NY-HCLTECH
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
Celltrion receives positive CHMP Opinion for SteQeyma™ (ustekinumab biosimilar) autoinjector18.12.2025 03:41:00 CET | Press release
SteQeyma™45mg and 90mg solution for injection via autoinjector (pre-filled pen) receives positive CHMP opinion, which will facilitate subcutaneous administration in patients with plaque psoriasis, psoriatic arthritis (PsA) and Crohn’s disease (CD)1The new autoinjector option increases convenience, enhances individual patient experience and expands administration options Celltrion, Inc. today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has adopted a positive opinion of autoinjector of SteQeyma™, a biosimilar to Stelara® (ustekinumab), for the treatment of plaque psoriasis, psoriatic arthritis (PsA) and Crohn’s disease (CD). The positive CHMP opinion is for SteQeyma autoinjector in 45mg/0.5mL and 90mg/1mL, expanding the currently approved SteQeyma™ presentation, which includes 45mg/0.5mL, 90mg/1mL in a pre-filled syringe and 45mg/0.5mL in a vial for subcutaneous injection, as well as 130mg/26mL concentrate for solution f
Megaport Expands into India, Accelerating Global Growth with Extreme IX Acquisition18.12.2025 02:15:00 CET | Press release
Through the Extreme Exchange (IX) acquisition, Megaport gains seven Internet Exchanges and access to 40+ data centres across India’s fastest-growing digital hubs. Megaport Limited (ASX: MP1) (“Megaport”), the world’s leading Network as a Service (NaaS) provider, today announced the acquisition of Extreme IX,India’s leading Internet Exchange operator, from Extreme Labs, a Bulgaria-headquartered software and network engineering company that incubated the Extreme IX platform. The acquisition expands Megaport’s global platform into one of the world’s fastest-growing digital infrastructure markets and supports the Company’s strategy to deliver scalable, high-performance connectivity services across APAC. The acquisition establishes Megaport’s presence across seven Internet Exchanges in major Indian metros: Delhi, Kolkata, Hyderabad, Chennai, Bengaluru, Mumbai, and Pune, connecting 40+ data centres and more than 400 customers. It also accelerates Megaport’s planned market entry by nearly thr
IonQ and QuantumBasel Expand Long-Term Partnership in Next-Generation Quantum Systems17.12.2025 22:10:00 CET | Press release
Extension solidifies QuantumBasel as IonQ’s Innovation Center in Europe; adds IonQ Tempo and next-generation system to advance quantum commercialization IonQ (NYSE: IONQ), the world’s leading quantum company, today announced an expanded agreement with QuantumBasel, the quantum initiative of uptownBasel, Switzerland’s innovation campus. The extended contract grants QuantumBasel ownership of its existing IonQ Forte Enterprise system and secures ownership of a next-generation Tempo system. This new agreement brings the total deal value of the QuantumBasel and IonQ partnership to over $60 million and extends IonQ’s on-site presence in Switzerland four more years, continuing through 2029. QuantumBasel is IonQ’s official Innovation Center in Europe, serving as a hub for European industry, academia, and research institutions to explore practical quantum computing applications and access IonQ’s latest enterprise-grade systems. “Our extended partnership with QuantumBasel represents a cornerston
Suzano Starts Up New Production Line, Boosting Its Fluff Pulp Capacity by 400%17.12.2025 21:50:00 CET | Press release
A R$490 million investment expands the supply of raw material used in the production of absorbent items Suzano, the world’s largest pulp producer, has commenced operations this week at its new fluff pulp production line located in its Limeira unit in Brazil’s São Paulo state. This R$490 million investment increases Suzano’s total fluff pulp production capacity by more than 400%, from 100,000 to 440,000 tonnes per year. The project involved converting the existing pulp line at the Limeira unit into a flexible machine, capable of producing both Eucafluff® and market pulp. Eucafluff® is used in the production of absorbent and personal hygiene products, such as baby and adult diapers, sanitary pads and pet pads. Then market pulp is supplied for making products including toilet paper, printing and writing papers, and paper packaging. Launched in 2015, Eucafluff® is the world’s first fluff pulp made from eucalyptus, delivering unique advantages like enhanced softness and flexibility, which t
SES Acknowledges Moody’s Rating Action and Reiterates Deleveraging Commitments17.12.2025 21:36:00 CET | Press release
SES S.A. (“SES” or the “Company”), a leading space solutions company, acknowledges the credit rating action announced by Moody’s Investor Service today, which follows the release of SES’ Q3 2025 results and Intelsat integration update. SES management reiterates that the Company continues to execute on its strategy with a clear plan to strengthen its key credit metrics over time. Consistent with this plan, it remains management’s intention to de-lever and return to credit metrics that are commensurate with investment grade, with a policy objective of reducing adjusted net leverage1 to at least 3.0x or below. Today’s rating action does not change the Company’s ability to operate its business, serve customers, or execute its strategic plan. SES maintains a balanced weighted average debt maturity profile of approximately five years, and the rating action from Moody’s is not expected to have a material impact on the interest payable under the Company’s existing debt facilities. SES also ben
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