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
Allianz Delivers Record Result and Is Well on Track to Achieve Its Targets7.8.2026 07:10:00 CEST | Press release
2Q 2026 This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806509750/en/ Oliver Bäte, Chief Executive Officer of Allianz SETotal business volume at 45.6 billion euros, an internal growth of 5.7 percent1, with contributions from all segments. Asset Management delivers excellent growth. Operating profit rises 10.6 percent to a record level of 4.9 billion euros. Shareholders’ core net income at 2.6 billion euros; 12.7 percent below last year. Adjusted for a divestment gain last year and offsetting measures following the sale of the stake in our Indian JVs, underlying growth is strong at 10 percent. 6M 2026Total business volume at 98.6 billion euros, an internal growth of 4.3 percent1, driven by Property-Casualty and especially Asset Management. Operating profit rises 8.6 percent and reaches a record level of 9.4 billion euros. Shareholders’ core net income advances 15.5 percent to 6.4 billion euros. Adjusted for divestment effec
Pure Lithium Receives Australian Patent for "Lithium Metal Anode and Battery"6.8.2026 22:49:00 CEST | Press release
Pure Lithium Corporation, a vertically integrated next-generation lithium metal battery technology company, today announced that the Australian patent office has granted the company a patent (AU2025271196) titled “Lithium metal anode and battery.” Australia mines roughly half of the world’s lithium, yet has no domestic battery production at all; every battery the country uses is imported. The granted patent is directed to ways in which Pure Lithium’s technology can change that. Rather than trying to catch up in lithium-ion, Australia can leapfrog the incumbent technology and establish a next-generation industry. As worldwide demand for batteries grows, every country capable of making batteries needs to be making them. That is Pure Lithium’s central goal: opening up markets around the world through battery technology that enables local, independent supply chains, keeping pace with demand and strengthening economies. China controls the lithium-ion battery supply chain and manufactures th
Vercel Appoints Amit Agarwal, Standard Template Labs CEO and former Datadog President, to Board of Directors6.8.2026 17:00:00 CEST | Press release
The product leader who helped scale Datadog from early-stage startup through IPO brings deep product expertise to Vercel's board Vercel, the agentic infrastructure company, today announced the appointment of Amit Agarwal, former president of Datadog and founder and CEO of Standard Template Labs, an AI-first service management platform, to its board of directors. Agarwal brings 25 years of enterprise software experience and a track record of scaling a product-led company from its earliest days into one of the defining public software companies of the cloud era. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806738617/en/ Amit Agarwal Agarwal joined Datadog in 2012 as its Chief Product Officer and was named President in 2022, overseeing product, corporate development, and go-to-market functions as the company grew past $2.5 billion in annual revenue. Across 13 years, including Datadog's 2019 IPO and its first years as a pub
Laserfiche Launches Advanced Enterprise Security to Deliver Multi-Region Disaster Recovery and GovRAMP-Ready Compliance for Highly Regulated Industries6.8.2026 16:00:00 CEST | Press release
New security suite extends Laserfiche’s proven security controls and adds near real-time data replication for governments, law enforcement and security-conscious enterprises. Laserfiche — the leading SaaS provider of intelligent content management — today announced the launch of Enterprise Security, an advanced suite of security enhancements designed for organizations navigating complex regulatory environments. Enterprise Security addresses GovRAMP and CJIS (Criminal Justice Information Services) security requirements based on the NIST SP 800-53 framework. For organizations handling privileged citizen, legal or corporate data, these built-in controls streamline audit preparation and fortify defenses. With organizations placing a higher priority on data stewardship and corporate governance, enterprise IT leaders require a security architecture that protects data without slowing down operations. Laserfiche Enterprise Security extends Laserfiche Cloud’s highly resilient infrastructure wit
AM Best Upgrades Fortegra Insurance Subsidiaries to A (Excellent)6.8.2026 15:00:00 CEST | Press release
Rating actions follow completion of the DB Insurance acquisition The Fortegra Group, Inc. (“Fortegra” or the “Company”), a global specialty insurer and part of DB Insurance Co., Ltd., today announced that AM Best has upgraded the Financial Strength Rating (FSR) of its insurance subsidiaries to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a” (Excellent) from “a-” (Excellent). The outlook assigned to the ratings is stable, and AM Best removed the ratings from under review with positive implications. KBRA has also upgraded all of its ratings for the Company. The upgrade applies across Fortegra’s insurance platform. The property and casualty companies include Lyndon Southern Insurance Company, Insurance Company of the South, Response Indemnity Company of California, Blue Ridge Indemnity Company, Fortegra Specialty Insurance Company and Fortegra Europe Insurance Company SE. The life and health companies include Life of the South Insurance Co
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