IT major HCL Technologies said on Friday that Shiv Nadar is stepping down as the company’s chairman. The company said that their daughter Roshni Nadar Malhotra would succeed with immediate effect. Shiv Nadar expressed a “desire to step down from the post of chairman”, and will continue to be the managing director with the post of chief strategy officer at HCL Tech, the country’s third-largest IT company said in a statement. (Also read: Roshni Nadar Malhotra, New Chairman of HCL Tech)
Noida-based HCL Technologies also reported its earnings for the April-June period. The company said its net profit for the three-month period ended June 30 was Rs 2,931 crore, a sequential (quarter-on-quarter) decline of 7.60 percent.
Total revenue from operations increased 4.01 percent to Rs 17,842 crore in the April-June period as compared to the previous quarter.
In the first quarter of the current financial year, revenue from IT and business services segment came to Rs 12,521 crore as against Rs 13,130 crore in the quarter ended 31 March.
HCL Tech said it has taken into account internal and external information in the wake of the coronavirus epidemic, although the actual impact of COVID-19 on the group’s financial statements may differ from estimates.
He said that HCL Tech Group would closely monitor any material changes in future economic conditions.
HCL Tech announced an interim dividend of Rs 2 per share with a payout date of August 7 for FY 2020-21.
After the announcement, HCL Technologies stock rose 2.59 percent to Rs 643.90 on BSE. At 12:27 pm, HCL Tech shares gained 1.03 percent to trade at Rs 634.10, up 0.61 percent from the benchmark Sensex index.