NY-HCLTECH
12.1.2024 20:15:35 CET | Business Wire | Press release
HCLTech, a leading global technology company, today announced its financial results for the quarter ended December 31, 2023.
For the quarter, revenue came in at $3.415 billion, up 5.9% QoQ and 5.3% YoY. EBIT margin in the quarter was 19.8%, an expansion of 126 bps QoQ, underscoring strong execution and cost efficiencies. The company won 18 large deals – six in Services and 12 in Software, with TCV of almost $2 billion. The company announced a dividend of ₹12 per equity share for the quarter.
Services revenue grew by 3.1% QoQ in constant currency and crossed an annual run rate of $12 billion. HCLSoftware revenue for the quarter was up 5% YoY with an annual recurring revenue (ARR) of over $1 billion.
“Our results this quarter have been remarkably strong, driven by strong momentum in both services and software businesses and a stellar operating margin. HCLSoftware’s performance was another bright spot and we are excited about its strategic progress over the last year,” said C Vijayakumar, CEO & Managing Director, HCLTech. “We continue to invest in AI, specifically Generative AI as well as cloud native capabilities across our products and services to address evolving client needs. We remain confident of our continued growth momentum enabled by our business mix, our people and laser-sharp focus on delivering innovation and hyper-automation to our clients.”
Revenues from Europe grew at 5% QoQ (CC) and Americas grew at 3.1% QoQ. Industry vertical growth was led by Telecom and Media, followed by Manufacturing, Retail and CPG. The Engineering and R&D Services business (ERS) grew by 8.7% QoQ, with strong contribution from the company’s recent acquisition of ASAP, based in Europe.
The company has given constant currency revenue guidance of 5%-5.5% for FY24 and retained its EBIT margin guidance of 18-19% for the year.
“HCLTech delivered a stellar quarter with sequential growth driven by HCLSoftware and a spurt in the Telecom vertical and the ER&D segment. Our Services revenue has crossed a significant milestone of $12 billion (₹100,000 Crores) on a run rate basis. We also delivered the highest ever EBIT of $5,615 Crores (up 7.4% YoY) and Net Profit of ₹4,350 Crores (up 6.2% YoY) this quarter. LTM Return on Invested Capital (ROIC) stands at solid 32.8% for the company (up 301 bps YoY). Cash conversion (on LTM basis) continues to be healthy with OCF/NI at 142% and FCF/NI at 135%,” said Prateek Aggarwal, Chief Financial Officer, HCLTech.
Attrition (LTM) rate for the quarter moderated further to 12.76% from 14.2% in Q2 FY24 and 21.7% YoY. The company reported a net addition of over 3,600 people, taking its total headcount to over 224,700 across 60 countries.
HCLTech continues to leverage technologies from GenAI to cloud computing to help clients future-proof their businesses.
Among the select GenAI deals that HCLTech won in the quarter are:
- A US-based global communication services provider selected HCLTech to implement GenAI in fields such as software engineering, analytics, network activation, call center agent experience, infrastructure, among others.
- A US-based chemicals manufacturer partnered with HCLTech to enhance its sustainability efforts and develop a state-of-the-art solution for real-time ESG reporting and analytics tools using GenAI.
- A leading US-based financial services firm has engaged HCLTech to evaluate GenAI solutions integrated with cloud technology. These solutions are tailor-made for critical applications, featuring areas such as risk management analytics, predictive modeling and anomaly detection.
Other Achievements:
- Only service provider to win six 2023 ISG Star Of Excellence Awards. 150+ participants evaluated for the awards, based on scores received from 2,250 unique customers.
- Highest ranked India-headquartered IT company in the Forbes Best Employers List 2023. Ranked seventh globally in the Professional Services category.
- Won the gold award at the 3rd ICAI International Sustainability Reporting Awards for Climate Action Reporting.
