Shiv Nadar, founder and Chairman of HCL, in New Delhi. (Mint via Getty Images)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.
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