Investors | HCLTech

HCLTech Announces
Q4 and Annual
FY 2024 Results

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 coming at US$ 2,711 Mn, up 21.6% YoY and FCF at US$ 2,584 Mn, 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.

C Vijayakumar

Chief Executive Officer and Managing Director | HCLTech

Revenue

INR Revenue of ₹ 109,913 Crore, up 8.3%
Constant Currency (CC) Revenue up 5.0%
USD Revenue of US$ 13,270 Mn, up 5.4%
HCLTech Services CC Revenue up 5.4% led by growth in Financial Services (up 12.1%)
Digital CC Revenue up 5.3%; contributes 37.3% of Services
HCLSoftware CC Revenue up 2.3%
HCLSoftware ARR at US$ 1.02 Bn, up 0.7% CC

Profitability & Return Metrics

EBIT at ₹ 20,027 Crore (18.2% of revenue), up 8.4%
Net Income at ₹ 15,702 Crore (14.3% of revenue), up 5.7%
EPS (Diluted) at ₹ 57.86, up 5.6%
ROIC – Company at 33.8%, up 341 bps; Services at 41.6%, up 430 bps
OCF at US$ 2,711 Mn (up 21.6%) and FCF at US$ 2,584 Mn (up 27.7%)
OCF/NI at 143% & FCF/NI at 136%
Full Year Dividend at ₹ 52/- per share. Payout ratio of 89.6% for FY’24

Bookings

TCV (New Deal wins) at US$ 9,759 Mn, up 10.0%
Won 73 New Large deals – 36 in Services & 37 in Software

People

Total People Count at 227,481; Net addition of 1,537
Added 12,141 freshers
LTM Attrition at 12.4%* (down from 19.5% in Q4 of last year)

FY’25 Guidance

Company CC Revenue growth expected to be between 3.0% - 5.0% YoY
Services CC Revenue growth expected to be between 3.0% - 5.0% YoY
EBIT margin expected to be between 18.0% - 19.0%

*Note: Attrition excludes involuntary attrition and digital process operations.

*Note: All Financial Growth Metrics are YoY except if stated otherwise

Revenue

INR Revenue of ₹ 28,499 Crore, up 0.2% QoQ & up 7.1% YoY
Constant Currency (CC) Revenue up 0.3% QoQ & up 6.0% YoY
USD Revenue of US$ 3,430 Mn, up 0.4% QoQ & up 6.0% YoY
Services CC Revenue up 3.0% QoQ & up 6.7% YoY led by growth in Telecommunications, Media, Publishing & Entertainment (up 21.6% QoQ & up 39.2% YoY)
Digital CC Revenue up 6.3% YoY; contributes 37.1% of Services
HCLSoftware ARR at US$ 1.02 Bn, up 0.7% YoY CC

Profitability & Return Metrics

EBIT at ₹ 5,018 Crore (17.6% of revenue), down 10.6% QoQ & up 3.8% YoY
Net Income at ₹ 3,986 Crore (14.0% of revenue), down 8.4% QoQ & up 0.1% YoY
ROIC (on LTM basis) – Company at 33.8%, up 341 bps YoY; Services at 41.6%, up 430 bps YoY
OCF at US$ 2,711 Mn and FCF at US$ 2,584 Mn (on LTM basis)
OCF/NI at 143% & FCF/NI at 136% (on LTM basis)
Dividend of ₹ 18/- per share, 85^th consecutive quarter of dividend pay-out

Bookings

TCV (New Deal wins) at US$ 2,290 Mn
Won 21 New Large deals - 13 in Services & 8 in Software

People

Total People Count at 227,481; Net addition: 2,725
Added 3,096 freshers
LTM Attrition at 12.4%*, (down from 19.5% in Q4 of last year)

ESG

HCLTech earns leadership rating from CDP for climate change actions

*Note: Attrition excludes involuntary attrition and digital process operations.

Financial Results

Investor Call Recording

Q4

HCL Technologies Q4, FY24 Earnings Call audio recording

Investor Call Transcript

Q4

Q4, FY24 Earnings Conference Call Transcript

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HCLTech Overview

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 Ended March 31, 2024 totaled US$ 13.3 Bn.

About Us Overview