hcl technologies: Darren Oberst, director of HCL Software, resigns
The Noida-based IT services company, which has struggled in recent quarters, told the stock exchanges on Monday it had “decided to leave HCL Technologies to seize another opportunity.”
Oberst was part of the founding team of HCL Software. In his last role, he was responsible for product development, sales, operations and strategy for the division which contributed 11-12% of the company’s nearly $ 10 billion annual revenue. He joined HCL Technologies in 2014 as Head of Business Development and took over as CEO of HCL Software in 2016.
“The interim management will take over this week and, in parallel, the company will interview candidates internally and externally to lead this business segment,” indicates the company’s file on BSE. “With this change, HCL also plans to align its entire product line and platforms, allowing for greater synergies. ”
When presenting the recently reported September quarter results, HCL Tech noted that its Products and Platforms (P&P) business – in particular the IBM business – had recorded numerous one-time payments and settlements during the year. had elapsed and some product segments had been discontinued. inside. It reported an 8% drop in the quarter and a 5.5% drop in the last year of revenue growth. P&P growth was affected due to delays in closing certain transactions during the quarter.
“We had a really big deal that slipped, and then a number of other small to mid-sized deals, so it was a handful,” Oberst said during the presentation of the results. “None of these agreements have yet been concluded. They are all in progress. None of them were lost either. So we are still working on them.
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The company’s net profit rose 1.7% sequentially in the September quarter as revenue rose 2.9% to Rs 20,655 crore, missing Street estimates. Analysts have suggested the company has slipped in execution in recent quarters, although it has performed well during the pandemic.
“Our fundamental business volume on the product side remains intact. Our assumption of modernizing these products and bringing them into the leader quadrant in various industry analyst reports is very much on the right track, ”said C Vijayakumar, CEO of HCL Technologies, at the time. of the call to the results of the company.
P&P is a strategic business of HCL Technologies and is supported by founder Shiv Nadar.