“There are no plans for promoters to dilute stake in HCL Tech. Promoters are here to stay with us,” Roshni Nadar, CEO, HCL Corporation said.
“I want HCL Corporation to have a conglomerate structure like the Tatas. HCL, Infosys, Wipro corporate governance is in autopilot mode,” she added.
The young hotshot CEO of India’s fourth-largest information technology services company HCL Technologies, Roshni Nadar, said on Wednesday that a severe conflict of opinion with the board is unlikely as there is one family which controls the business, amid the ongoing tussle between the bellwether Infosys founders and its board over corporate governance issues. “HCL and Wipro are largely controlled by one family so a strife with the board is not possible,” she told ET Now. She further said that Infosys founders are admirable industry leaders and there to stay. “I want HCL Corporation to have a conglomerate structure like the Tatas. HCL, Infosys, Wipro corporate governance is in autopilot mode,” she added.
HCL Technologies last month reported a 7.8 per cent rise in consolidated net profit at Rs 2,070 crore for the third quarter ended December 2016. It had posted a net profit of Rs 1,920 crore in the year-ago period, it said in a BSE filing. Consolidated revenues grew 14.2 per cent to Rs 11,814 crore in October-December as against Rs 10,341 crore in the same quarter of 2015-16. In dollar terms, the company’s net profit increased 5.2 percent to $306 million in the reported quarter while revenues grew 11.4 percent to $1.74 billion.
The company had guided for its 2016-17 revenues to grow 12-14 percent (based on average exchange rates for 2016-17), which translates into 10-12 per cent in USD terms based on December 31, 2016, exchange rates. “We expect our FY17 revenues to be in the middle of this range,” the company said. It added that the acquisitions and IP-led partnerships announced after September 30, 2016, are likely to additionally contribute 0.6-1 per cent in revenues, depending on the date of consummation of the Geometric deal.
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HCL Tech had announced the acquisition of Geometric in April last year in a USD 200-million share swap deal. “We continue our robust financial performance with a revenue growth of 3 per cent q-o-q and 13.8 per cent y-o-y in constant currency terms. The richness in our offerings coupled with our Mode 1-2-3 growth strategy is helping us gain a higher share of our clients’ wallet reflected in the increasing revenue contribution from our Top 5, Top 10 and Top 20 customers,” HCL Technologies President and CEO C Vijayakumar said.