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IFRS Financials June 2022
Investor Release		 Shareholding Pattern Qtr. ended June 30, 2022 Q1 ’23 Earnings Conference Call Transcript

HCL Technologies Q1 FY’23 Earnings Call audio recording

 Quarter ended June 30, 2022
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Corporate and Financial Highlights

  1. Strong Booking performance: For Q1 FY’23, TCV of New Deal wins at US$ 2,054 mn, registering 23.4% YoY growth of which-
    • Services TCV at US$ 1,950 mn enabled by 7 net new large Services deal wins;
    • Products TCV at US$ 104 mn enabled by 9 net new large Product deal wins;
    • Significant number of small deals.

    ACV is higher by 17.9% on a YoY basis.

  2. Q1 FY’23 Revenue growth at 2.7% QoQ cc (15.6% YoY cc).
    • During Q1, Services business has grown at 2.3% QoQ cc (19.0% YoY cc).
      • Engineering and R&D Services grew at robust 3.7% QoQ cc (23.0% YoY cc) driven by traction in digital engineering and IoT Works.
      • IT and Business Services grew at healthy 2.0% QoQ cc (18.1% YoY cc), driven by acceleration in cloud transformation and application and data modernization.
  3. All round growth in Services (ITBS and ERS) across verticals and geographies YoY in constant currency for the quarter.
    • Growth momentum led by Technology & Services (34.2%), Telecom, Media, Publishing & Entertainment (29.2%), Manufacturing (19.1%), Financial Services (16.4%), Lifesciences & Healthcare (15.7%) and Public Services (15.2%).
    • Geography growth powered by Europe (22.5%), Americas (17.5%) and ROW (18.2%).
  4. Mode 2 continues to lead the growth momentum growing at 39.3% YoY in Constant Currency for Q1 FY’23.
  5. Strong client addition across all categories. On YoY basis, US$ 100 mn+ clients up by 3, US$ 50 mn+ clients up by 5, US$ 20 mn+ clients up by 23, US$ 10 mn+ clients up by 35, and US$ 5 mn+ clients up by 27, US$ 1 mn+ clients up by 63.
  6. Total headcount at 210,966 Up 19.5% YoY.
  7. Cash Generation continues to be robust: Generated Operating Cash Flow of US$ 2,013 mn and Free Cash Flow of US$ 1,762 mn on LTM basis, being 112% and 98% of Net Income respectively.
  8. Gross Cash stands at US$ 2,249 mn and Net Cash at US$ 1,724 mn at the end of June 30th, 2022.
  9. The company has declared a dividend of ₹ 10/-, 78th consecutive quarter of dividend pay-out.

FY 2023 Guidance

Revenue expected to grow between 12% to 14% in constant currency.

EBIT margin expected to be between 18% to 20%.