Shiv Nadar steps down as HCL Tech MD, appointed as Chairman Emeritus

Our Bureau New Delhi | Updated on July 19, 2021

Shiv Nadar

Company posts 10% rise in Q1 net

Noida-based HCL Technologies (HCL Tech) on Monday said its Board of Directors has approved the resignation of Shiv Nadar as the Managing Director and appointed him as the Chairman Emeritus and Strategic Advisor to the board.

C Vijayakumar, Chief Executive Officer, has been given the additional designation of Managing Director.

“Shiv Nadar, Chief Strategy Officer and Managing Director of the company, on completing 76 years of age, has tendered his resignation as the Managing Director as well as the Director of the company with effect from close of business hours on July 19, 2021,” HCL Tech said in a statement.

In July last year, Nadar had expressed his desire to step down from the position of Chairman. Roshni Nadar Malhotra was appointed as Non-Executive Director and the Chairperson of the Board of Directors and the company.

June quarter performance

Meanwhile, the company reported a consolidated net profit of ₹3,214 crore for the first quarter ended June, up 10 per cent year-on-year (YoY) compared to ₹2,925 crore in the corresponding period last year.

Its revenue grew more than 12 per cent to ₹20,068 crore (₹17,841 crore).

The company’s board approved an interim dividend of ₹6 per equity share of ₹2 each of the company for 2021-22.

“With the second wave of the Covid-19 pandemic across India, we remain sharply focused on protecting the well-being of our employees and their families. Extensive support services were provided to the families on a war footing, while our employees and clients rallied to support each other despite all odds,” Vijayakumar said.

Confident of growth

He said the company remains confident of a good quarter-on-quarter growth for the rest of this year, enabled by 37 per cent YoY growth in bookings and 7,500+ net hiring this quarter.

At the end of the June quarter, HCL Tech had 1,76,499 employees with a net addition of 7,522 people. Its attrition for IT services (on last 12-month basis) was at 12 per cent.

Shares of HCL Tech ended at ₹1,000.20 apiece on the BSE on Monday, down 0.47 per cent from the previous close.

Published on July 19, 2021

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