Billionaire Shiv Nadar-led HCL Technologies has become India’s third largest software services provider by displacing Wipro, Mint has reported.
This change in the pecking order of the country’s $167 billion Information Technology outsourcing industry is the first in six years.
The Noida-based company’s dollar revenue rose 0.8 per cent in the quarter ending June to reach $2.05 billion. The company expects its dollar revenue to grow by as much as 10.4 per cent in the current fiscal year. If it does, the company will record a revenue of $8.65 billion in 2018-19.
The change in the order was aided by a 1.7 per cent decline in Wipro’s dollar revenue. In the same quarter, Wipro recorded a revenue of $2.03 billion. To retain its third position, Wipro will need to grow 7.32 per cent this year.
According to the report, years of underperformance by Wipro and a more aggressive approach in acquisitions has also helped HCL surpass Wipro. While HCL has invested over $2.1 billion in acquiring companies in the last three years, Wipro has spent only $1.3 billion in acquiring firms and buying minority stakes.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.