Vineet Nayar to step down as CEO, Anant Gupta to be at helm of affairs

India’s fourth-largest IT services provider HCL Technologies today announced that Vineet Nayar, CEO and Vice Chairman of the company will move away from his executive role by July 2013. Anant Gupta, who was promoted to the role of chief operating officer, is being elevated to the position of President and CEO of HCL Technologies.

Nayar, who restructured the company and took it onto a fast pace of growth will continue as the Vice Chairman and Joint Managing Director of the company till July 2013 and as Vice Chairman thereafter.

HCL Technologies that also announced its second quarter continued to report industry leading numbers with a volume growth of 3%. Its net profit for the quarter ended December 31, 2012 grew 68.5 per cent at Rs 965 crore. On a sequential basis, it was up 9%.

Revenue for the quarter at Rs 6,274 crore was up 19.6% year-on-year and 3% sequentially.

“On the back of this exceptional calendar year performance, our quarterly results demonstrate increasing momentum. In the October-December quarter, we grew 3.6% q-o-q, our highest over the last 5 quarters and 13% y-o-y. Our EBIT Margin improved 400 bps over the year to reach 19.8%. Our net margin has improved for five straight quarters to reach 15.4%, and net income grew 59% y-o-y and 9.7% sequentially. All in all, this has been a quarter of great impetus which has placed HCL in a position of advantage for leveraging the changing market dynamics,” said Nayar.

For more visit: Business Standard

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