HCL Technologies Pips Wipro; Becomes Third Largest IT Services Company

HCL Technologies pipped Wipro in dollar revenue terms logging revenue of US$2.05 billion during the first quarter ended June 2018. In the same quarter, Wipro netted revenue of US$2.02 billion. This makes the Noida-based IT services company the third largest company in dollar revenue terms only after TCS and Infosys that reported revenue of US$5.05 billion and US$ 2.83 billion, respectively during the same period.

President and CEO C Vijayakumar as quoted in a PTI report says, "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 per cent of our revenues and it grew 9.6 per cent quarter-on-quarter".

He added, that the company will continue its investments in next-gen portfolio to enable enterprises in shaping and building their digital set-up.

The dollar revenue guidance of the company has been optimistic with growth projection in the range of 8.4-10.4% for the FY 2018-19. The net income of the company witnessed growth at the rate of 5.7% to US$356 million while its revenue grew by 9% to US$2.05 billion on a year-on-year basis. Wipro, however, does not come up with year-round revenue outlook.

The company's growth has been led by Technology and Services (36%), Life sciences and Healthcare (10.2%), Financial Services (9%) and Retail and CPG (7 %) on last twelve months constant currency basis. Also, during the quarter, the company has signed as many as 27 transformational deals due to momentum in financial services, telecom, utilities and retail-energy and CPG verticals.

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