DBT Bureau
Bengaluru, 27 April
HCL Tech has topped the list among large Indian IT services companies in terms of revenue growth in FY24. Its revenue growth rate was higher than Tata Consultancy Services, Infosys, and Wipro.
Not only Indian IT firms, even top-line growth rate was higher than Cognizant and Accenture in US dollar terms.
Indian IT firms follow April-March financial year cycle while Cognizant follows January-December fiscal cycle and Accenture follows September-August cycle.
In FY24, HCL Tech posted a total revenue of $13.27 billion, which was an increase of 5% over the past fiscal in a constant currency basis. In comparison, TCS saw a revenue growth of 3.4% in FY24, while Infosys’ revenue grew 1.9% during this period. Wipro’s revenue from IT services saw a fall of 4.4% during the last fiscal year.
Among global firms, Accenture posted 4% growth in US dollar term for fiscal 2023, while Cognizant’s revenue declined 0.3% in constant currency term in 2023.
Not only in terms of revenue growth rates, even HCL Tech bucked the trend in terms of total employee count. While its Indian peers including TCS, Infosys & Wipro saw a fall in their headcount, HCL Tech added employees in the last financial year.
The Shiv Nadar promoted company saw its headcount rising 2,725 employees to 227,481 during the last fiscal year. India’s biggest IT services company, TCS’ employee count in FY24 dropped by 13,249 employees. Infosys headcount fell sharply by 25,994 employees to take the total count to 3,17,240 during this period. For the full fiscal, Wipro’s total employee strength dropped by 24,516 to 2,34,054 as of March 2024.
According to the company, its industry-leading growth in FY24 was driven by the Verizon deal, which the company bagged last year. HCL Tech won the $2.1 billion deal with Verizon Business, the enterprise arm of US-based Verizon Communications, to provide primary managed network services (MNS).
In FY25, the company is planning to hire the same level of freshers, which it hired last year. The IT firm hired over 12,000 freshers during the last fiscal.
