For the March quarter, HCL Technologies posted a net profit of Rs 2,568 crore, 15.3 percent higher than the year-ago period.
Homegrown HCL Technologies overtook Wipro to become the third-largest IT services company in India in 2018-19, bringing a change in the top three rankings of the industry for the first time in seven years, Business Standard reported.
HCL Tech's revenue touched $8.63 billion in FY19, a 10 percent year-on-year (YoY) growth, beating Wipro's $8.12 billion revenue, which registered a 3.8 percent growth over the previous year. Last year, HCL's revenue was $7.84 billion, $220 million short of Wipro's $8.06 billion.
For the March quarter, HCL Technologies posted a net profit of Rs 2,568 crore, 15.3 percent higher than the year-ago period, and a revenue of Rs 15.990 crore, registering a 21.3 percent growth year-on-year.
At the growth of 11.8 percent in constant currency, the company has exceeded its upper end of the guided range of 9.5-11.5 percent. For the full year FY19, Mode 2 grew at solid 28.7 percent YoY in constant currency.
Its major rivals like Tata Consultancy Services (TCS) witnessed a growth of 11.4 percent in constant currency terms, while Infosys registered a growth of 9 percent in FY19.
The Noida-headquartered company gave guidance for 14-16 percent growth in revenue in FY20 to reach the $10 billion mark. TCS has hinted at double-digit revenue growth and Infosys gave a range of 7.5-9.5 percent growth in the top line.
"HCLT has delivered a truly blockbuster performance with double-digit constant currency revenue growth of 11.8 per cent, which outperformed the high end of our guidance. We once again, for the third time this year, set a new bookings' record," said C Vijayakumar, the president and CEO of HCL Tech.