IT industry's competitive intensity to be at highest levels in FY25: HCLTech CEO C Vijayakumar
Synopsis
Despite a challenging economic environment, HCLTech has achieved remarkable annual growth and outpaced larger competitors. The third-largest software services firm, with annual revenues of $13.27 billion, reported growth that outpaced Tata Consultancy Services 4.1% and Infosys 1.4%. Smaller players such as Wipro and Tech Mahindra faced significant struggles.
In August 2023, when all the major IT services firms were gripped by slow discretionary spends, C Vijayakumar, CEO and MD, HCLTech, in an investor meet, called out that the company will see incremental growth going forward as the market has bottomed out. This sight of green shoots amid a hazy macro environment came to fruition when the third largest IT service firm reported a healthy 8.3% yearly growth.The third largest software services firm,
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