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<keyword id="30331" type="General" weightage="80" keywordseo="hcl-technologies" source="Orion">HCL Technologies</keyword> has signed a definitive agreement to acquire 100% stake in <keyword id="17989747" type="General" weightage="80" keywordseo="asap-group" source="Orion">ASAP Group</keyword>, a German automotive engineering services provider, for EUR 251.1 million (about ₹2,300 crore), according to a BSE filing. The acquisition is likely to be completed by September 2023 through an all-cash deal via the company's UK subsidiary, subject to regulatory approvals, the filing said. HCLTech aims to expand its capabilities in the automotive engineering services segment, particularly in e-mobility, autonomous driving and connectivity in Europe, Germany and other global markets, it stated. "Core engineering is at the heart of HCLTech's DNA and it truly differentiates our services portfolio. ASAP has developed some exciting capabilities in automotive engineering, and we share their vision for the future of mobility. This agreement will enable us to scale these capabilities and innovations across our global network," Corporate Vice President, Engineering and R&amp;D Services at HCLTech, <keyword id="17992026" type="General" weightage="80" keywordseo="hari-sadarahalli" source="Orion">Hari Sadarahalli</keyword> said. Headquartered at Ingolstadt, ASAP Group was founded in 2010 and services top automotive original equipment manufacturers (OEM) and tier-1 suppliers in Germany, alongside companies in software, consulting, electrics/electronics, service testing and validation and vehicle development. <keyword id="141968" type="General" weightage="20" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword>'s Q1 earnings disappoints the street HCL Tech reported a a 1.3% drop in constant currency revenues for the quarter, sequentially on late Wednesday. Its performance was lower than street estimates. Its underperformance in key verticals like telecom, tech and engineering R&amp;D led to the lower revenue. The management however expects the company to bounce back, and has maintained its FY24 guidance to grow its constant currency revenues by 6-8%. The street however was unsure of its performance and it was only the IT company that traded flat even as TCS which announced its earnings yesterday, Infosys and Wipro traded in the green. It's EBIT margins at 17% was significantly below our estimate of 18.4%, said a morning update by Motilal OSwal which however retains a buy rating on account of attractive valuations. "Given its capabilities in the IMS and Digital space, along with strategic partnerships and investments in Cloud, we expect HCLT to emerge stronger on the back of healthy demand for these services in the medium term," the brokerage firm said. (With PTI inputs)

HCLTech to acquire German e-mobility tech provider for about ₹2,300 cr

<ul><li><keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>’s new CEO, <keyword id="3808309" type="PERSON" weightage="20" keywordseo="thierry-delaporte">Thierry Delaporte</keyword>, outlined a five-point plan for the company’s growth going forward.</li><li>Today’s earnings marked his first full quarter at the helm of the Indian IT services behemoth.</li><li>Delaporte hasn’t ruled out bigger acquisitions or larger deals in the coming quarters.</li></ul>Thierry Delaporte is the Indian IT behemoth Wipro's new CEO, and he’s got a lot of changes in store. Marking his first full quarter at Wipro’s helm, Delaporte listed out his top five priorities for the company during the earnings call. “This is the charter that we’ve drawn for ourselves,” he explained. <div type="Article" hostid="261" msid="78640025" title="Wipro posts stable quarter — profit rises 3.2% with revenue guidance of 1.5% to 3.5% over the next three months" mstype="2" mssubtype="0"></div> The focus will be on growth or ‘profitable’ growth, as Delaporte likes to specify. Other areas include scale, offerings, talent, and simplification of the operating model. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Thierry Delaporte’s priorities for Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commentary </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">#1 Focus on growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Continue to invest in Wipro’s existing account, shape large transformation deals and leverage partnerships with large technologies. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">#2 Focus on scale </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prioritise market and sectors relevant for Wipro and ensure leadership position. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">#3 Offerings </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Expand presence beyond the IT office and leverage Wipro’s ecosystem of partners — large tech players and startups — in a sector-specific way. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">#4 Talent </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Invest in talent to reinforce innovation and technology skills. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">#5 Simplification of operating model </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Turn Wipro into a lean organisation centered around clients. </td></tr></tbody></table> More specifics of these five priorities will be shared in another month at an analyst meet tentatively scheduled to take place in the first week of November. “While the traditional IT services will continue to be essential, the next wave of opportunity will be driven by truly next-generation services of cloud, digital transformation, IoT, and 5G,” said Delaporte. <div type="Article" hostid="261" msid="78643398" title="Wipro to promote 80% of its eligible staff in the next three months — increments will be in line with last year" mstype="2" mssubtype="0"></div> More acquisitions and larger deals Since Delporte took over Wipro in July, the company has undertaken three acquisitions, including Wipro’s most recent purchase — engineering services company Eximius Design. And, he has not ruled out more acquisitions in the near future, given the momentum and intensity of consumer demand in the IT industry right now. “We will be active and continue to acquire in some areas that we consider as strategic. We don’t limit ourselves in terms of size,” said Delaporte during the second-quarter earnings call on October 13. <div type="Article" hostid="261" msid="78638511" title="Wipro board approves ₹9,500 crore share buyback plan" mstype="2" mssubtype="0"></div> “We will take our fair share of large deals,” he added, telling investors to also expect more large deals in the coming quarters. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/infosys-announce-second-quarter-earnings-on-october-14/articleshow/78640964.cms">VanGuard deal will be the highlight of Infosys' second-quarter earnings as investors look for a hike in guidance</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-board-approves-9500-crore-share-buyback-plan/articleshow/78638511.cms">Wipro board approves ₹9,500 crore share buyback plan</a> <a href="https://www.businessinsider.in/tech/news/oneplus-chinese-company-co-founder-carl-pei-exits-company-one-day-ahead-of-flagship-mobile-launch/articleshow/78634270.cms">OnePlus co-founder Carl Pei reportedly exits company one day ahead of flagship smartphone launch</a>

Wipro CEO Thierry Delaporte outlines five-point strategy for growth — looking at more acquisitions and larger deals

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HCLTech to acquire German e-mobility tech provider for about ₹2,300 cr

BI India Bureau

Wipro CEO Thierry Delaporte outlines five-point strategy for growth — looking at more acquisitions and larger deals

Prabhjote Gill

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