HCL Tech topples Wipro to become Indias third biggest IT services firm

HCL Technologies has toppled Wipro to become the third-largest software services company in India in terms of dollar revenue, clocking a topline of USD 2.05 billion during the June quarter. The IT services revenue of Wipro during the same quarter was USD 2.02 billion.
Tata Consultancy Services and Infosys are the two larger Indian IT services firms with revenues of USD 5.05 billion and USD 2.83 billion, respectively in the June 2018 quarter.

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 June 2018 quarter, 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 Noida-based 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. HCL Technologies said it signed 27 transformational deals during the quarter, led by strong momentum in telecom, financial services, retail - CPG and energy and utilities verticals.

"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 Technologies President and CEO C Vijayakumar said.

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