HCLTech Reports FY24 Revenue of $13.3 Billion, up 5.4% YoY
HCLTech, a leading global technology company, today reported financial results for the fourth quarter and the full year ended March 31, 2024.
The company reported full year revenue of $13.3 billion, up 5.4% YoY. Digital Services revenue grew by 5.3% (CC) and now contributes to 37.3% of IT Services revenue. HCLSoftware’s Annual Recurring Revenue came in at $1.02 billion. During FY24, the company won 73 large deals – 36 in Services and 37 in Software - that translated into TCV (new deal wins) of $9.76 billion, up 10% YoY.
For the quarter, revenue came in at $3.43 billion, up 6% YoY. HCLTech won 21 large deals – 13 in Services and eight in Software, with a TCV of $2.29 billion during the quarter.
In terms of geographies, Americas was the fastest growing region with 6.8% YoY (CC) growth followed by Europe, which grew by 5.5% YoY (CC).
Industry vertical growth was led by Financial Services and Telecommunications, Media, Publishing & Entertainment. While Financial Services grew at 12.1% YoY CC for the full year, the Telecommunications, Media, Publishing & Entertainment vertical recorded 39.2% growth (YoY) during the quarter.
The company announced a dividend of ₹18/share for the quarter, bringing the total to ₹52/share for FY24.
HCLTech’s total people count at the end of the quarter stood at 227,481. The company hired a total of 12,141 freshers during the full year. LTM attrition further moderated to 12.4% from 19.5%.
“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 (operating cashflow) coming at $2,711 million, up 21.6% YoY and FCF (free cashflow) at $2,584 million, 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,” said C Vijayakumar, CEO & Managing Director, HCLTech.
For FY25, the company has given a guidance of 3%-5% revenue growth YoY (CC) and EBIT margin at 18%-19%.
“HCLTech’s FY24 performance underlines the resilience of our business model with revenue at ₹109,913 crore, growing 8.3%. We delivered this industry-leading growth with EBIT at ₹20,027 crore, up 8.4%. Net Income (NI) for the year came in at ₹15,702 crore, up 5.7%, translating to an EPS of ₹57.86,” added Prateek Aggarwal, Chief Financial Officer, HCLTech.
HCLTech is witnessing strong growth in cloud and cybersecurity. AI and GenAI are key areas of focus and the company recently launched HCLTech AI Force, an innovative GenAI platform that accelerates time-to-value by transforming the software development and engineering lifecycle, delivering greater productivity, improved quality and faster release timelines. It is system agnostic and offers a highly customizable suite of GenAI-based solutions that inject intelligence into software development and engineering workflows to improve efficiency and developer experience.
Among the select GenAI deals that HCLTech won in the quarter are:
- A US-based biopharmaceutical company selected HCLTech to leverage GenAI and data engineering to automate the extraction of structured and unstructured data from diverse sources.
- A US-based financial services provider selected HCLTech to migrate its existing machine learning models to new-age GenAI platforms for greater agility, improvement and innovation in service delivery.
HCLTech was recognized by Ethisphere as one of the World’s Most Ethical Companies in 2024. Other key recognitions that HCLTech received in Q4 FY24 are:
- Rated AA in the MSCI ESG ratings for the second consecutive year
- Included in the S&P Global Sustainability Yearbook 2024 for the second year in a row
- Rated as the fastest-growing IT services brand with 15.9% YoY growth in brand value among the top 10 IT companies globally, as per the 2024 Brand Finance Global 500 and IT Services Top 25 Report.
