HCL Tech, based out of the Indian city of Noida, reported more than US$8.6 billion in revenue for the fiscal year ending March 31, 2019.
Wipro, in comparison, reported US$8 billion during the same period.
TCS and Infosys are the first and second largest Indian providers respectively.
The continued decline of the rupee could also have contributed to HCL’s record revenue generation, as the company’s revenue increased nearly 12% in local currency terms.
In addition, the company has forecast double-digit revenue growth for 2020.
HCL signed 17 new IT contracts in the previous fiscal quarter alone, besides adding two new customers worth more than US$100 million.
Unlike many of its domestic peers, HCL does not just focus on providing IT services, but also develops software with the aim of seeking copyrights for them.
Last year, it purchased 11 software products from IBM for a total cost of US$1.8 billion in the single largest purchase by an Indian software services firm. This acquisition alone brought as many as 5,000 customers into its fold.
At the time of the purchase, HCL said the acquired assets would contribute US$625 million to its coffers annually, besides beefing up its ‘as-a-service’ portfolio.
HCL has operations in more than 40 countries, including delivery centers in Latin America, with IT infrastructure services being its key source of revenue.