Roshni Nadar Malhotra succeeds Shiv Nadar as HCL Chairman
Roshni Nadar Malhotra is the new Chairman of HCL Technologies, the company announced in a regulatory filing on Friday. The 38-year-old succeeds her father Shiv Nadar. Earlier, she was the Executive Director and the CEO of HCL Enterprise. Roshni is the only child of HCL's founder, Shiv Nadar. In 2019, she was ranked 54th on the Forbes World's 100 Most Powerful Women list. According to IIFL Wealth Hurun India Rich List (2019), Roshni Nadar is the richest woman in India.
Who is Roshni Nadar?
Roshni is an alumni of Northwestern University majoring in Communication with a focus on Radio/TV/Film. She graduated with a Masters in Business Administration having a focus on Social Enterprise Management and Strategy from the Kellogg School of Management.
Roshni Nadar before joining HCL, worked employed in various companies as a producer. Within a year of her joining HCL, she was elevated as executive director and CEO of HCL Corporation.
Before Roshni Nadar took over as CEO, she had served as the trustee of the Shiv Nadar Foundation, which runs on the not-for-profit Sri Sivasubramaniya Nadar College of Engineering in Chennai.
Roshni has been associated with work including brand building across the HCL Group. She is also a chairperson of VidyaGyan Leadership Academy, a leadership academy for economically underprivileged.
Roshni is also the Trustee of the Shiv Nadar Foundation, that is working towards nation building by driving transformational leadership through education.
She also is the driving force behind VidyaGyan, a leadership academy for the economically underprivileged, meritorious, rural students of Uttar Pradesh. Roshni has been working toward nurturing future leaders from rural India who can act as catalysts of change for their communities, villages, and the nation at large.
As per her bio on the HCL Tech website, Roshni is also passionate about wildlife and conservation. Roshni established The Habitats Trust in 2018. The Foundation aims to work toward protecting India’s natural habitats and its indigenous species with the core mission of creating and conserving sustainable ecosystems through strategic partnerships and collaborations with all stakeholders, at every level.
HCL technologies on Friday posted 31.7 per cent rise in consolidated net profit at Rs 2,925 crore for the June 2020 quarter, and said that Shiv Nadar has stepped down from the Chairman's role. Nadar's daughter, Roshni Nadar Malhotra, will succeed him with immediate effect. The IT major had registered a net profit of Rs 2,220 crore in the April-June 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing.
Its revenue grew 8.6 per cent to Rs 17,841 crore in the quarter under review, from Rs 16,425 crore in the corresponding quarter last year. On a sequential basis, the topline was lower by 4 per cent from Rs 18,590 crore in the March quarter.
"The adverse conditions during this quarter had an anticipated negative impact on our revenue. I am happy to report that the resilience of our operating model helped us deliver stellar operating margins and cashflows," HCL Technologies President and CEO C Vijayakumar said. He added that the company had healthy bookings, enabled by 11 new transformational deal wins.
"We also renewed several large deals during the quarter. We are seeing a robust demand environment and a strong pipeline which gives us confidence in our growth trajectory going forward," he said.
Roshni Nadar Malhotra has also taken over as the Chairperson on the Board of HCL Technologies, a leading global technology organization with a market capitalization of .5 billion.
"... Shiv Nadar, who expressed his desire to step down from the position of Chairman. Mr Nadar would continue to be MD of Company with designation as Chief Strategy Officer," the filing said.
In constant currency terms, HCL Tech's revenue in June 2020 quarter grew 1 per cent year-on-year, the filing said.
HCL Technologies expects its revenue to increase quarter-on-quarter by an average of 1.5 - 2.5 per cent in constant currency for the next three quarters, it added. HCL Technologies has announced a dividend of Rs 2 per share.
At the end of June 2020 quarter, HCL had 150,287 employees with a gross addition of 7,005 people. Its attrition for IT services (on last 12 month basis) was at 14.6 per cent.
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