HCLTech eyes new revenue streams to diversify risks
IT services firm HCLTech is looking to diversify risks and unlock new revenue streams, by expanding its presence in markets such as India, Africa and the Middle East.
HCLTech outlined its growth strategies to more than 100 analysts who attended an ‘Investor Day 2024’ meet hosted by the company in Mumbai on Wednesday. The company also highlighted its strength in engineering, research & development (ER&D), and plans to leverage increasing semiconductor demand, expand market participation in focus areas and new frontier markets, and grow within its top current and potential clients, some of the analysts who attended the event said.
“The company wants to tap high-potential regions and expand, amid the ongoing slowdown in the core American markets denting business over the past five-six quarters,” one of the analysts said on the condition of anonymity. “HCLTech spoke of improving the mix of verticals and geographies, gaining of market share, organic development of digital skills, its clients’ cloud migration activities and inorganic augmentation of capabilities.”
The management showcased its chip-to-cloud offerings and growth areas of financial services; telecom, media & entertainment (TMT); and automotive sectors, alongside capabilities around artificial intelligence, data and cybersecurity to compete with larger rivals Tata Consultancy Services and Infosys. It has set up an AI research team besides its AI and generative AI offerings — AI foundry, AI force and AI labs — and plans to train around 50,000 people in
