HCL Surpasses Wipro To Become India’s Third Largest Software Services Provider

HCL Surpasses Wipro To Become India’s Third Largest  Software Services ProviderShiv 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.