HCLTech is betting big on the cloud with its CloudSMART while IoT WoRKS and EdTech are some of its other products for an integrated portfolio of offerings
Rs 867,180 mn
This year HCL Technologies rebranded itself to HCLTech. HCL has a legacy that spans more than four decades, famous for getting the NSE digitization contract in 1993 and coming out with an IPO in 1999. It launched Industry NeXT to accelerate Industry 4.0, focused on the transformation of businesses.
HCLTech works with more than 500 clients in the Forbes 2000 List across verticals like financial services, manufacturing, life sciences & healthcare, telecom, retail and public services. It has been positioned as a Leader in the Gartner Magic Quadrant for Managed Network Services.
Financials: Globally, HCL Tech is a $10 billion+ company and this year it ended with a revenue in excess of Rs 85,000 crore, with a growth of close to 14% and a profit before tax at close to 19%.
HCL Tech signed more than 50 new large deals, according to its annual report, and a 60% total increase in $100 million plus clients over the last 3 years. It crossed the landmark of having more than 2 lakh employees spread across 52 countries and 210 delivery centres. It also announced its intention to create 12,000 new jobs in the US over the next 5 years. Of the revenue, IT and Business Services constituted a lion’s share of 72% with the rest going to Engineering and R&D Services along with Products and Platforms.
In terms of latest news, their second quarter FY 2023 revenue stood at ₹24,686 crore, up 5.2% QoQ and 19.5% YoY with a net margin of 14.1%, up 13 bps QoQ. In terms of FY’23 guidance, services revenue is expected to grow 16%–17% YoY.
Showcase product: CloudSMART for cloud transformation. In terms of analyst perspectives, according to PEAK Matrix, “With its CloudSMART approach, HCLTech is well positioned to provide an integrated cloud transformation journey with the help of comprehensive solution offerings, IPs, DevOps and site reliability engineering (SRE)-based operations and an extensive partner ecosystem.”
Partners & alliances: Dell Technologies, IBM, Intel, Microsoft, Microsoft, Salesforce, VMware, AWS, Google Cloud, Cisco, Dassault Systemes, Adobe Automation Anywhere, Blue Prism, Broadcom, GE, Hitachi Vantara, HPE, Infor, NetApp etc.
Acquisitions: Aftermarket, Industry 4.0 and IoT company Quest Informatics; data services company Starschema and financial specialist Confinale AG. Along with apoBank it also acquired German IT consulting firm GBS.
HCL Tech made it to the Forbes’ “World’s Best Employers” list 2021 in the professional services sector. Chairman Emeritus Shiv Nadar given Global Leadership Award, 2021 by the US India Business Council along with USISPF Lifetime Achievement Award 2022. Chairperson Roshni Nadar Malhotra made it to the Forbes 100 Most Powerful Women of the World, 2021.
Partnerships, launches & expansions
• Expanded strategic partnership with Google Cloud to accelerate Digital Transformation for Enterprises. HCLTech will train up to 18,000 technology and consulting professionals on Google Cloud.
• HCL Tech teamed up with VMware to launch a new dedicated business unit which will combine the power of HCL’s CloudSMART framework with VMware’s cross-cloud services.
• It adopted an Intelligent Data Migration Platform from Syniti to develop industry-specific data solutions and delivery of higher quality SAP S/4HANA transformations.
• Expanded their global partnership with Novo Nordisk to provide global service desk and on-site support to them and implement a multilingual and omnichannel digital workplace solution.
• Expanded global partnership with Avaloq to accelerate innovation in Digital Wealth Management lifecycle management via a center for Avaloq clients to harness HCL’s digital transformation execution framework (FENIX 2.0) and next-generation AI and automation.
• Became new cornerstone partner of MetLife Stadium to make it the most technologically advanced venue in the US while providing enhanced guest experiences.
• Launched Kubernetes Migration Platform to accelerate application modernization to help organizations migrate workloads from legacy on-premises and Cloud Foundry environments to modern Kubernetes-based platforms.
• Completed 14 years in Mexico and went into expansion mode there digital transformation partnership with Cemex, a global construction materials company and an integrated IT Services partnership with Neoris, a leading global digital accelerator.
• Signed a global digital transformation deal with VELUX Group, an end-to-end IT services transformation agreement.
• Partnered with Purdue Global for a higher education program for employees to enhance their technology skills.
• Selected as a strategic launch partner for Microsoft cloud for Financial Services.
• Expanded partnership with the Husqvarna Group to drive Digital Transformation and advance Husqvarna’s journey by leveraging automation and facilitating an agile and customer-focused workforce.
• Partnered with Innovaccer to accelerate digital health Transformation and collaboration to help healthcare and life sciences organizations.
• Signed a collaboration agreement with NEORIS, a leading global digital accelerator that co-creates disruptive solutions for digitally aspirational companies. Agreement to bring capabilities to clients in global markets, including the ability to increase application usage time, business management operations and integrated IT services.
• Opening of a center of excellence (CoE) with IBM to help communication service providers modernize their network infrastructure, transform service delivery and simplify operations.
C Vijayakumar, CEO