HCL Tech becomes India’s third-largest services company, beating Wipro
HCL Technologies has beaten Wipro to become India’s third-largest IT services company in 2018-19. The Noida-based company announced that its revenues reached USD8.63bn in the last financial year, up 10% from the previous financial year. In terms of constant currency, the increase was 11.8%. C Vijayakumar, president and CEO of HCL Technologies, said the company has, for the third time this year, set a new bookings record, with double-digit growth which outperformed the high end of their predictions. He added that the company seeks to reach the USD10bn revenue milestone this fiscal year. For the fourth quarter ended in March, HCL Technologies met street estimates with its revenues and net profit coming in line with analysts’ forecasts. In contrast, Wipro recorded revenues of USD8.12bn, a rise of 3.8% from the preceding financial year. In 2018, Wipro’s full-year revenue reached USD8.06bn, more than USD220m higher than HCL Technologies’ USD7.84bn.