Shiv Nadar, one of the most respected figures in the IT industry, has resigned as the Managing Director, Director and Chief Strategic Officer of his company HCL Technologies Ltd. His resignation has come into effect from July 19. He turned 76 on the same day. However, Nadar will continue to guide the company’s board for the next five years in his capacity as Chairman Emirates (Honorary Chairman) and Strategic Advisor. Nadar started the country’s first start up in 1976 and he gave global recognition to this company. In place of Nadar, the company’s chairman and CEO C Vijayakumar has been made the managing director for a period of five years. Last year, Shiv Nadar’s only daughter Rashmi Nadar Malhotra was appointed as the chairperson of the company.
3214 crore earnings in the June quarter
HCL maintained its reputation by announcing its first quarter earnings on Monday itself. The company expects double digit growth in its revenue in FY 2022 on account of positive demand environment. The company has estimated that the earnings margin of the company before interest and tax will be in the range of 19 to 20 percent. HCL has earned a net income of 3214 crores, registering an annual growth of 10 percent in the quarter of this June. However, this is slightly less than Bloomberg’s estimate of 3255 crores.
Strong hold in digital business too
Demonstrating a strong performance in the digital business, the company’s first quarter revenue stood at 20,068 crores, which is 12.5 percent higher than last year. The company has maintained a 29 per cent growth in the digital business for the past several years on a constant currency basis. Digital business contributes 23.7 percent of the company’s total revenue.
country’s first startup
Shiv Nadar is a well-known name in the computing and IT industry. In 1976 he started HCL Group. This company is considered to be the first startup of the country. Within the last 45 years under the leadership of Shiv Nadar, the company has achieved the status of a global IT company from a startup. The company’s revenue reached $10 billion in the fiscal year 2021. Shiv Nadar holds 60 percent stake in HCL. All the important decisions of the company will be taken by the chairperson Roshni Nadar.
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