On Friday, HCL Technologies displaces Wipro Ltd to become India’s third-biggest IT Software services provider.
During the June quarter, it dollar revenue rose by 0.8% billion to $2.05% billion whereas Wipro decline by 1.7% sequentially to $2.02 billion.
The company reported a 10% rise in consolidated revenue at Rs. 2431 crores for June quarter. It expects its dollar revenue to grow between 8.4% to 10.4% in dollar terms in FY- 2018-19. While Wipro doesn’t issue a full year revenue outlook.
In fact Last year, Wipro’s full-year revenue totaled to $8.06 billion but $220 million more than HCL technologies $7.84 billion.
To reduce this, both Wipro and HCL Technologies have looked at acquiring firms which can help them offer new technology solutions.
For now, this approach appears to have proved financially economical for HCL Technologies, while Wipro holds with its own set of challenges.
HCL achieved highest ever bookings in this quarter led by next generation Infrastructure services as well as Mode 2 offerings. Combined Mode 2 and 3 offerings contributed 26.6% of revenues and grew 9.6% quarter on quarter.
With this making the first change in packing order of country’s $167 billion in domestic IT services industry in 6 years.
It was enough to take lead over closest competitor of Wipro in revenue run rate to emerge as the third largest company.