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.
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