Having signed contracts worth nearly $2 billion during past four quarters, HCL is not paying too much heed to criticisms that it is giving up profitability ofr growth. For brokerage analysts advising investors, HCL must grow revenues and improve profits at the same time, something multinational rival Cognizant has achieved by reinvesting profits in excess of 20% into the business.

"HCL's stock performance (and valuation ) hinges on its ability to mirror Cognizant's success: sector-leading revenue trajectory and stable margins and not trading one for the other. HCL's strategy of focusing on market share gain has yielded good results over the past 18 months as HCL has grown revenues ahead of peers," CLSA analysts Nimish Joshi, Bhavtosh Vajpayee and Arati Mishra said in their February report.