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Nadar Stepped Down As Managing Director Of HCL Tech, C. Vijayakumar Takes Over The Role For Next Fiv

Tuesday, 20 July 2021, 04:13 Hrs

Shiv Nadar, the creator of HCL Technologies Ltd and its chief strategy officer, has resigned as managing director and a director with effect from July 19, having reached the age of 76. Nadar will, however, continue to lead the company as Chairman Emeritus and strategic advisor to the board for the next five years, according to the corporation.

C. Vijayakumar, president and chief executive officer, has been appointed as the managing director for five years.

HCL Tech, during its first quarter earnings announcement on Monday, retained its guidance. It expects its revenue to grow in double digits in constant currency through FY22 , on the back of a positive demand environment and robust deal pipeline. It also expects earnings before interest and taxes (EBIT) margin to be at 19-20%.

The services firm posted a net profit of ₹3,214 crore for the June quarter, up nearly 10% annually. It is below consensus Bloomberg estimates of ₹3,255.5 crore.

The revenue for the first quarter was up 12.5% from the year-ago period to ₹20,068 crore, on the back of a strong performance led by its digital business or ‘Mode 2’, which grew 29% year-on-year in constant currency, and contributed 23.7% to its total revenues. Revenues were lower than consensus Bloomberg estimates of ₹20,402.1 crore.