HCL Technologies – BUY:: IIFL

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Interactions with key clients, independent directors, the CEO and even access to a no-holds-barred
Employee-management townhall session – IIFL’s tour to HCL Tech provided real and rare insights into
the operations of an IT services company. Following are the highlights:
• Superior client mining against incumbents: While superior client mining against MNC vendors had become
routine, there were even instances where HCL had completely replaced tier-1 Indian vendors in some of the
recently won deals.
• Preferred vendor for many mission-critical projects and transformation projects: At many clients, HCL
Tech is the preferred vendor for cloud computing, trading platform infrastructure and large scale consolidation
of SAP projects.



• No difference in pricing: In addition to mission critical projects where pricing is not even among the top-3
criteria, clients mentioned that HCL’s offshore rates are no different from that of any other tier-1 Indian or an
MNC vendor.
• Better than others in client satisfaction: ‘Flexibility’, ‘Lower attrition in project teams’ and ‘Better access to
senior management’ are the key reasons cited by clients that helped HCL top many c-SAT surveys. For
instance, at a BFSI client where HCL was about to be terminated (due to it being acquired) two years ago, it
is now ‘numero uno’ in client satisfaction.

Event brief: HCL Tech, in a first of its kind event, came forward in providing investors access to its clients,
independent directors and even employees in a day long session. In terms of sheer boldness and the level of
access, HCL Tech’s initiative is unparalleled in the IT industry and opens a new dimension in transparency.