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Shiv Nadar quits as HCL Tech chairman, hands over reins to daughter Roshni

Shiv Nadar quits as HCL Tech chairman, hands over reins to daughter Roshni

Shiv Nadar will continue to serve as managing director and chief strategy officer of the company; HCL posted 31.7% rise in consolidated net profit at Rs 2,925 crore for June quarter

Shiv Nadar, Founder, HCL Technologies Shiv Nadar, Founder, HCL Technologies

Business tycoon Shiv Nadar has stepped down as HCL Technologies Chairman, handing over the reins to his daughter Roshni Nadar Malhotra. Shiv Nadar, will, however, continue as managing director and chief strategy officer of the company.

"Mr Nadar would continue to be MD of Company with designation as Chief Strategy Officer," the  company said in a regulatory filing, adding that Roshni will succeed him with immediate effect.

Roshni Malhotra, 38, was the CEO and non-executive director of the company untill recently. One of the richest woman in the country, Roshni's total wealth is estimated at Rs 36,800 crore, as per the IIFL Wealth Hurun rankings, 2019.

Meanwhile, HCL posted 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June 2020 quarter. The company registered a net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.

The company's 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.

"The adverse conditions during this quarter had an anticipated negative impact on our revenue. I am happy to report that the resilience of our operating model helped us deliver stellar operating margins and cashflows," HCL Technologies President and CEO C Vijayakumar said.

He added that the company had renewed several large deals during the quarter. "We are seeing a robust demand environment and a strong pipeline which gives us confidence in our growth trajectory going forward," he said.

With the coronavirus pandemic dealing a major blow to companies across the world, HCL Technologies had recently assured 1.5 lakh employees that it would not cut salaries and honour the promised bonuses for the previous year. The company has assured employees that it would take a call on appraisals later in the year.

HCL Technologies Ltd share was trading at Rs 635.35, 1.30 per cent or Rs 8.15 up on Friday, as compared to the previous day close of Rs 627.75 on the National Stock Exchange.

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