Dear Shareholders,

In FY25, HCLTech once again delivered industry-leading growth and maintained steady profitability despite continued uncertainty in the macro-economic and geopolitical environment. This marks the second consecutive year in which HCLTech has outperformed its comparable peers, underscoring the resilience of our all-weather portfolio, AI-led propositions and sharp focus on client excellence. Today, HCLTech has firmly established itself as the bellwether of the Indian IT services industry.

Revenue for the year was ₹117,055 crores, a growth of 6.5%, while profit for the full year was ₹17,390 crores, a growth of 10.8%. EBIT was ₹21,420 crores, up 7% and EBIT margin was 18.3%. Services revenue was ₹105,398 crores, up 6.6%, while HCLSoftware continued to grow from strength to strength with revenue of ₹12,049 crores, a growth of 5.2%. In terms of geographies, both our dominant markets, the US and Europe, each saw 5.2% growth, in constant currency (CC). Among our industry verticals, Telecom, Media, Publishing and Entertainment led with a robust growth of 43.4%, followed by Retail and CPG, which grew by 10.7%, while Technology and Services grew by 6.7%, in CC.

HCLTech was named as the world’s fastest-growing IT services brand in 2025 by Brand Finance, with a brand value of $8.9 billion, up 17% YoY – a very proud moment for all of us. We were also the No. 1 India-headquartered company in TIME magazine’s list of World’s Best Companies 2024 and featured in Forbes list of World’s Best Management Consulting Firms 2024.

FY25 also saw us mark a very special milestone in our growth journey. This year we celebrated the 25th anniversary of HCLTech’s IPO. Over the past 25 years, HCLTech has delivered industry-leading cumulative total shareholding return (TSR) with a CAGR of 20.6%. We pioneered the Engineering and R&D and Remote IT Infrastructure Management services in the Indian IT industry and also built the largest enterprise software product company out of Asia. Few Indian companies have had the privilege of creating such tremendous value for their investors, people, clients and the nation at large.

In a rapidly evolving technology landscape, we have doubled down on investing in the upskilling of our people, offering them a culture in which they can grow and thrive. In FY25, we trained over 106,000 employees in AI/GenAI. We continue to have one of the lowest employee attrition rates in the industry and possibly the most stable leadership team. For the third consecutive year, HCLTech received the Global Top Employer recognition from Top Employers Institute, with a No. 1 rank in North America, Europe and APAC. We were also recognized by Forbes as one of the World’s Best Employers for the fifth consecutive year, making us the only India-headquartered company in the professional services category to be among the global top 10 for five years in a row.

HCLTech’s balance sheet remained very healthy, driven by efficient capital management and cost controls. During FY25, ROIC was 37.9%, up 4.1%, and comparable to the best in the industry. The Operating Cash Flow to Net Income conversion was 129%, while Free Cash Flow to Net Income conversion was 123%. Diluted EPS for FY25 came in at ₹64.09, a growth of 10.8%. The dividend payout for the full year was ₹60 per share, representing 93.5% of net income, which again is among the best in the industry.

This strong performance is also reflected in the recognitions from the investor and analyst communities. HCLTech was the most decorated India-headquartered IT services company in the 14th Institutional Investor Research Annual Asia Executive Team survey with No. 1 rank in 21 categories in the Technology IT Services & Software sector. We received 400+ leadership recognitions from industry analysts across technology capabilities and industries, with HCLTech being the only service provider to receive a Customer’s Choice rating in all six Gartner Peer Insights Voice of the Customer (VoC) reports across IT services markets.

We are now in a post-digital era where enterprises are reimaging their business models with an AI-driven philosophy.

As AI adoption among enterprises becomes mainstream, HCLTech is in a sweet spot to ride this opportunity curve with its full-stack portfolio and leadership in software and IP-led services. Our entrepreneurial DNA, well-supported by our engineering pedigree, is enabling us to develop new propositions that empower our clients and fuel their business growth.

Our AI and Agentic offerings like AI Force, AI Foundry, AI Labs and AI Engineering have seen healthy adoption among our client base across all vertical segments. Our GenAI-integrated HCLSoftware products and industry-focused repeatable solutions (IFRS) are starting to see market momentum. A good number of our large deal wins in FY25 have been enabled by AI Force and AI Foundry platforms, underscoring our ability to deploy AI-led solutions at scale and deliver real-world outcomes.

Driven by the depth of our capabilities in AI, HCLTech has become partner of choice for the world’s top technology companies. We’ve established joint AI Labs with SAP, NVIDIA and ServiceNow. Our clients will be able to leverage these relationships to harness the true potential of AI and its adjacencies.

Internally, HCLTech is also driving adoption of AI/GenAI solutions across its business processes, including HR, Finance and Sales/Marketing, to drive increased speed, better employee experience and higher productivity. For instance, we have deployed our own AI-based hiring platform, Talent Navigator, to significantly improve the quality and velocity of hiring.

We have made significant strides in integrating sustainability into our business. Our approach to sustainability is grounded in the principles of Act. Pact. Impact. Since FY20, we have reduced Scope 1&2 emissions by 46% and Scope 3 emissions by 22%. We have achieved 83% increase in renewable energy consumption from FY20 and 100% of our owned buildings are Platinum-rated by Green Building Councils. In FY25, we replenished 31x water compared to what we consumed across our India operations.

Our CSR initiatives in India are delivering transformational impact at scale. With a cumulative investment of over ₹1,680 crores through the HCLFoundation, the interventions have positively impacted over 7.5 million lives across India. We are taking forward these learnings and capabilities to our global operations through grants and partnerships as well as employee volunteering. The HCLTech Grant Americas program has successfully completed two editions as part of the $5 million commitment to support climate action programs by NGOs across Americas. Going forward, we aim to expand these socially impactful solutions to more geographies.

At this moment, we acknowledge the uncertainties in the business environment due to economic and trade related headwinds as well as continuing geopolitical challenges.

While there are near-term challenges such as softness in discretionary spends, there are also opportunities as clients look to partners like HCLTech to help them navigate through these times by bringing together the best of technology and people and unlocking the ‘art of the possible’.

With our differentiated portfolio and people, we remain optimistic and well-positioned for the large growth opportunities that lie beyond this immediate phase of turbulence.

I would like to extend my gratitude to the Board of Directors of HCLTech for their constant guidance and support to the leadership team.

I also want to thank our people for their continued passion and commitment in serving our clients and importantly living the HCLTech ethos and values every day.

On behalf of everyone at HCLTech, I take this opportunity to thank our shareholders, clients and partners for reposing their trust in us.

Best regards,

C Vijayakumar