Business Wire

NY-HCLTECH

Share
HCLTech Reports FY24 Revenue of $13.3 Billion, up 5.4% YoY

HCLTech, a leading global technology company, today reported financial results for the fourth quarter and the full year ended March 31, 2024.

The company reported full year revenue of $13.3 billion, up 5.4% YoY. Digital Services revenue grew by 5.3% (CC) and now contributes to 37.3% of IT Services revenue. HCLSoftware’s Annual Recurring Revenue came in at $1.02 billion. During FY24, the company won 73 large deals – 36 in Services and 37 in Software - that translated into TCV (new deal wins) of $9.76 billion, up 10% YoY.

For the quarter, revenue came in at $3.43 billion, up 6% YoY. HCLTech won 21 large deals – 13 in Services and eight in Software, with a TCV of $2.29 billion during the quarter.

In terms of geographies, Americas was the fastest growing region with 6.8% YoY (CC) growth followed by Europe, which grew by 5.5% YoY (CC).

Industry vertical growth was led by Financial Services and Telecommunications, Media, Publishing & Entertainment. While Financial Services grew at 12.1% YoY CC for the full year, the Telecommunications, Media, Publishing & Entertainment vertical recorded 39.2% growth (YoY) during the quarter.

The company announced a dividend of ₹18/share for the quarter, bringing the total to ₹52/share for FY24.

HCLTech’s total people count at the end of the quarter stood at 227,481. The company hired a total of 12,141 freshers during the full year. LTM attrition further moderated to 12.4% from 19.5%.

“HCLTech continues to lead the industry in FY24 with good USD revenue growth of 5.4% YoY during challenging times through our strong commitment to our clients and our people. More importantly, we have translated this growth into even higher value creation for our shareholders with our OCF (operating cashflow) coming at $2,711 million, up 21.6% YoY and FCF (free cashflow) at $2,584 million, up 27.7% YoY. As we look ahead, global enterprise technology spend will only grow with adoption of AI. We are well positioned to capitalize with our AI-led propositions, global delivery model and ideal mix of technology services and products,” said C Vijayakumar, CEO & Managing Director, HCLTech.

For FY25, the company has given a guidance of 3%-5% revenue growth YoY (CC) and EBIT margin at 18%-19%.

“HCLTech’s FY24 performance underlines the resilience of our business model with revenue at ₹109,913 crore, growing 8.3%. We delivered this industry-leading growth with EBIT at ₹20,027 crore, up 8.4%. Net Income (NI) for the year came in at ₹15,702 crore, up 5.7%, translating to an EPS of ₹57.86,” added Prateek Aggarwal, Chief Financial Officer, HCLTech.

HCLTech is witnessing strong growth in cloud and cybersecurity. AI and GenAI are key areas of focus and the company recently launched HCLTech AI Force, an innovative GenAI platform that accelerates time-to-value by transforming the software development and engineering lifecycle, delivering greater productivity, improved quality and faster release timelines. It is system agnostic and offers a highly customizable suite of GenAI-based solutions that inject intelligence into software development and engineering workflows to improve efficiency and developer experience.

Among the select GenAI deals that HCLTech won in the quarter are:

  • A US-based biopharmaceutical company selected HCLTech to leverage GenAI and data engineering to automate the extraction of structured and unstructured data from diverse sources.
  • A US-based financial services provider selected HCLTech to migrate its existing machine learning models to new-age GenAI platforms for greater agility, improvement and innovation in service delivery.

HCLTech was recognized by Ethisphere as one of the World’s Most Ethical Companies in 2024. Other key recognitions that HCLTech received in Q4 FY24 are:

  • Rated AA in the MSCI ESG ratings for the second consecutive year
  • Included in the S&P Global Sustainability Yearbook 2024 for the second year in a row
  • Rated as the fastest-growing IT services brand with 15.9% YoY growth in brand value among the top 10 IT companies globally, as per the 2024 Brand Finance Global 500 and IT Services Top 25 Report.

