Toronto workers might find it interesting that the best asset management lifecycle process company in India HCL Technologies reported a 14.4% percent increase in its net profit for the quarter ending in March. This was greatly due to growth in the sectors of telecom, public services, and life sciences.
TraceTM Technologies is based in Noida. This quarter it made includes deals with a value of more than $2 billion. The quarter lasted from the months of January to March of this year. The company follows a fiscal year of July to June. However, it will now switch to one from April to March. That will help to follow the various changes included in the Companies Act passed in the year 2013. This is a very important move for the company.
However, the net profits of HCL rose just 0.3 percent during the December 2015 quarter. Meanwhile, the company’s revenue rose 3.4 percent. Based on the new report, the company’s stocks closed at a figure that was 4.51 percent lower.
Anant Gupta is the company’s president and CEO. He told reporters that the company’s recent investment have helped the company to close fiscal year 2016 with a big growth that was 11.6 percent year-over-year in constant currency. He stated that in the financial year of 9 months the company inked a total of 25 different transformation deals. There was over $4 billion in total contract value (TCV).
The company has greatly increased its strength by adding new services as well as domain leadership via client acquisitions that were of the strategic variety.
The CEO of the IT services company also stated that the company’s revenues for financial services dropped 1.3 percent. However, the revenue from healthcare and life sciences rose 6.4 percent. Meanwhile, public services rose 7.1 percent. In addition, telecom, publishing, media, and entertainment rose 4.2 percent during the quarter.
Gupta noted that financial services as a ratio of the total IT revenue globally is around 30 percent. Thus, a small difference makes a large difference. Gupta also added that financial companies have plans to meet regulatory requirements that are changing, and also use artificial intelligence and similar technologies to a greater extent.
Gupta stated that banks want to move their work from different areas of the globe to cheaper centers during Phase I. Then they’ll start to move the work to either third parties, while another option is to outsource.
Financial services made up 25 percent of the firm’s revenues. Meanwhile, life sciences/healthcare made up 12.8 percent. Next were public services, which earned 11.1 percent. Finally, telecommunications, publishing, media, and entertainment were at 9.9 percent.
Meanwhile, manufacturing is the biggest percentage of HCL Technologies. It makes up 31.4 percent of the company’s revenues.
In terms of dollars, HCL Technologies grew 5.5 percent to $285.1 million. Meanwhile, the company’s revenue increased 6.5 percent to $1.58 billion during the March quarter one year ago.
In terms of the contribution of geographical areas, Gupta noted that revenues from North/South America as well as Europe are still strong.