HCL Technologies: With $2 billion Q1 revenue, HCL Tech beats Wipro

BENGALURU: HCL Technologies said first-quarter revenue rose 2.7% sequentially in constant currency and beat rival Wipro in terms in quarterly revenue in the period.

For the quarter ended June 30, HCL Technologies reported revenue of $2.05 billion. Wipro reported IT services revenue of $2.02 billion. At the end of the year, HCL Tech will likely displace Wipro from its fourth-place ranking in the Indian IT pecking order. The last time the rankings shifted was in 2012, when Cognizant beat out Infosys to take second-place behind Tata Consultancy Services.

“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% of our revenues and it grew 9.6% QoQ. We continue to invest in our next generation portfolio to help enterprises build their digital future,” C.Vijayakumar, President & CEO, HCL Technologies, said in a statement. He added that the company had seen its highest ever bookings in the quarter and has closed 27 transformation deals, excluding renewals. HCL Tech’s net income rose 3.4% sequentially to $356 million. In rupee terms, profit came in at Rs 2,403 crore.

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