Business Wire

HCLTech Delivers a Quarter of Strong Execution and Record Deal Bookings


HCLTech, a leading global technology company, today announced its financial results for the quarter ended September 30, 2023.

The company reported record deal bookings of $4 billion for the quarter. This represented a growth of 159% QoQ and 67% YoY. 16 large deals (including one mega deal) — 10 in services and six in software — contributed to this milestone.

During Q2 FY24, revenue was at $3.2 billion, up 4.6% YoY. Revenue in constant currency (CC) grew by 3.4% YoY and 1 % QoQ. Services revenue grew by 3.4% YoY in CC. EBIT margin for the quarter increased to 18.5% from 17% QoQ. HCLSoftware’s annual recurring revenue (ARR) came in at $1.03 billion, up 3.9% YoY (CC).

Revenues from both the Americas and Europe grew at 3.9% YoY (CC). Industry vertical growth was led by Financial Services at 12.5% YoY (CC) and Lifesciences & Healthcare at 9.8% YoY (CC).

The company announced a dividend of ₹12 per equity share.

“Our revenue growth of 1% QoQ and 3.4% YoY on a constant currency basis, with a 154 bps QoQ improvement in operating margin and improving cashflows, reflect our ability to execute well in an evolving business environment and our commitment to operational efficiency. Our new bookings of $4 billion this quarter is at an all-time high, driven by a standout mega deal. This achievement underscores our ability to seize exceptional opportunities in the market and gives us optimism for our medium-term growth prospects," said C Vijayakumar, CEO & Managing Director, HCLTech.

HCLTech expects FY24 organic revenue to grow at 4-5% YoY in CC. The company’s revenue growth (including ASAP acquisition) is expected to be at 5-6% YoY in CC. The company retained its EBIT margin guidance for FY24 at 18-19%.

“Q2 FY24 growth at 8% YoY (in INR) is accompanied with sharp uptick in margins and deal wins as well as great cash generation. EBIT margins increased to 18.5%, an increase of 50 bps YoY, 154 bps QoQ. Profit after tax (PAT) came in at 14.4%, an increase of 30 bps YoY. EBIT was up 11.5% YoY and PAT was up 9.8% YoY. Last twelve months (LTM) ROIC for the company stood at 32.2% (up 350 bps YoY) and 39.4% (up 320 bps YoY) for Services business. Cash generation accelerated with LTM OCF $ 2,820 million (151% of PAT) and FCF at $2,662 million (142% of PAT)," said Prateek Aggarwal, Chief Financial Officer, HCLTech.

Attrition (LTM) rate for the quarter moderated further to 14.2% from 23.8% in Q2 FY23.

HCLTech is leveraging cutting-edge technologies, from GenAI to cloud computing, to help clients future-proof their businesses. Among the deals that HCLTech won in emerging areas:

  • A Europe-based global financial services provider selected HCLTech strengthen its global compliance framework leveraging GenAI.
  • One of the largest global technology companies selected HCLTech as a preferred partner for their product developer support lifecycle optimization using AI and machine learning.
  • The US subsidiary of a leading pharmaceutical company selected HCLTech to set up a GenAI lab to prioritize use cases.

CSR and ESG Performance:

  • EcoVardis has rated HCLTech in the “Gold” segment for its advanced sustainability performance.
  • During the quarter, HCLTech took its highly successful HCLTech Grant program to the Americas. The company has committed $5 million over five years to provide grants to non-governmental organizations (NGOs) combating climate change and restoring ecosystems and biodiversity across the Americas.
  • HCLTech won Gold for “Best Advance in Leadership Development for Women” and won Silver for “Best Learning Program for Unconscious Bias Awareness” at the 2023 Brandon Hall Group HCM Excellence Awards™.

About HCLTech

HCLTech is a global technology company, home to more than 221,000 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 September 2023 totaled $12.9 billion. To learn how we can supercharge progress for you, visit

To view this piece of content from, please give your consent at the top of this page.

