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Behind HCL Tech’s USD3 billion enterprise software play and why its success is so crucial

Despite a consistent performance over the last three years, HCL Technologies has not been rewarded as expected by the market. This stems from the view taken on the USD3 billion bet the company has placed on developing an enterprise-product business, say experts. To claim its place in the spotlight, the company must ensure the venture’s success.
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Jochelle Mendonca
7 Aug 2020 6 Mins Read 1 comments
The front side of the HCL Technologies office at Noida, Uttar Pradesh. Reuters
The front side of the HCL Technologies office at Noida, Uttar Pradesh.
The last three years have been exciting for HCL Technologies. The company has spent over USD3 billion to build an enterprise software business, has outgrown its peers, and has overtaken Wipro to become the third-largest Indian IT services player by revenue. FY20 was a landmark year. The company grew 16.7% in constant currency terms, and even if one strips
breaking out figures that will show new growth. But without that kind of data, the analysts are unwilling to give that business much credit. HCL Tech will have to learn to do a lot of things simultaneously — revamp, innovate, communicate — before its valuation can begin climbing. ( Research support by Rochelle Britto; Graphics by Abdul Shafiq)
The last three years have been exciting for HCL Technologies. The company has spent over USD3 billion to build an enterprise software business, has outgrown its peers, and has overtaken Wipro to become the third-largest Indian IT services player by revenue. FY20 was a landmark year. The company grew 16.7% in constant currency terms, and even if one strips breaking out figures that will show new growth. But without that kind of data, the analysts are unwilling to give that business much credit. HCL Tech will have to learn to do a lot of things simultaneously — revamp, innovate, communicate — before its valuation can begin climbing. ( Research support by Rochelle Britto; Graphics by Abdul Shafiq)

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