdTech are some of its other products for an integrated portfolio of offerings

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This year HCL Technologies rebranded itself to HCLTech. HCL has a legacy that spans more than four decades, famous for getting the NSE digitization contract in 1993 and coming out with an IPO in 1999. It launched Industry NexT to accelerate Industry 4.0, focused on the transformation of businesses.

HCLTech works with more than 500 clients in the Forbes 2000 List across verticals like financial services, manufacturing, life sciences & healthcare, telecom, retail and public services. It has been positioned as a Leader in the Gartner Magic Quadrant for Managed Network Services.

Financials: Globally, HCL Tech is a $10 billion+ company and this year it ended with a revenue in excess of Rs 85,000 crore, with a growth of close to 14% and a profit before tax at close to 19%.

HCL Tech signed more than 50 new large deals, according to its annual report, and a 60% total increase in $100 million plus clients over the last 3 years. It crossed the landmark of having more than 2 lakh employees spread across 52 countries and 210 delivery centres. It also announced its intention to create 12,000 new jobs in the US over the next 5 years. Of the revenue, IT and Business Services constituted a lion’s share of 72% with the rest going to Engineering and R&D Services along with Products and Platforms.

In terms of latest news, their second quarter Fy 2023 revenue stood at ₹24,686 crore, up 5.2% QoQ and 19.5% yoy with a net margin of 14.1%, up 13 bps QoQ. In terms of Fy’23 guidance, services revenue is expected to grow 16%–17% yoy.