Description

On December 20, 2023, HCL Technologies disclosed a ransomware incident affecting a project in an isolated cloud environment. The company assured no observed impact on its overall network and emphasized their commitment to cybersecurity and data protection, initiating a thorough investigation to determine the root cause and take necessary remedial actions. Despite this incident, HCL Tech has continued its strong market performance, recently surpassing a market capitalization of Rs 4 trillion on Indian stock exchanges, solidifying its position as the 13th largest listed company. In Q2FY24, it maintained an 8% year-on-year revenue growth, sustaining robust margins and anticipating enhanced profitability due to significant deals sealed during the quarter. During this quarter, HCL secured 16 substantial deals valued at $3.969 billion, with 7 in services and 6 in software. Additionally, the company announced a contract win from Australia's Department of Transport and Planning on December 14. This project aims to automate the concession entitlement process for public transport users. As of Wednesday, HCL Tech's shares were trading at Rs 1,493.5 apiece on BSE, indicating a 0.36% increase. Despite the ransomware incident, the company remains proactive in resolving the issue, maintaining its focus on delivering value and innovation to its clients while upholding its commitment to cybersecurity and data integrity.