About HCLTech

HCLTech is a global technology company, home to more than 227,000 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 March 2024 totaled $13.3 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/20240426991009/en/

About Business Wire

Business Wire
Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco

http://businesswire.com
DK

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

World First: H-UKR 0% Clinker Cement Obtains Technical Assessment (ATec) for Wind Turbine Foundations22.10.2025 08:00:00 CEST | Press release

Hoffmann Green Cement Technologies (ISIN: FR0013451044, Ticker: ALHGR) (“Hoffmann Green Cement” or the “Company”), an industrial player committed to the decarbonation of the construction sector that designs and markets innovative cold produced, clinker-free cements, today announces that it has obtained a Technical Assessment (ATec) validating the use of its H-UKR decarbonized cement for wind turbine foundations. This unprecedented recognition, a world first for a 0% clinker cement, certifies that the H-UKR solution meets the highest standards of sustainability, safety, and performance for particularly rigorous applications such as wind power. A strategic step towards new markets This certification marks another key milestone for Hoffmann Green, enabling it to further accelerate its growth in the renewable energy market from 2026 and beyond. Obtaining this ATec certification paves the way for new commercial opportunities in this sector, strengthening its insurability with project owners

Takeda Enters Global Strategic Partnership with Innovent Biologics to Bolster Oncology Pipeline with Next-Generation Investigational Medicines for Treatment of Solid Tumors22.10.2025 02:25:00 CEST | Press release

Takeda to Receive Rights to Two Next-Generation Late-Stage Investigational Medicines, Worldwide Outside of Greater China, and an Exclusive Option to License Global Rights to an Early-Stage ProgramTakeda to Lead IBI363 Global Co-Development and U.S. Co-Commercialization and Will Have Exclusive Commercialization Rights Outside the U.S. and Greater China; IBI363 is a Late-Stage Bispecific Antibody Fusion Protein Being Evaluated in Non-Small Cell Lung and Colorectal Cancers, with Potential in Additional Solid Tumor TypesTakeda to Receive Exclusive Rights for IBI343 Outside of Greater China; IBI343 is a Late-Stage Antibody-Drug Conjugate Being Evaluated in Gastric and Pancreatic CancersTakeda Intends to Establish Manufacturing for These Investigational Medicines in the U.S. Takeda (TSE:4502/NYSE:TAK) today announced that it has entered into a license and collaboration agreement with Innovent Biologics (HKEX: 01801) for the development, manufacturing and commercialization of two late-stage o

YES Selected to Deliver Full Portfolio of Advanced Packaging Tools for Glass Panel AI and HPC Applications by a Leading AI Infrastructure Supplier21.10.2025 21:16:00 CEST | Press release

Yield Engineering Systems (YES), a leading provider of advanced process equipment for AI and high-performance computing (HPC) semiconductor applications, today announced that it has received multiple tool orders from a global leader in AI infrastructure solutions. The orders span YES’s portfolio of Dry and Wet process systems and will support panel-level manufacturing on glass substrates for next-generation data center and HPC packaging. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251020459437/en/ YES VertaCure, VertaPrime, VeroFlex, TersOra, and SURE systems. The systems will be deployed in advanced packaging lines dedicated to hyperscale AI workloads, including training, inference, networking, and co-packaged optics. This award marks a significant milestone in the industry's shift toward glass-based 2.5D and 3D packaging as system performance, density, and thermal requirements escalate. YES will supply a full suite of s

Esri and UNFPA Extend Strategic Partnership to Support 2030 Census Round21.10.2025 21:09:00 CEST | Press release

Collaboration Strengthens Census Through Location-Enabled Data Sharing Esri, the global leader in location intelligence, today announced the extension of its strategic partnership with the United Nations Population Fund (UNFPA) in support of the 2030 census round. Building on a successful collaboration during the 2020 census round, the partnership aims to embed geographic information system (GIS) technology into all phases of census work. By leveraging GIS, national statistics and census offices will gain access to more authoritative, location-enabled data and faster, more efficient methods of planning, collection, and dissemination. “National census projects can often involve mapping an entire country,” said Linda Peters, Esri global business development manager. “GIS is becoming crucial for every step of a census but deploying it is new to many national statistical offices. We are happy to provide the resources that can enable this large-scale feat of authoritative data collection an

AXS and Lawson Entertainment Partner to Enhance Fan Ticketing Experiences in Japan21.10.2025 20:41:00 CEST | Press release

AXS, the trusted leader in advanced ticketing and live event technology, today announced the establishment of AXS Tickets, a new joint venture with Lawson Entertainment, one of Japan’s leading entertainment and ticketing companies, marking a major expansion of AXS’s business in Japan. This partnership builds on AXS’s successful presence in Japan, combining AXS’s world-class technology and global expertise with Lawson Entertainment’s (Lawson Tickets’) deep industry relationships and highly recognized consumer brand. Together, they aim to expand access to live entertainment and sports across Japan. Since its launch in 2018, AXS Japan has powered ticketing for thousands of events and sold tens of millions of tickets for some of the country’s fastest-growing sports leagues, professional teams, and major event organizers. The creation of AXS Tickets strengthens that foundation — enabling AXS and Lawson Entertainment to deliver a new level of innovation and scale for artists, promoters, venu

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
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye