Maybe it’s something to do with the climate in Northern India compared to that in the South – or maybe it’s all down to execution – that explains why Noida-headquartered HCL grew faster last quarter than ‘senior’ Bangalore-based peer Infosys (see Infosys lowers guidance – and changes CFO).
In any event, HCL’s revenues in its FYQ1 (to 30th Sept.) grew by 11.1% yoy to $1.11bn, 3.2% higher than the prior quarter. HCL did well in Europe too, with revenues up by 16.4% yoy (2.8% qoq). And this growth was not at the expense of profit; HCL held operating margins at prior quarter’s levels (19.4%), over 5 points higher yoy.
Next ‘cab off the reporting rank’ will be TCS on Friday, and it will be interesting to see how the Indian ‘diversity of performance’ phenomenon plays out – and indeed compared to the US-based and Europe-based majors just starting to report. As usual eligible TechMarketView subscription service clients will be able to see our full round-up of the India-based players’ results in the next edition of OffshoreViews.