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
Egon Zehnder Elects German Herrera as New Chair28.1.2026 20:01:00 CET | Press release
Herrera succeeds Michael Ensser, who will remain an active member of the Firm after his term in a planned transition. Egon Zehnder, the world’s premier leadership advisory firm, today announced that, in accordance with its established governance and three-year election cycle, German Herrera has been elected as the Firm’s next Chair by its worldwide partnership. Herrera will assume the role effective March 1, 2026. He will succeed Michael Ensser, who has held the position since 2022, in a planned succession at the conclusion of his regular term. Herrera joined the Firm in 1998 in Bogotá and has helped shape the Firm’s global presence, taking on a broad range of leadership roles, from co-leading the Global Family Business Advisory Practice to serving on the Executive Committee and the Market Council. Most recently, Herrera has guided Egon Zehnder’s U.S. market through a period of impressive growth and transformation, which today includes 15 offices and more than 150 consultants. As the f
De' Longhi Group - Record Preliminary 2025 Revenues of €3.8 Billion, up 10.4% at Constant Exchange Rates28.1.2026 19:25:00 CET | Press release
The Group closed 2025 with brilliant results and solid growth at constant currency across both divisions throughout the year, further confirmed by an organic expansion of 8.2% in Q4 Below are the preliminary 2025 revenues for the De’ Longhi S.p.A. Group: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260128191504/en/12 months, revenues at € 3,801.5 million, growing at 8.7% (+10.4% at constant currency); fourth quarter, revenues at € 1,340.0 million, growing at 5.7% (+8.2% at constant currency). Fabio de' Longhi, CEO of the Group, stated: "The Group achieved solid growth at constant currency of 10.4% in 2025, characterized by consistent results throughout the year. We are particularly pleased with the excellent performance achieved in the fourth quarter, which successfully overcame the challenges posed by the current market environment. The household division consolidated its recent growth momentum during the quarter, with or
Organon Completes Divestiture of JADA® System to Laborie28.1.2026 18:45:00 CET | Press release
Organon (NYSE: OGN), a global healthcare company with a mission to deliver impactful medicines and solutions for a healthier every day, announced today the successful closing of the sale of its JADA® System to Laborie Medical Technologies Corp. Please see our prior announcement for a summary of the transaction terms. Indications for Use The JADA® System is intended to provide control and treatment of abnormal postpartum uterine bleeding or hemorrhage when conservative management is warranted. Contraindications Ongoing intrauterine pregnancy Untreated uterine rupture Unresolved uterine inversion Current cervical cancer Known uterine anomaly Current purulent infection of vagina, cervix, or uterus For C-sections: Cervix <3 cm dilated before use of JADA Warnings Avoid excessive force when inserting JADA into the uterus or trauma to uterine wall may occur, including perforation. The safety and effectiveness of the JADA System in delivery at a gestational age <34 weeks or, if multiples, uter
Laserfiche Expands AI Data Capture with Auto-Classification to Transform Data into Business Intelligence28.1.2026 16:00:00 CET | Press release
New intelligent features automatically organize and classify documents, transforming how organizations manage information at scale. Laserfiche — the leading SaaS provider of intelligent content management — today announced major enhancements to its AI-powered data extraction tool, Smart Fields. The update introduces automated document classification and tagging, allowing organizations to move from unstructured content to informed decisions in seconds. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260128228490/en/ Using natural language prompts instead of rigid, ruled-based OCR, Smart Fields can now identify document type — such as invoices, taxpayer identification forms, or student transcripts — and automatically apply the correct metadata template using AI. Users can also use Smart Fields to automatically add informational and security tags to files that meet certain criteria, defined using a natural language prompt. Users
Intersolar Africa 2026 to Position Nairobi as East Africa’s Key Hub for Solar and Energy Storage28.1.2026 15:20:00 CET | Press release
East Africa is emerging as one of the world’s most dynamic regions for solar power and battery storage. On 3–4 February 2026, Intersolar Africa will take place at the Sarit Expo Centre in Nairobi, expanding from the successful Intersolar Summit Africa in 2025 into a full international exhibition and conference. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260128955267/en/ Intersolar Africa will take place on February 3-4 in Nairobi. East Africa’s Energy Market and Opportunities Rapid population growth, industrialization, and rising electricity demand are putting pressure on power systems across East Africa. Limited generation capacity, grid instability, and high electricity costs constrain economic growth. Solar photovoltaics combined with energy storage have emerged as the most cost-effective and scalable solution to expand capacity, stabilize supply, and strengthen long-term energy security for businesses and communities
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