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
Greenland Resources Signs Eight Year Off-take Agreement With SSAB to Supply High Quality Molybdenum1.4.2026 16:29:00 CEST | Press release
Greenland Resources Inc. (TSX:MOLY, FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to announce the Company has signed a binding off-take agreement with SSAB, a Nordic and US-based steel producer headquartered in Sweden. The company is a leading producer on the global market for advanced high-strength steels providing solutions to the defence, automotive, infrastructure and energy industries. A stock exchange press release from SSAB can be found on their website at www.ssab.com This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260401270749/en/ The off-take agreement provides an established price floor and price ceiling and will allow SSAB to secure high quality low carbon emission ferromolybdenum extracted in Greenland and refined in Belgium. SSAB will be able to ensure a stable and responsibly sourced long term secured primary molybdenum supply with high sustainability standards and low scope 1&2 emissions from a
VDYNE Receives FDA Approval to Initiate the TRIVITA1 IDE Pivotal Trial of Transcatheter Tricuspid Valve Replacement System1.4.2026 15:30:00 CEST | Press release
VDYNE, Inc. (“VDYNE” or “the Company”), a privately held medical device company developing next generation transcatheter valve replacement technologies, today announced that the U.S. Food & Drug Administration (FDA) has approved an investigational device exemption (IDE) for the company’s pivotal clinical trial evaluating its Transcatheter Tricuspid Valve Replacement (TTVR) system. The IDE approval enables initiation of a U.S. pivotal study at leading clinical centers to evaluate the safety and effectiveness of the VDYNE system in patients with severe tricuspid regurgitation (TR). “This is a defining milestone for VDYNE and an important step toward bringing a much-needed therapy to patients with severe tricuspid regurgitation,” said Mike Buck, Chief Executive Officer. “Our focus now is on disciplined clinical execution and partnering with leading investigators to generate high-quality data that advances the field and improves patient care.” Significant unmet clinical needs exist in the
NetJets Introduces State-of-the-Art, Exclusive-Use Terminal in Augusta, Georgia1.4.2026 15:05:00 CEST | Press release
New facility set to elevate the experience for customers during golf’s most celebrated event—and beyond NetJets, the global leader in private aviation, is well underway on its development of a new exclusive-use terminal at Augusta Regional Airport (AGS). This state-of-the-art facility represents a significant investment in the region and reinforces NetJets’ commitment to delivering unparalleled experiences for its customers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260330125414/en/ NetJets to open a new, exclusive-use terminal at Augusta Regional Airport (AGS). Guests arriving this April for golf’s most iconic championship will witness the construction in progress, including the finished ramp and foundational walls of what will soon become a full-service terminal. The private ramp, offering 432,000 square feet of space for aircraft parking, will be completed in time for the 2026 golf tournament. “Augusta is a key desti
Visa Unveils New Services to Modernize Dispute Resolution Process1.4.2026 15:00:00 CEST | Press release
Fraudulent disputes and administrative inefficiencies drive billions in avoidable economic costsSix new and enhanced dispute resolution tools utilize AI and proprietary technology to help provide issuers, acquirers and merchants with increased visibility into costly fraud expenses Visa (NYSE: V), a global leader in digital payments, today announced six new dispute resolution tools designed to reduce the billions of dollars lost annually to inefficient, outdated dispute processes. The expanded suite of dispute resolution services is being designed to help merchants and financial institutions cut administrative costs, reduce fraud-related losses and redirect those resources toward growth, innovation and customer experience. Disputes remain one of the most persistent friction points in commerce, driving rising costs for merchants and financial institutions while simultaneously leaving consumers frustrated and confused. In 2025, Visa processed 106 million disputes globally, a 35% increase
Rimini Street Announces Debt Reduction and Amendment to its Credit Agreement1.4.2026 15:00:00 CEST | Press release
Rimini Street, Inc. (Nasdaq: RMNI), the Software Support and Agentic AI ERP Company™, and the leading third-party support provider for Oracle, SAP and VMware software, today announced first quarter debt reduction activities and a recent amendment to its credit agreement. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260401160360/en/ Rimini Street Announces Debt Reduction and Amendment to its Credit Agreement Debt reduction activities during the first quarter of 2026 totaled $10.9 million, reducing the Company’s outstanding term loan to $58.4 million as of March 31, 2026. The Company’s credit agreement was amended effective as of March 27, 2026 to increase to $20.0 million the value of Company common stock that could be repurchased per annum, beginning with the Company’s 2026 fiscal year and for each fiscal year thereafter, with a revised total of $50.0 million in permitted stock repurchases from the period beginning January
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