HCL has a Blockbuster Quarter, celebrates it with Free equity to Employees!
Even as IT companies in India are reporting mixed results with a few companies beating industry estimates and few faring poorly, HCL Technologies has hit a home run in its latest quarterly results.
HCL Technologies has had a billion dollar quarter. Announcing its second quarter results (July-Aug-September 2011), HCL reported revenues of $1002 Million!
To get a better sense of HCL Technologies achievement, a comparison with the same quarter in 2008 reveals that the company has doubled its quarterly revenue in 3 years. It is noteworthy that majority of IT companies are battling a tough environment as the economy in the US and Europe continues to be shaky.
HCL Technologies has chosen to celebrate its billion dollar quarter in a rather special way. The company has declared a ‘Milestone Share Program’ for its employees which essentially is HCL’s way of sharing the spoils of a stupendous quarter. HCL shared the details about the ‘Milestone Sharing’ program in an official press release,
Employees who are on the company’s rolls as on Oct 14th, 2011 will receive a minimum amount equivalent of 5 shares* and a maximum amount equivalent of 10 shares based on years of tenure at HCL. The company has budgeted an amount of Rs 25 crores for this initiative.
Now, employees being awarded company stock is not entirely new and Infosys did a similar exercise on completing its 30 years and gifted its employees company stock.
What is interesting and commendable about HCL Technologies program is that it has chosen to do the same centered around quarterly performance. Some way to hold on to the bold ‘Employees First’ image the company has chosen to build its brand on.
What are your thoughts on HCL’s gesture to celebrate a blockbuster quarter by rewarding its employees?
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They are rewarding us even for window shopping…Simply by checking in to shopping malls, KFC n Mcdonalds.
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That is a nice way to celebrate the success of the rewarding results. And if we dig deeper into the global market speculations then i feel that the US market is relatively quite stable as compared to the EU so the picture is not as bleak as it looks. An objective analysis tells a different tale altogether.
I think Sonata Software is the best.
It never reported negetive growth in the last 7 years since I knew it.(Either quarter by quarter or year by year basis)
It never decreased dividend rate in the last 7 years.
I never made a loss in its trading in the last 7 years.
I dont know much about IT / software business, but the only company I like is Sonata :)
Altaf, i never Sonata was performing that well. Turns out it might be good to play the middle ground. The top 3-4 IT companies are now feeling the heat because at their size they need to hire like 1 lakh people every year (excluding attrition) to maintain 20-25% growth rates which is nearly insane. That’s the reason why there is increased focus on getting on products and move away from ‘seats on the asses’ model for growth :-)
HCL Tech and Cognizant have really come a long way in the past 3-4 years. Cognizant is well known for service quality and solutions. HCL too is showing innovation not just for clients but also in managing their resources. I attended HCL CEO Vineet Nayar’s keynote at a conference last year and he seemed to be a very dynamic personality who is creating trends with is approach in handling manpower. He has always stressed that HCL will put employees first. Congratulations on their first billion dollar quarter!
Anyways, the stock is down after earnings.