HCL Tech’s Shiv Nadar steps down as Chairman, daughter Roshni Nadar takes over

Shiv Nadar will continue to be the Managing Director of the Company with the designation as the Chief Strategy Officer.
HCL Tech’s Shiv Nadar steps down as Chairman, daughter Roshni Nadar takes over

HCL Technologies Chairman Shiv Nadar has stepped down from his role, appointing daughter Roshni Nadar Malhotra as the Chairperson of the company and the board of directors with effect from July 17. Shiv Nadar will continue to be the Managing Director of the company with the designation as the Chief Strategy Officer as well.

Roshni Nadar is currently the CEO and Executive Director of the $9.9 billion technology services company and is responsible for providing strategic guidance to the organization.

Prior to being appointed as the Chairperson, she also a Vice Chairperson on the Board of HCL Technologies and the Chairperson of its CSR Committee.

Before taking over as the CEO, she was the trustee of the Shiv Nadar Foundation.

Roshni has a master’s in business administration, focused on social enterprise management and strategy from the Kellogg School of Management.

This announcement from the company came as HCL reported its first quarter results, where it posted a 31.7% year-on-year growth in its net profit at Rs 2,925 crore. However, compared to the previous quarter, net profit fell 7.3%.

HCL clocked a revenue growth of 1% in constant currency terms. However, compared to Q4 of FY20, revenues fell 7.3%

Revenue from operations was down 4% at Rs 17,841 crore versus Rs 18,590 crore reported in the previous quarter.

HCL has said that it expects revenue to increase by an average of 1.5% to 2.5% quarter-on-quarter in constant currency for the next 3 quarters. Meanwhile, it expects operating margin to be between 19.5% and 20.5% for FY21.

HCL also announced that it signed 11 net new transformational deals, led by key industry verticals including telecommunication, financial services, manufacturing, life sciences and healthcare.

IT Services attrition declined to 14.6%, down 270 bps on YoY basis.

“We are living in unprecedented times where organizations and people across geographies are dealing with challenges related to the pandemic. However, this has also pushed businesses to accept the pandemic as a catalyst for change and look at building agility and resilience into every level of their organization. HCL, along with its partners, is helping customers embrace digital transformation and innovation to emerge stronger in this new normal. I am confident that, with decisive action leveraging digital momentum and sustainable business practices, we will together emerge as stronger entities.”, said Shiv Nadar, Managing Director and Chief Strategy Officer, HCL Technologies Ltd.

HCL said that 96% of its billed employees are working from home, while most of the remaining employees are working from offices or client locations.

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