HCLTech: Unlike some of its peers, HCL’s banking and financial services business emerged as its top-performing vertical, growing 2.8% sequentially and 12.1% year-on-year in constant currency in 2023-24. This growth occurred despite a muted macroeconomic environment, with no pickup in discretionary spending as clients adopted a cautious approach. Its mainstay market, the Americas, grew 4.2% sequentially and 6.8% year-on-year during the same period.
Discretionary spending is expected to increase in the coming quarters, especially around data, as customers focus on generative AI proof of concept projects, says CEO C Vijayakumar.
Vijayakumar told PTI in an interview that HCL Technologies (HCLTech) is keen on acquisitions in areas of semiconductor, automotive, and of platforms that drive strong annuity revenues or geographies such as Japan.
HCLTech CEO and MD C Vijayakumar said that the lateral hiring would depend on how the year pans out for the company. HCLTech had added over 2,700 employees in the March quarter.
HCL Technologies topped revenue, headcount growth of IT services top four in FY24.Despite optimism, a guidance of 3-5% revenue growth in FY25 has raised some concern.C. Vijayakumar, MD and CEO of HCL Technologies, says profitability will be maintained in FY25