HCL Technologies co-founder Shiv Nadar has stepped down from the position of the chairman of the board of directors. Nadar's daughter, Roshni Nadar Malhotra, will succeed him with immediate effect. Roshni, who is currently the non-executive director, has been appointed as the chairperson of the board of directors with effect from July 17, 2020.
Shiv Nadar founded HCL along with Ajai Chowdhry, Arjun Malhotra and five others. Nadar would continue to be the managing director of the company with the designation as the chief strategy officer of the company, HCL Technologies said in a statement as it announced the quarterly results on Friday.
The company posted 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June 2020 quarter. The IT major had registered a net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP). Its revenue grew 8.6 per cent to Rs 17,841 crore in the quarter under review, from Rs 16,425 crore in the corresponding quarter last year.
On a sequential basis, the topline was lower by 4 per cent from Rs 18,590 crore in the March quarter.
HCL Technologies expects its revenue to increase quarter-on-quarter by an average of 1.5-2.5 per cent in constant currency for the next three quarters, it added.
At the end of June 2020 quarter, HCL had 150,287 employees with a gross addition of 7,005 people. Its attrition for IT services (on last 12 month basis) was at 14.6 per cent.