In 1976, a group of six engineers, led by Shiv Nadar started a company Microcomp Limited, that would make personal computers. First, they started selling tele digital calculators to gather capital for their main product. On 11 August 1976, the company was renamed Hindustan Computers Limited (HCL).
On 12 November 1991, a company called HCL Overseas Limited was incorporated as a provider of technology development services. It received the certificate of commencement of business on 10 February 1992 after which it began its operations. Two years later, in July 1994, the company name was changed to HCL Consulting Limited and eventually to HCL Technologies Limited in October 1999.
HCL Technologies Ltd is in the IT – Software sector, having a market capitalization of Rs. 160,391.18 crores. It has reported a consolidated sale of Rs. 18,135 crores and a net profit of Rs. 2,944 crores for the quarter ended December 2019. As on 31-12-2019, the company has a total of 2,713,665,096 shares outstanding.
HCL Tech shares closed at 589.25 on January 20, 2020 (NSE) and has given 15.66% returns over the last 6 months and 22.03% over the last 12 months.
CRISIL has renewed and reaffirmed its corporate credit rating on HCL Technologies Limited (HCL Technologies) at ‘CCR AAA/Stable’.
For arriving at the rating, CRISIL has combined the business and financial risk profiles of HCL Technologies and its subsidiaries as they are in the same business. CRISIL has also amortised the goodwill arising out of HCL Technologies’ acquisition of Axon Group Plc over a 10-year period; adjusted net worth was Rs 40,239 crore as on March 31, 2019.
Healthy capital structure with comfortable gearing at 0.10 time, large networth of Rs 40,239 crore and cash and cash equivalents of Rs 8,866 crore as on March 31, 2019. Debt-protection metrics are robust, with interest coverage ratio of 81 times and net cash accrual to total debt ratio of 2.6 times in fiscal 2019. HCL Technologies is expected to invest in niche acquisitions to strengthen its existing portfolio in the medium term and will be largely funded from its cash surplus and healthy accruals.
The company management includes Shiv Nadar (Chairman and Chief Strategy Off.), Robin Abrams (Independent Director), Manish Anand. (Company Secretary), R Srinivasan Ramanathan (Independent Director), Sosale Shankara Sastry (Independent Director) among others.
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