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HCL Tech ovetakes Wipro to become India's third biggest IT services firm

HCL Technologies has toppled Wipro to become the third-largest software services company in India in terms of dollar revenue, clocking a topline of USD 2.05 billion during the June quarter


PTI Last Updated at 27 Jul 2018, 20:07 IST India

HCL Technologies has toppled Wipro to become the third-largest software services company in India in terms of dollar revenue, clocking a topline of USD 2.05 billion during the June quarter.

The IT services revenue of Wipro during the same quarter was USD 2.02 billion.

Tata Consultancy Services and Infosys are the two larger Indian IT services firms with revenues of USD 5.05 billion and USD 2.83 billion, respectively in the June 2018 quarter.

HCL Technologies expects its dollar revenue to grow between 8.4 percent to 10.4 percent in dollar terms in FY2018-19. Wipro, on the other hand, does not issue a full-year revenue outlook.

During the June 2018 quarter, HCL Technologies saw its net income grow 5.7 percent to USD 356 million, while revenue increased 9 percent to USD 2.05 billion compared to the same period last year.

The Noida-based company said it had witnessed broad-based growth driven by Technology and Services (36 percent), Lifesciences and Healthcare (10.2 percent), Financial Services (9 percent) and Retail and CPG (7 percent) on LTM (last twelve months) constant currency basis.

HCL Technologies said it signed 27 transformational deals during the quarter, led by strong momentum in telecom, financial services, retail - CPG and energy and utility verticals.

"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 percent of our revenues and it grew 9.6 percent quarter-on-quarter," HCL Technologies President and CEO C Vijayakumar said.

The company will continue to invest in its next-generation portfolio to help enterprises build their digital future, he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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