HCL tech revenue up 17%, beats peers

NEW DELHI: HCL Technologies to skip forecasting revenue guidance for the current fiscal year citing uncertainties due to the Covid-19 pandemic, but ended fiscal year 2020 with the fastest growth seen among the top five Indian IT services firms. The firm grew revenue by 16.7% to $9.94 billion (₹70,678 crore) in fiscal year 2020 as it saw clients in manufacturing and technology verticals spend more to tap its expertise and the firm saw improved sales of its products, including those that it acquired from IBM. The company proposed a final dividend of ₹2 per share on double the number of shares post 1:1 bonus issue.Infosys grew 9.8% with revenues of $ 12.78 billion in last fiscal , while Tata Consultancy Services, India’s largest IT firm grew 7.1% to $ 22.03 billion. Smaller rivals Wipro grew 3.8% to $ 8.6 billion and Tech Mahindra by 4.3% to $ 5.18 billion.“We see some clear impact on the growth story in the short term, as we help our clients to deal with this downturn. However, we are not in a position to quantify it at this time, since there are many moving parts,” said C Vijayakumar, CEO of HCL Technologies. “Given our portfolio mix and strong relevant propositions that we have, we do not see this pandemic influencing our multi-year engagements beyond the short term.” HCL’s move to not give a forecast is also in line with its peers Infosys and Wipro, who see a short term business impact in the quarter till September.

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