Shiv Nadar quits as MD of HCL Tech

Shiv Nadar, the founding father of HCL Technologies Ltd, and its chief strategy officer, has tendered his resignation as director , also as a director, with effect from 19 July, on completing 76 years aged . Nadar will, however, still guide the corporate within the capacity of Chairman Emeritus and strategic advisor to the board for five years, the corporate said.

C. Vijayakumar, president and chief military officer , has been appointed because the director for five years.

HCL Tech, during its half-moon earnings announcement on Monday, retained its guidance. It expects its revenue to grow in double digits in constant currency through FY22 , on the rear of a positive demand environment and robust deal pipeline. It also expects earnings before interest and taxes (EBIT) margin to be at 19-20%.

The services firm posted a net income of ₹3,214 crore for the June quarter, up nearly 10% annually. it's below consensus Bloomberg estimates of ₹3,255.5 crore.

The revenue for the primary quarter was up 12.5% from the year-ago period to ₹20,068 crore, on the rear of a robust performance led by its digital business or ‘Mode 2’, which grew 29% year-on-year in constant currency, and contributed 23.7% to its total revenues. Revenues were less than consensus Bloomberg estimates of ₹20,402.1 crore.