They made it by a whisker! HCL, the fifth largest India-based IT/BP services firm, crossed the billion dollar revenue mark in the quarter by a couple of million dollars, doubling its top line in just three years. Headline revenues for HCL’s Q1 (to 30th Sept) grew by 25% yoy (4.1% qoq) to $1,002m, ( 22% yoy, 5.1% qoq at constant exchange rates). This growth rate is pretty much up there with industry leader TCS (see TCS surges in Europe) which, it has to be said, is quite a result. Big difference in operating margins though. At just 14.3%, HCL is roughly half as profitable as its much larger rival and still way off its historical 18-19% levels, not helped by its BPO business remaining in loss. TechMarketView Foundation Services clients will find more in the next edition of OffshoreViews.
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HCL tops a billion!
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