Noida-headquarteredIT/BP services firm HCL Technologies (HCLT) grew even faster in the last quarter of the calendar year, with revenues rising by 13% to $1.15bn, faster than much larger peer Infosys (see Infosys holds its own) and just a tad behind India-based leader, TCS (see TCS holds on to margin crown). And yet again HCL lifted operating margins, which at 19.8% are fully 4 points higher yoy and 40 bps higher than the prior quarter.
As usual, it was infrastructure services that pushed the business along, as well as – and much less usual for other players – Financial Services, both of which grew double-digits over the prior quarter. HCL is in fact the leading India-headquartered player in the UK infrastructure services market and the only one in the Top 20 (see our new report Have the India-centric suppliers come of age?).
Last year was a remarkable calendar year for HCL (their FY ends in June), which saw revenues grow by nearly 13% to $4.4bn, and operating profit grow by almost 40% - and it’s all organic! They really do seem to have the bit between their teeth now. And they have also chosen this time to promote COO Anant Gupta to President and CEO of HCLT. Vineet Nayar remains as Vice Chairman. Eligible TechMarketView subscription service clients will be able to read our usual end-of-year round-up of the UK performance of all the India-centric ‘majors’ in the next edition of OffshoreViews
And as a side-note, separately listed sibling company HCL Infosystems, is to spin out its hardware, learning and services divisions into separate businesses.