Pipeline strong, HCL Tech to continue selective play in India market
HCL Technologies said that its December quarter saw the highest number of bookings since the past 12 quarters, even as the country’s fourth largest IT services company said it would continue to have a selective play in the domestic market.
“We don’t call out the TCV (total contract value of deals), we generally bake that into the next year guidance… but bookings have been the highest this quarter since the last 12 quarters,” said chief executive C Vijayakumar.
The company said its profit for October-December quarter increased 0.3 percent sequentially to Rs 2,194 crore. It also maintained its full year constant currency revenue guidance.
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“Overall, we are beginning to start talking to customers about what their outlook for FY18 is because for many of our customers, the budgeting period is January to December. While there is buoyancy around the overall economic environment, there is still the view that we have to do more with less as far as IT is concerned, partly because there are many priorities for corporates,” said Ajit Kumar, President -- Application and Systems Integration, HCL Technologies.
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He added that towards the latter end of FY17, the IT industry saw a revival, and this year will at best have marginal increases over that. “In Europe and other parts of the world the economy has not fully recovered, its only US which is bullish,” Kumar said. He also said that HCL Technologies would look at projects around enterprise transformation or digital transformation in India, after assessing the economics of the deal.
The company has been clear about making a selective play in the domestic market. “Cybersecurity is a focus, digital services, (and) cloud. A lot of India customers migrating to cloud,” said Vijayakumar. The CEO added that the company would not bid for large government projects.
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