Categories: Business

HCL Tech gets Rs 2,925 crore profit in first quarter, Shiv Nadar leaves the post of chairman

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HCL Tech Q1 net profit up 31.7 pc at Rs 2,925 cr; Shiv Nadar steps down as Chairman

new Delhi. IT company HCL Technologies on Friday reported that its net profit in the first quarter of FY 2020-21 increased by 31.7 per cent to Rs 2,925 crore. The company said that Shiv Nadar has also announced to step down as chairman. His daughter Roshni Nadar Malhotra will now be the chairman of the company with immediate effect. The company made a net profit of Rs 2220 crore in the April-June 2019 quarter.

The company's revenue grew 8.6 percent to Rs 17,841 crore in the quarter under review, from Rs 16,425 crore in the year-ago quarter. At the same time, revenue of the company was Rs 18,590 crore in the March 2020 quarter. Chairman and CEO of HCL Technologies C Vijayakumar said that adverse conditions in the quarter under review have adversely impacted our revenue, although the operational model's flexibility helped maintain margins and cash flows.

He said that the company had enough deals and it got 11 very important deals in this period. The company said that the board of directors has decided to replace Shiv Nadar with his daughter and the company's non-executive director Roshni Nadar Malhotra as the chairman of the board and the company. His appointment is effective from Friday. The company stated that Shiv Nadar had expressed his desire to step down and he would remain the company's MD with the designation of Chief Strategy Officer.

This post was published on July 17, 2020 11:45 am

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