CALENDAR YEAR 2020 RESULTS
- Revenue at US$ 10,022 mn; up 3.6% YoY in US$ and Constant Currency
- EBITDA margin at 26.5%, (US GAAP); EBITDA margin at 27.4% (Ind AS); EBIT margin at 21.5%
- Net Income at US$ 1781 mn (Net Income margin at 17.8%) up 19.8% YoY
Q3 FY’21 RESULTS
- Revenue at US$ 2,617 mn; up 4.4% QoQ & up 2.9% YoY
- Revenue in Constant Currency; up 3.5% QoQ & up 1.1% YoY
- EBITDA margin at 28.2%, (US GAAP); EBITDA margin at 29.1% (Ind AS); EBIT margin at 22.9%
- Net Income at US$ 540 mn (Net Income margin at 20.6%) up 27.3% QoQ & up 26.5% YoY
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FY 2021 Guidance
- Revenue expected to grow QoQ between 2% to 3% in constant currency for Q4, FY’21, including DWS contribution.
- EBIT expected to be between 21.0% and 21.5% for FY’21
Key Highlights (for the quarter ending December 2020)
- HCL Revenue cross US$ 10 billion milestone in CY 20, delivering 3.6% YoY growth in constant currency.
– CY 20 delivered EBITDA at 26.5% and EBIT at 21.5%. - HCL won 13 transformational deals across industry verticals, including Life Sciences and Healthcare, Technology and Financial Services.
- Broad based growth driven by Mode 2 and Products and Platforms.
– Mode 2 has been the prime driver of growth, up 25.0% YoY and 10.9% QoQ in constant currency, led by good traction witnessed in cloud native and digital programs.
– Products and Platforms business has clocked healthy 9.3% YoY growth in constant currency on back of strong new license sales and robust renewals. - This quarter, margin expansion has been robust on both YoY and QoQ basis.
– EBITDA at 28.2% expanded 355 bps and 157 bps on YoY and QoQ basis respectively.
– EBIT at 22.9% expanded by 265 bps and 129 bps on YoY and QoQ basis respectively.
– It is noteworthy that EBITDA on Ind AS basis, delivered a strong 29.1%. - Cash Generation and conversion continues to be very strong during CY 20 and for the quarter.
– During CY 20, we generated Operating Cash Flow of US $ 2667 mn and Free Cash Flow of US $ 2407 mn, up 63.5% and 82.8% respectively on full year YoY basis.
– Gross Cash stands at US $ 2620 mn and Net Cash at US $ 2,202 mn at the end of December 31st, 2020. - Snapshot of Consistent & Strong Cash Perfromance in the past 5 Quarters
Particulars Quarter Ended Calendar Year 2020 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Operating Cash Flow (US $ mn) 709 521 819 643 684 2,667 Free Cash Flow (US $ mn) 657 452 757 578 621 2,407 Operating Cash Flow (OCF) / Net Income (NI) 166% 121% 212% 152% 127% 150% Net Cash (US $ mn) 1,101 1,359 1,329 1,826 2,202 2,202 - Cash EPS at ₹ 62.2 and EPS at ₹ 48.7 grew at healthy clip of 27.9% and 26.0% respectively during CY 20.
- Declared Dividend of ₹ 4 /- per share, being 72nd consecutive quarter of dividend pay-out.
- IT Services Attrition (LTM) at 10.2%, down 667 bps on YoY basis. Net Additions at 6,597 during the quarter.
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