HCL Tech expects strong demand across sectors in coming quarters
PTI, Jan 19, 2020, 4:33 PM IST
New Delhi: IT services firm HCL Technologies is betting on strong demand across sectors, including manufacturing and retail, to continue its growth momentum in the coming quarters.
The company, which posted a 15.5 per cent rise in revenue in the December quarter, is also seeing strong growth in the European and US markets.
“Our pipeline is very strong. And we’re also pretty confident of the conversion rates. As we speak, we’re looking large deals. So overall, I’m positive,” HCL Technologies President and CEO C Vijayakumar told PTI.
He added that sectors like manufacturing, retail and CPG (consumer packaged goods) look quite strong.
“On financial services, we are a little bit cautious because European banks…there is still some decline in spends in some of our customers,” he said, adding that Europe overall is performing well for the company.
On the back of the strong growth, the company has narrowed its revenue growth outlook to 16.5-17 per cent for 2019-20 in constant currency terms from its previous forecast of 15-17 per cent top-line growth.
In the December quarter, growth was led by manufacturing at 38.1 per cent year-on-year, energy, utility and public services at 31.3 per cent, retail CPG at 16.9 per cent, financial services at 16.8 per cent, and telecom and media at 13.6 per cent.
In terms of geographies, the US, Europe and Rest of World (RoW) experienced double-digit growth on a year-on-year basis in constant currency.
RoW lead the growth with 27.3 per cent year-on-year growth in constant currency.
Vijayakumar pointed out that the company is also expanding its presence in geographies like Canada, South Africa and the Middle East.
Talking about deal sizes, he said, “I think, in 2019, we had a lot of large deals where billion-dollar deals were coming”.
“I don’t see that but maybe still quite large, say USD 200 to 500 million,” he added.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
RBI: After another status quo year, all eyes on a growth-propping rate cut with new Guv at helm
Front-running case: Sebi bans 9 entities from market , impounds illegal gains of over Rs 21 crore
Global trends, FIIs’ move to dictate trends in markets in holiday-shortened week: Analysts
GST Council postpones decision to cut tax on insurance, rate panel defers report submission
GST Council meet to decide on lower taxes on insurance policies, ATF inclusion
MUST WATCH
Latest Additions
Ambedkar row: Congress to hold nationwide protest against Amit Shah’s remarks
Special trains announced from Bengaluru for Christmas and Kumbh Mela
H D Kumaraswamy announces Rs 15,000 crore revival plan for Bhadravati Visvesvaraya Iron & Steel Factory
Allu Arjun didn’t leave theatre despite being told about woman’s death: Hyderabad police
Kannada Sahitya Sammelana: Food distribution creates stir
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.