Contact information

Michelle Rico, Americas

Elka Ghudial, EMEA

James Galvin, ANZ

Siddhartha Bhatnagar, India

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

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

Revolutionizing Water Stewardship – The City of Dire Dawa and Nedamco Africa Unveil Cutting-Edge Water Management Platform Initiative at COP28 | December 9th 2023 | COP28UAE Press Center9.12.2023 10:00:00 CET | Press release

Today, at COP28 in the UAE, the city of Dire Dawa (Ethiopia) Water Supply and Sewerage Authority (DDWSSA) and Nedamco Africa together with its partners Microsoft, Deltares, and Isle Utilities announced the launch of the “Nedamco Catchment-City-Waste Water Management” (CCW) project for the city of Dire Dawa. The CCW solution by Nedamco Africa and its partners Microsoft, Deltares and is an integrated technology platform that directly addresses the critical challenges of water losses and inefficient management, prevalent in rapidly urbanizing regions like Dire Dawa. It embodies a holistic approach to water management by harnessing digital twin technology, AI/ML, and satellite imagery to deliver comprehensive monitoring of water infrastructures, detect leakages, and make climate impact predictions with the goal to provide more access to water, more water availability as well as improved water quality. With the deployment of the CCW platform Dire Dawa envisions a transformat

Newmont Announces Successful Early Tender Results for the Exchange Offers and Consent Solicitations9.12.2023 01:51:00 CET | Press release

Newmont Corporation (Newmont or the Company) announced today, in connection with the previously announced offers to exchange (each, an “Exchange Offer” and, collectively, the “Exchange Offers”) any and all outstanding notes (the “Existing Newcrest Notes”) issued by Newcrest Finance Pty Limited, a wholly owned subsidiary of Newmont (“Newcrest Finance” and, together with Newmont, the “Issuers”), for (1) up to $1.65 billion aggregate principal amount of new notes to be issued by the Issuers (the “New Newmont Notes”) and (2) cash, and related consent solicitations (each, a “Consent Solicitation” and, collectively, the “Consent Solicitations”) to adopt certain proposed amendments to each of the indentures governing the Existing Newcrest Notes (the “Existing Newcrest Indentures Amendments”), that the Issuers have received tenders with respect to the aggregate principal amounts of Existing Newcrest Notes set forth below, which constitute the requisite consents needed to adopt the Existing New

Board Named a Leader in Gartner® Magic Quadrant™ for Financial Planning Software8.12.2023 17:18:00 CET | Press release

Board, the global leader for Intelligent Planning Solutions, today announced that it has been named a Leader in the 2023 Gartner Magic Quadrant for Financial Planning Software. The evaluation was based on specific criteria that analyzed Board’s overall Completeness of Vision and Ability to Execute. “We are thrilled to be named a Leader for the second consecutive year. We believe this recognition is indicative of the incredible value and positive impact our Intelligent Planning Solutions bring to global businesses,” said Jeff Casale, CEO of Board. “In today’s uncertain markets, organizations need a trusted enterprise partner to help innovate and enhance their financial planning and analysis processes to plan smarter and succeed faster. Our solution integrates planning processes in a single platform, offering strategy, finance, and operations with real-time analysis and data sharing, to deliver a truly intelligent approach.” A Gartner Magic Quadrant is a culmination of research in a spec

HCLTech Expands Footprint in Romania With New Global Delivery Center in Iași8.12.2023 15:56:00 CET | Press release

HCLTech, a leading global technology company, announced the launch of its new Global Delivery Center (GDC) in Iași, Romania. This press release features multimedia. View the full release here: Mayor of Iași, Mihai Chirica, cuts the inaugural ribbon of HCLTech’s new delivery center with the company’s CEO and MD, C Vijayakumar; its Romania country leader, Iulian Paduraru; and SVP, Shiv Walia. (Photo: Business Wire) The new state-of-the art center in Iași will provide next-generation digital, engineering, cloud and AI solutions. The center expands HCLTech’s presence in Romania and underscores its commitment to the country as part of its nearshore strategy to serve global clients. “This is a significant milestone for HCLTech in Romania as we continue our growth journey and serve our global clients with new capabilities in the latest technologies. We remain committed to our people and local communities and will continue investing in

Michelob Ultra Partners With Lionel Messi to Announce Being Named the Official Global Beer Sponsor of CONMEBOL Copa América USA 2024™8.12.2023 15:00:00 CET | Press release

AB InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD), the world’s leading brewer, and CONMEBOL (Confederación Sudamericana de Fútbol), the governing body of South American football, will elevate their partnership with Michelob Ultra as the Official Global Beer Sponsor of Copa América USA 2024™. This renewed agreement deepens the company’s longstanding commitment to fans around the globe through the world’s most popular sporting events. This press release features multimedia. View the full release here: Michelob Ultra partners with Lionel Messi to announce being named the Official Global Beer Sponsor of CONMEBOL Copa América USA 2024™ (Photo: Business Wire) Michelob Ultra is proud to also announce that CONMEBOL Copa América champion and global football icon, Lionel Messi, will be a new brand ambassador. He shared his excitement for the news: “I am so proud to join Michelob Ultra for its activations at CONMEBOL Copa América USA 2