THE US BANKING SECTOR HAS SNEEZED, TIME TO PREP FOR A COLD

How well it will fight the ripples of what happened in the US, will determine its own health and near-future fitness.

- Pratima H

C VIJAYAKUMAR

CEO & MD

RANK 3 HCLTECH

C Vijayakumar, CEO & Managing Director, HCLTech

"WE HAVE DELIVERED A STELLAR PERFORMANCE IN FY'23, CROSSING ₹1,00,000 CRORES OF REVENUE POWERED BY INDUSTRY LEADING SERVICES GROWTH OF 15.8% IN CONSTANT CURRENCY. OUR NET NEW BOOKINGS FOR FY'23 GREW 6.6%. OUR PIPELINE IS NEAR AN ALL-TIME HIGH, WHICH REFLECTS OUR DIFFERENTIATED BUSINESS MIX AND STRONG CLIENT DEMAND FOR OUR OFFERINGS. WE HAVE ADDED 3,674 EMPLOYEES THIS QUARTER AND OVERALL EMPLOYEE STRENGTH HAS NOW GROWN BEYOND 2,25,000. ALL THESE SET US WELL IN FY'24 FOR A HEALTHY REVENUE GROWTH IN THE 6-8% RANGE WITH OPERATING MARGINS IN 18 -19% RANGE."

It's hard to stay immune to banking tremors when you are dedicated to this vertical in a strong way. The recent SVB-and-more crisis in the US cannot be ignored by key IT players serving this market.

However, it is good to see that HCLTech bagged 57 large deals with TCV (New Deal Wins) of US$8.85 billion in FY 2023. The fact that 32 were in services and 25 in software - is a good sign of continuing to stand strong when a lot of banking whiplash is making IT companies struggle with their BFSI and America business. The company assures of a pipeline which is near an all-time high, and is confident of its differentiated business mix and strong client demand for its offerings.

The full-year revenue was at US$12.6 billion, up 9.6 per cent YoY on the back of this strength-it seems. The strong deal pipeline came from across its portfolio of digital, cloud, engineering and software.