HCL Technologies' growth strategy: Slow and steady wins the race

Unlike its rivals, HCL has made a huge bet on selling products and platforms. It has acquired as many as nine companies since 2016

Last week, HCL Technologies became India’s third-largest information technology (IT) services entity by annual revenue. And, for this financial year, forecast revenue growth much higher than larger peers.

 Yet, the next day, its share price fell nearly 6 per cent. Reminescent of what had happened last December, when it had bought some IBM products for a whopping $1.8 billion, the stock fell 7.6 per cent. Sector watchers and investors were concerned about the IT major being able to integrate and sell those products, whose total addressable market HCL estimated at more than $50 billion. 

“Clearly, HCL has a different strategy from its