.jpg)
HCL Technologies Ltd. (HCL), a leading global IT services provider, today announced results for the quarter ended Sept 2010. In this 1st Quarter of FY 2011, HCL’s global revenues increased by 9.0% sequentially and 27.6% YoY to $804mn.
HCL accelerated its growth in the European region reporting a revenue increase of 18.2% QoQ and 17.5% YoY during July-September 2010. This quarter HCL added to its customer portfolio in Europe, one of the largest financial institutions in Ireland and a top General Insurance company in the Nordics regions where HCL will be providing business transformation through development, implementation and support & maintenance of their claims management system.
“This geography constitutes 27% of HCL Technologies’ revenues and has demonstrated increasing market recognition of the value HCL delivers to its customers.” commented Rajeev Sawhney, President for HCL Europe. “Our Go-to-Market strategy encompasses integrated horizontal, vertical and geographic focus and is gaining positive momentum to continue delivering a balanced growth, going forward.“
The key European highlights from this quarter include:- HCL inked several new contracts across Europe this quarter, including one of the largest financial institutions in Ireland and Pohjola Insurance Ltd, a top General Insurance company in the Nordics region.
- HCL reinforced its relationship with GFI Infortmatique, with an order for one of the major aerospace companies in France. HCL has a partnership with GFI, who is well positioned to provide on-site in-French IT Services for customers in France, allowing HCL to provide scalability and standardisation.
- HCL was positioned in the Gartner Magic Quadrant for Desktop Outsourcing, Europe and Gartner's Magic Quadrant for Helpdesk Outsourcing for Europe. It also received a positive rating MarketScope for Managed Security Services in Europe from Gartner.
- HCL rated ‘Positive’ in Gartner MarketScope for Managed Security Services in Europe.
- IDC identified HCL as one of the “rising players in the Nordic IT services” space. As per IDC, HCL’s current position in the Nordics is a Challenger position with strong propositions in key verticals such as Manufacturing, Consumers Services (Retail & T&M), Financial Services, Healthcare and Energy/utilities.
Q1 FY 2010 -11 Financial Highlights for HCL Technologies
- Q1 Revenues at US$ 804 mn; up 9.0% QoQ; up 27.6% YoY
- Net Income at US$ 72 mn; up 7.9% YoY
- Revenue on constant currency basis _28.5% YoY & 7.4% sequentially
- Gross & Net Employee addition of 11,785 & 5,661 respectively taking total headcount to 70,218
Q1 FY 2011 Financial Highlights for Europe
- Europe posts 17.5% YoY revenue growth in Q1 FY’11 over Q1 FY’10
- Europe posts 18.2% QoQ revenue growth for quarter ending September 2010.
The full financial results for the quarter can de viewed and downloaded from the HCL Technologies website. http://www.hcltech.com/investors/quarterly-results/
