Satyam out, HCL takes 4th spot

With Satyam’s disclosure of falsifying revenue figures, HCL Technologies becomes the fourth-largest Indian IT services firm by revenues. Analysts say HCL’s recent acquisition of Axon Group had bridged Satyam’s lead over it to some extent and the latest development clearly takes HCL up the rankings. As per Satyam chairman B Ramalinga Raju’s letter to the company’s board on Wednesday, the company’s actual standalone revenues for the July- September quarter in 2008 were Rs 2,112 crore, while it had reported revenue figures of Rs 2,700 crore. Adding revenues from subsidiaries of Rs 120 crore, its actual consolidated revenues would be about Rs 2,232 crore. HCL Technologies had reported revenues of Rs 2,369.3 crore for the same quarter. “On an annualised basis, HCL Technologies will be fourth-largest among Indian IT firms. Axon is expected to add about $200-225 million and it should push HCL revenues about $2.2- 2.3 billion for the full financial year ending June 2009,” said an analyst at a Mumbai-based brokerage, asking not to be identified. HCL Technologies recently acquired SAP consultancy Axon Group for $658 million, marking the largest acquisition by an Indian IT firm.