HCL Tech overtakes Wipro to become third-largest IT services firm in India

Company News

HCL Technologies (HCLT) on Thursday surpassed Wipro to become the third-largest IT services firm in India in 2018-19, making the first change in the pecking order of the country’s $170-billion IT outsourcing industry in the last seven years.

The Noida-based IT services firm announced its revenues touched $8.63 billion in the last financial year, a rise of 10 per cent over the previous financial year.In constant currency terms, the rise was 11.8 per cent.

Wipro, in comparison, posted IT services revenues of $8.12 billion, up 3.8 per cent over the preceding financial year.Last year, Wipro’s full-year revenue totalled $8.06 billion, more than $220 million above HCL Technologies’ $7.84 billion.

For the fourth quarter ended March, HCL Technologies met the street estimates with its revenues and net profit coming in line with analysts' expectations. The IT firm posted a net profit of Rs 2,568 crore, up 15.3 per cent on a year-on-year basis, though it declined 1.7 per cent sequentially.

HCL Tech overtakes Wipro to become third-largest IT services firm in India Revenues in the fourth quarter were Rs 15,990 crore, a rise of 21.3 per cent YoY and 1.9 per cent sequentially.

The operating margin of the company, however, dropped 70 basis points to 18.9 per cent in the March quarter as compared to 19.6 per cent in the preceding quarter.


 For the whole financial year, the net profit of the Shiv Nadar-promoted firm crossed Rs 10,000 crore to reach Rs 10,123 crore, up 15.3 per cent YoY. Similarly, revenues were Rs 60,427 crore, a rise of around 20 per cent on a year-on-year basis.