HCL Tech Revenue, Profit Rises (HITS)
Multinational IT services company HCL Technologies posted a fiscal third quarter profit of $306 million on revenue of $1.74 billion, thanks to growth across every one of the company’s verticals, including a nearly 10% revenue rise in HCL’s telecommunications, media, publishing and entertainment division. Additionally, HCL reported a sharp rise in client additions, adding five with revenues of $50 million-plus a year, nine on the $40 million-plus side, and 13 pulling in more than $20 million.
“The disruptive market forces are creating a rapid evolution in the environment, posing several challenges as well as opportunities,” said Shiv Nadar, chairman and chief strategy officer for HCL Technologies. “These are very exciting times as technology disrupts and drives a new interplay of socio–economic models. HCL continues to be at the forefront of this change, by investing in core and next–generation services, while leveraging its engineering heritage to build products and platforms business. This is helping us drive unmatched value, growth and innovation through collaborative ecosystems consisting of employees, clients and partners.”
Among the highlights for the quarter was the announcement that HCL has extended its IP partnership with IBM, with the pair looking for new products in business-to-business data transformation, application security, mainframe management tools and testing automation. HCL announced it will invest $155 million-plus in the partnership.