HCL Technologies aims to overtake Infosys in revenue over the next 5 years

HCL Technologies is learnt to be aiming at overtaking Infosys, the country's second largest information technology (IT) services entity, in revenue over the next five years or to at least come close on this measure. Acquisitions and intellectual property (IP) partnerships would drive most of the incremental growth.

HCL's revenue had surpassed Wipro, the third largest in IT, for the first quarter of this financial year.

According to multiple sources, Noida-headquartered HCL has a turnover target of at least $15 billion (Rs 1,068 billion) by 2022-23. That would mean a compound annual growth rate (CAGR) of around 14 per cent.

At the end of FY18, the revenue gap between Infosys and HCL was $3.1 billion. In the past five years, HCL revenue grew at a CAGR of 11.5 per cent as compared to Infosys’ 6 per cent. At this rate, the Shiv Nadar-led entity is expected to see a turnover of around $13.5 billion in five years; Infosys' might be $15 billion.