Shiv Nadar Steps down as chairman-HCL Technologies

HCL Technologies, Chairman, Shiv Nadar has stepped down from the chairman’s role. His daughter, Roshni Nadar Malhotra, will be the chairman with immediate effect.

 

Roshni Nadar

Roshni Nadar Malhotra

HCL Technologies Q1 Profit up

The IT giant recorded a net profit of Rs 2,220 crore in the April-June 2019 quarter. The company has recorded 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June 2020 quarter. The revenue has grown 8.6 per cent to Rs 17,841 crore in the quarter from Rs 16,425 crore in the corresponding quarter in 2019.

The company’s revenue in June 2020 quarter grew 1 per cent year-on-year, the filing said. HCL Technologies expects its revenue to increase quarter-on-quarter by an average on 1.5-2.5 per cent in constant currency for the next three quarters.

C VijayKumar, HCL Technologies president and CEO stated that the adverse conditions during this quarter had an anticipated negative impact on their revenue and he is happy to report that the resilience of our operating model helped us deliver stellar operating margins and cash flows. He also said that the company had healthy bookings, enabled by 11 new transformational deals.

HCL Technologies

He added, ” We also renewed several large deals during the quarter. We are seeing a robust demand environment and a strong pipeline which gives us confidence in our growth trajectory going forward’.

The board of Directors has appointed Roshni Nadar Malhotra, Non-Executive Director as Chairperson of Board and company with effect from Friday in place of Shiv Nadar.

Shiv Nadar will continue to be MD of Company with designation as Chief Strategy Officer.

The company has announced a dividend of Rs 2 per share. At the end of June 2020 quarter, HCL had 150,287 employees with a gross addition of 7,005 people.

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