About HCLTech
HCLTech is a global technology company, home to more than 224,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending December 2023 totaled $13.1 billion. To learn how we can supercharge progress for you, visit hcltech.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240112543822/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
ExaGrid Wins 5 Industry Awards at Network Computing Awards 202628.5.2026 14:00:00 CEST | Press release
ExaGrid named “Company of the Year” for seventh year in a row ExaGrid®, the world’s largest independent backup storage vendor providing Tiered Backup Storage with the most Comprehensive Security and AI-Powered Retention Time-Lock for Ransomware Recovery, today announced that company was honored with five industry awards, including Air-gapped Ransomware Recovery Product of the Year, Bench Tested Product of the Year, Company of the Year, Data Protection Product of the Year, and the Storage Product of the Year during the Network Computing Awards ceremony, held in London on May 21, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260528849813/en/ The ExaGrid team headed to the stage five times throughout the Network Computing Awards ceremony in London to accept awards for ExaGrid Tiered Backup Storage. Photo courtesy of Network Computing Awards. The Network Computing Awards are determined by public vote. The 2026 awards mark
Ardoq Launches AI-First Enterprise Architecture Platform28.5.2026 14:00:00 CEST | Press release
Custom Agents, Omnipresent AI Assistant, and AI Import Builder Automate an Estimated 40% of Routine EA Work; Tenneco Already Achieving 292% ROI on Ardoq AI Ardoq, named a 5x Leader in the Gartner® Magic Quadrant™ for Enterprise Architecture Tools, today launched its AI-first enterprise architecture (EA) platform. The release grounds every Ardoq AI output in customers' live architecture data and introduces a new generation of AI agents capable of automating an estimated 40% of routine EA work. Architects today are being asked to defend decisions that generic AI is generating in seconds. Application rationalization choices. ERP transformation roadmaps. AI governance reviews. The questions land on the architect's desk, but the analysis underneath increasingly comes from AI assistants that do not know the architecture. Generic agents reason on whatever document is in front of them, not on the live relationships between applications, dependencies, capabilities, and risks. Ask a generic LLM
European DataWarehouse Launches DealDox®, a Next-Generation Virtual Data Room Built specifically for the Securitisation Market28.5.2026 14:00:00 CEST | Press release
European DataWarehouse (EDW) announced today the launch of DealDox®, a secure virtual data room uniquely tailored to the needs of the securitisation and structured finance market. Developed in response to long‑standing challenges around transaction data and document management, DealDox provides a single, secure environment where all parties throughout the deal lifecycle can collaborate efficiently while maintaining high standards of security, governance, and regulatory alignment. DealDox enables the centralised management of transaction data and documentation, offering robust security, granular access controls, and clear audit trails. The platform integrates seamlessly with EDW’s existing regulatory reporting ecosystem, supporting smoother workflows from deal preparation through to disclosure and compliance. “As a market infrastructure, our role is to reduce complexity and make processes simpler and more transparent for all participants,” said Dr. Christian Thun, CEO of European DataWa
SLB and Vår Energi Expand Digital Collaboration to Scale Well and Integrated Field Development Planning28.5.2026 13:47:00 CEST | Press release
Agreement supports Vår Energi’s ambition to reduce time to first oil, building on multi-discipline, collaborative well planning workflows that reduce cycle times from months to days Global energy technology company SLB (NYSE: SLB) today announced an expanded collaboration with Vår Energi to scale well planning and integrated field development planning across its Norwegian Continental Shelf operations. With collaborative well planning already reducing cycle times from months to days and integrated field development planning expected to support similar benefits, the expanded deployment is designed to support faster, more consistent decision-making as operators work to sustain production from mature offshore assets while managing increasing development complexity. As part of the expanded collaboration, Vår Energi is deploying the Delfi™ digital platform to connect exploration, subsurface evaluation, well planning, subsea design, field development planning, and production in a cloud-native
Kinaxis Convenes Global Supply Chain Leaders at Kinexions North America to Advance Agentic AI and Decision Orchestration28.5.2026 13:00:00 CEST | Press release
Annual conference brings customers, partners, and industry leaders together to explore how enterprises are turning decisions into coordinated action Kinaxis® (TSX:KXS), a global leader in end-to-end supply chain planning and orchestration, is set to host Kinexions North America kicking off next week from June 1-3 at The Cosmopolitan of Las Vegas. The company’s flagship conference will bring together global supply chain, business and technology leaders for three days of product innovation, customer insights, and peer networking as Kinaxis continues to advance its focus on AI-driven decision making across the supply chain industry. This year’s event will spotlight how organizations are applying agentic AI and orchestration, moving beyond insight to execution, and increasingly from decisions to coordinated action. Speakers from global organizations including Merck, Bristol Myers Squibb, Unilever, British American Tobacco, Qualcomm, ExxonMobil, The Hershey Company, Scotts Miracle-Gro, and
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom