SOURCE: HCL Technologies Ltd.

HCL Technologies Ltd.

April 21, 2010 09:00 ET

HCL Technologies Reports 21.4% YoY Revenue Growth in Q3 FY10

HCL Technologies Registered a Growth of 9.6% QoQ in the U.S. Market; Strategic Partnerships With nMetric, Wellogic and Next Labs Inc. in USA

NOIDA, INDIA--(Marketwire - April 21, 2010) - HCL Technologies Ltd. (HCL), a leading global IT services provider, today announced results for its FY 2010 third quarter, which ended March 31. During the quarter, HCL posted strong growth with global revenues increasing by 21.4% YoY to $685 million.

HCL's U.S. business posted an increase of 9.6% quarter-on-quarter. The result demonstrates increasing market recognition of the value HCL delivers to its customers in the U.S. and validates HCL's Go-To-Market (GTM) strategy in the geography, which encompasses an integrated horizontal, sector and geographic focus.

Commenting on the results, Dr. Shami Khorana, President, HCL America, said, "During this quarter, our U.S. business has posted revenue growth at 9.6%. As we emerge from recession, companies are starting to invest more heavily in IT outsourcing and we're beginning to see a solid increase in demand. We have successfully executed on our highly differentiated Go-To-Market strategy of delivering total IT outsourcing solutions and providing business transformational value to our customers, which has ensured HCL's continued success in a dynamic U.S. market environment."

HCL was included on the prestigious WorldBlu list of Democratic Workplaces for the first time in 2010. HCL's entry into the 'WorldBlu List,' which comprises the world's most democratic workplaces, showcases its exemplary democratic practices that contribute to high performance, engagement, innovation and profitability.

Fifth in the highly successful series HCL's Global Customer Meet 2010 witnessed rich participation from global leaders. A total of 1000 participants including 600 customers, thought leaders, 50+ analysts and advisors came together from across more than 350 global organizations to define the rules of 'The New Normal.' They were joined by over 270 HCLites.

HCL announced a strategic partnership with software provider nMetric. The companies have joined forces to help automotive manufacturers improve factory operations through intelligent shop floor solutions. This partnership represents HCL's strategic direction of delivering cost-effective, high value-add industry solutions to the automotive industry.

HCL also forged a strategic partnership with Wellogic, a software solutions provider for the healthcare community. The companies have collaborated to provide interoperability and health records management solutions that enable safer, more efficient care delivery across the global healthcare industry.

HCL AXON, a division of HCL Technologies, signed a strategic go-to-market partnership with NextLabs, Inc., a provider of policy-driven information risk management solutions. This partnership is bringing information risk management software and consulting expertise to companies operating in complex, highly regulated environments such as the utilities, aerospace, defense, travel and transport industries. 

Deals signed during the quarter include Advanstar Communications, Commonwealth of Virginia, Vodafone, Saint Gobain, Terasen Inc., Malaysian Airlines, Sky Italia, DGSi and Danfoss.

Q3 FY 2010 Financial Highlights for HCL Technologies

  • Overall Q3 revenues at US$685 million; up 21.4% YoY
  • Posts 5.1% QoQ revenue growth

Q3 FY 2010 Financial Highlights for U.S.

  • U.S. posts 9.6% QoQ revenue growth

About HCL

HCL is a $5 billion leading global Engineering and IT Enterprise that comprises two companies listed in India -- HCL Technologies & HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups, a pioneer of modern computing, and a global transformational enterprise today. Its range of offerings spans Product Engineering, Custom & Package Applications, BPO, IT Infrastructure Services, IT Hardware, Systems Integration, and distribution of ICT products across a wide range of focused industry verticals. The HCL team comprises over 62,000 professionals of diverse nationalities, who operate from 26 countries including over 500 points of presence in India. HCL has global partnerships with several leading Fortune 1000 firms, including leading IT and Technology firms. For more information, please visit www.hcl.in.

About HCL Technologies

HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on 'transformational outsourcing,' underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of 'Employee First' which empowers our 58,129 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 2.6 billion (Rs. 12,048 crores), as on 31st March 2010 (on LTM basis). For more information, please visit www.hcltech.com.

Forward-looking Statements

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned,' 'expects,' 'believes,' 'strategy,' 'opportunity,' 'anticipates,' 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.