HCLTech is probably one of the Indian IT services vendors, best known for its execution. The company has, like Tech Mahindra, a different profile from its peers. It relies on winning large deals (e.g., Verizon Business, Xerox), with a track record in IT infrastructure services, ER&D, and, less so, application services.
HCLTech’s specificity also shows in its HCLSoftware unit. HCLSoftware’s mission is to bring recurring revenues (mainly through its adoption of the SaaS/subscription model) and high profitability. While HCLTech has put most of its software products into HCLSoftware, it also is making its software products pervasive across all units, and in particular in its ER&D business, with the recent HPE CTG acquisition.
HCLTech has not performed as well as other players in application services. In platform/digital services, the company has some scale in ServiceNow (3k ServiceNow-trained practitioners), but it is a bit small in Salesforce services (3-4k practitioners) and SAP (14.3k).
Complementing its large deals, HCLTech also has a land and expand business model that relies on cross-selling services to its client base, like most Indian IT service providers. This cross-selling approach has helped the company overcome the price pressure arising from competitive deals. HCLTech’s EBIT margin (18.3% in FY25) demonstrates its excellence in managing its margin, even though it is significantly lower than Infosys (21.1%) and TCS (24.3%). At its Investor Day 2024, HCLTech refreshed its financial objectives. It targets double-digit growth over the next five years and wants to return its EBIT margin to its pre-COVID level (20.5%).
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