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HCL Tech remains an IT outlier. But CEO remains cautious of macro pressures

Livemint

Livemint · 1y ago

HCL Tech remains an IT outlier. But CEO remains cautious of macro pressures

HCL Technologies had a strong financial year 2023-24, outperforming its rivals with better revenue growth and being the only IT services company to increase its employee count. However, concerns have been raised due to a projected revenue growth of only 3-5% for FY25 caused by decreased spending on IT in key global markets. CEO C. Vijayakumar acknowledges the macroeconomic pressures on the industry but remains committed to maintaining profitability. HCL Tech plans to hire 10,000 freshers in FY25, with a focus on data analytics, SAP tools, and cybersecurity. The adoption of generative AI is ongoing, with companies still evaluating its scalability and returns on investment.

Related News

Mint Explainer: Will FY26 be a washout year for the IT services industry?

Livemint

Livemint · 1m ago

Mint Explainer: Will FY26 be a washout year for the IT services industry?

The IT services industry faces a turbulent period in FY26 due to cautious client spending, tariff impacts, and geopolitical factors. The latest earnings reports reveal challenges and uncertainties for this $280 billion sector. Companies are striving to manage these issues, but the fiscal year outlook remains cautious.

Hexaware’s IPO comeback: A big payday for Carlyle even with smaller listing

Livemint

Livemint · 6m ago

Hexaware’s IPO comeback: A big payday for Carlyle even with smaller listing

Carlyle Group’s subsidiary CA Magnum Holdings plans to sell a 20% stake in Hexaware Technologies through an ₹8,750 crore IPO, marking Hexaware's return to public markets. The IPO, purely an offer-for-sale, will benefit Carlyle directly. Hexaware aims to boost business in the Asia-Pacific region amidst slower growth in the US and Europe. CEO Srikrishna Ramakarthikeyan sees potential in markets like the Middle East but remains cautious about certain outsourcing challenges with GenAI impacts.

Intel forecast falls short of estimates, fanning tariff worries

Economic Times

Economic Times · 4m ago

Intel forecast falls short of estimates, fanning tariff worries

Intel's second-quarter revenue forecast fell short of Wall Street expectations, raising concerns amidst a US-China trade war. New CEO Lip-Bu Tan faces challenges reshaping the company as it struggles with past setbacks and competitive pressures in the AI market. Intel is reducing operating expenses and capital expenditures as part of restructuring efforts, including workforce reductions and meeting cuts. The company's cautious outlook reflects tariff uncertainties and market competition, with mixed impacts on investor sentiment.

Grok may soon get an 'Unhinged Mode' | TechCrunch

TechCrunch · 7m ago

Grok may soon get an 'Unhinged Mode' | TechCrunch

Elon Musk's AI chatbot, Grok, is set to feature an "Unhinged Mode," offering deliberately objectionable and offensive responses, akin to an edgy stand-up comic. Musk, who criticized Grok's current leaning due to its training data, aims to make it more politically neutral. Currently in beta, Grok exhibits some edgy tendencies but remains cautious on political topics. Musk's plan reflects his vision for a bold, unfiltered AI distinct from others like ChatGPT.

Fatter pay checks coming for Tech Mahindra employees as co rolls out increments

Livemint

Livemint · 6m ago

Fatter pay checks coming for Tech Mahindra employees as co rolls out increments

Tech Mahindra has implemented company-wide salary increases from January 2025 under CEO Mohit Joshi to retain employees amidst stagnating wages. After a pause of 18 months, senior executives received hikes, with the average being 7% and top performers getting 12%. This move comes as Indian IT companies like Infosys and HCL Technologies also revise salaries. Tech Mahindra aims to improve its operating margins to 15% by 2027 through Project Fortius.

When will LTIMindtree start delivering on its merger promise?

Livemint

Livemint · 11m ago

When will LTIMindtree start delivering on its merger promise?

The merger between Larsen & Toubro Infotech (LTI) and Mindtree to form LTIMindtree has faced challenges due to cultural differences and overlapping roles, resulting in senior executive turnover and slower decision-making. The integration has also been hindered by a challenging macro environment. These factors have impacted LTIMindtree's growth, leaving it lagging behind top-tier competitors. The company's goal of reaching $10 billion in revenue remains a work in progress, although improvements in the macro environment and opportunities in artificial intelligence (AI) offer a fresh start.

The one bright star in a bleak year for IT

Livemint

Livemint · 1y ago

The one bright star in a bleak year for IT

HCL Technologies is expected to outshine other Indian IT services companies in terms of revenue growth and profitability in FY24, according to investor notes and analyst predictions. HCL is projected to achieve a revenue growth of 4.7% in FY24, outperforming larger competitors like Tata Consultancy Services (TCS) and Infosys. TCS is expected to see slower revenue growth of around 4%, while Infosys may report a slight decline in revenue for the March quarter but a 2% increase for FY24. Only Wipro is expected to see a decline in both the March quarter and FY24 revenue. Overall, the IT sector's performance is subdued due to delayed discretionary tech spending.

Shiv Nadar gifts 47% of his stake in HCL Corp, Vama Delhi to daughter Roshni Nadar Malhotra

YourStory

YourStory · 5m ago

Shiv Nadar gifts 47% of his stake in HCL Corp, Vama Delhi to daughter Roshni Nadar Malhotra

Billionaire Shiv Nadar, founder of HCL, has transferred 47% of his stake in HCL Corp and Vama Delhi to his daughter, Roshni Nadar Malhotra, reinforcing family leadership. This strategic move is part of a succession plan ensuring ownership continuity. Roshni, the HCLTech chairperson, becomes the majority shareholder in Vama Delhi, HCL Corp, HCL Infosystems, and HCL Tech. SEBI's exemption facilitates the smooth share transfer, bolstering the family's leadership and involvement.

Steelmakers raise long product prices amid uptick in domestic demand, uncertainty over China's stimulus bid

Money Control

Money Control · 10m ago

Steelmakers raise long product prices amid uptick in domestic demand, uncertainty over China's stimulus bid

Indian steel manufacturers, particularly for long products like rebar and wire rod, are increasing prices in order to maintain control over pricing mechanisms and counter import pressures from countries like China and Vietnam. The domestic demand for steel has picked up after the parliamentary elections, driven largely by the real estate sector and government tendered road projects. The recent stimulus measures in China have raised hopes for Indian metal industry players, as it is expected to reduce import pressure. However, market sentiment remains cautious and a sustained price rebound will depend on further policy support and improvement in real estate demand.

A moonshot idea: Shiv Nadar’s daring dream of selling minicomputers in the US

Livemint

Livemint · 1y ago

A moonshot idea: Shiv Nadar’s daring dream of selling minicomputers in the US

Shiv Nadar, the co-founder of HCL, attempted to sell high-end minicomputers in the US in 1988. This was a bold move considering HCL was a startup with a small budget and India was not yet recognized as an IT services hub. Despite facing challenges, such as competition from established players like IBM, HCL focused on the minicomputers market. Although their venture in the US didn't succeed, it laid the foundation for HCL's pivot towards software services, which has been immensely successful. HCL Technologies now has a market capitalization of nearly $47 billion.

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