This Article is From Jul 17, 2020

Shiv Nadar Steps Down As HCL Tech Chairman, His Daughter Roshni Nadar Malhotra To Succeed Him

Shiv Nadar's daughter, Roshni Nadar Malhotra, will succeed him as chairperson with immediate effect, HCL Technologies (HCL Tech) said.

Shiv Nadar Steps Down As HCL Tech Chairman, His Daughter Roshni Nadar Malhotra To Succeed Him

Roshni NadarMalhotra has a Masters degree in Business Administration from Kellogg, USA.

IT major HCL Technologies said on Friday that Shiv Nadar is stepping down as chairman of the company. His daughter Roshni Nadar Malhotra will succeed him with immediate effect, the company said in a regulatory filing. Shiv Nadar "expressed his desire to step down from the position of the chairman", and will continue to be managing director at HCL Tech with the designation of chief strategy officer, the country's third largest IT company said in a statement. (Also Read: Roshni Nadar Malhotra, The New Chairperson Of HCL Tech)

Noida-based HCL Technologies also reported its earnings for the April-June period. The company said its net profit stood at Rs 2,931 crore in the three-month period ended June 30, marking a sequential (quarter-on-quarter) fall of 7.60 per cent.

Total revenue from operations grew 4.01 per cent to Rs 17,842 crore in the April-June period, compared to the previous quarter.

Revenue from its IT and business services segment came in at Rs 12,521 crore in the first quarter of current financial year, compared to Rs 13,130 crore in the quarter ended March 31.

HCL Tech said it has considered and taken into account internal and external information in view of the coronavirus pandemic, however the actual impact of COVID-19 on the group's financial statements may differ from estimates.

The HCL Tech group will continue to closely monitor any material changes to future economic conditions, it added. 

HCL Tech announced an interim dividend of Rs 2 per share for financial year 2020-21, with a payment date of August 7.

The HCL Technologies stock rose as much as 2.59 per cent to Rs 643.90 apiece on the BSE after the announcement. At 12:27 pm, HCL Tech shares traded 1.03 per cent higher at Rs 634.10, outperforming the benchmark Sensex index which was up 0.61 per cent.