Bengaluru: HCL Technologies The US is seeing more spending on retail banking modernization and in the technology and telecommunications sectors. These helped the firm to report constant currency growth of 11.7% in the first quarter, according to its CEO and MD C. Vijay Kumar said.
“Banking customers in the US are also spending in regular areas of risk and compliance. Tech and telecom platforms are spending on engineering and modernization,” he said in an interaction with TOI.
Financial services, technology and telecommunications contributed 22.1%, 17.3% and 7.9%, respectively, for the first quarter ended June 30. The three verticals grew by 8.8%, 14.9% and 17% as compared to the same period last year.
Vijayakumar said engineering R&D services grew by 10.7%, a part of it – aviation, industrial engineering and auto – was again seeing green shoots after being badly hit by the pandemic last year. Most of the digital deals were in areas such as cloud migration, application modernization, analytics, big data and industrial IoT.
The quarter was soft sequentially – a 0.7% increase in constant currency – but Vijayakumar said this was largely expected. “This was accentuated by the second wave. We allowed pandemic leave to employees on top of regular holidays. This caused some billing losses,” he said.
“Banking customers in the US are also spending in regular areas of risk and compliance. Tech and telecom platforms are spending on engineering and modernization,” he said in an interaction with TOI.
Financial services, technology and telecommunications contributed 22.1%, 17.3% and 7.9%, respectively, for the first quarter ended June 30. The three verticals grew by 8.8%, 14.9% and 17% as compared to the same period last year.
Vijayakumar said engineering R&D services grew by 10.7%, a part of it – aviation, industrial engineering and auto – was again seeing green shoots after being badly hit by the pandemic last year. Most of the digital deals were in areas such as cloud migration, application modernization, analytics, big data and industrial IoT.
The quarter was soft sequentially – a 0.7% increase in constant currency – but Vijayakumar said this was largely expected. “This was accentuated by the second wave. We allowed pandemic leave to employees on top of regular holidays. This caused some billing losses,” he said.
.