About HCLTech
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 ending March 2024 totaled $13.3 billion. To learn how we can supercharge progress for you, visit hcltech.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240426991009/en/
Contact information
Meenakshi Benjwal, Americas
meenakshi.benjwal@hcl.com
Elka Ghudial, EMEA
elka.ghudial@hcl.com
James Galvin, ANZ
james.galvin@hcl.com
Siddhartha Bhatnagar, India
bhatnagars@hcl.com
About Business Wire
Business Wire(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
LTIMindtree and IBM Collaborate on watsonx Center of Excellence for Generative AI7.5.2024 14:06:00 CEST | Press release
LTIMindtree[NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced a collaboration with IBM to establish a global, joint Generative AI Center of Excellence (CoE) in India, a co-innovation center combining the power of the IBM watsonx AI and data platform and the engineering skills of LTIMindtree. Open innovation drives the growth of enterprise AI technology, helping organizations apply AI-infused solutions to solve business challenges. It is this same open innovation which plays a key role in the LTIMindtree and IBM collaboration. The LTIMindtree and IBM CoE plans to offer a comprehensive suite of services, combining LTIMindtree's expertise in data and machine learning model customization and full-stack engineering with IBM watsonx technology including watsonx.ai, watsonx.data, and watsonx.governance, and AI assistants. The center, located in India, will focus on building point solutions to accelerate clients’ generative AI adoption journeys. N
New Market Research Finds Up to 20% of AI Initiatives Fail Without Intelligent Data Infrastructure7.5.2024 14:00:00 CEST | Press release
NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, today unveiled insights from its latest report on the evolving landscape of AI in the enterprise. The IDC White Paper, sponsored by NetApp, “Scaling AI Initiatives Responsibly: The Critical Role of an Intelligent Data Infrastructure*,” reveals the various challenges and business benefits at different levels of AI maturity and provides insights into the successful strategies adopted by leading organizations in their efforts to responsibly scale AI and GenAI workloads. By spotlighting actionable approaches, the report aims to help organizations avoid common pitfalls, ensuring that their AI initiatives are not one of the 20% that are likely to fail. The report also introduces a detailed AI maturity model developed to assess organizational progress based on their approach to AI, from AI Emergents and AI Pioneers, to AI Leaders and AI Masters Intelligent Data Infrastructure is the Foundation of AI Success The IDC White Pap
Visa Announces Generative AI-Powered Fraud Solution to Combat Account Attacks7.5.2024 14:00:00 CEST | Press release
Threat actors are leveraging sophisticated technologies, like automated scripts and botnets, to amplify their card testing attacks, allowing them to exploit vulnerabilities at an unprecedented scale and speed. These attacks, known as enumeration attacks, inflict operational expenses and $1.1B annually in fraud losses,1 accounting for a significant portion of global fraud. To combat this threat, today, Visa (NYSE:V), a leader in digital payments, announced updates to its Visa Account Attack Intelligence (VAAI) offering with the addition of the VAAI Score, a new tool that uses generative AI components to identify and score enumeration attacks. The VAAI Score, which will be available to U.S. issuers first, will help reduce fraud and operational losses by assigning each transaction with a risk score in real time to detect and prevent enumeration attacks in card-not-present (CNP) transactions. “Enumeration can have lasting impacts on our clients and there’s an immediate need for tools that
Yard Force Introduces REVOLA: The Groundbreaking Robotic Mower Now Available on ALDI Online7.5.2024 12:13:00 CEST | Press release
Yard Force, a leading innovator in the Outdoor Power Equipment (OPE) market, is excited to announce the availability of its groundbreaking product, the REVOLA robotic mower, on ALDI Online. The REVOLA robotic mower is a revolutionary product that redefines smart lawn care. It emerges not only as an efficient grass-cutting tool but also as a solution to longstanding challenges in the industry. Key Features of the REVOLA Robotic Mower Virtual Boundary Navigation System: The REVOLA is equipped with an Advanced Positioning and Navigation Technology (APNT) system, ensuring accurate and reliable navigation. It uses satellite positioning for global location awareness, path planning algorithms for efficient route optimization, ultrasonic sensor for proximity sensing, and VSLAM (Visual Simultaneous Localization and Mapping) technology for real-time visual mapping and positioning. This technology plays a crucial role in overcoming obstacles, providing flexibility, and ensuring a robust navigatio
Global RegTech Consolidator Corlytics Acquires a Deloitte UK RegTech Platform7.5.2024 11:13:00 CEST | Press release
Corlytics, the global leader in regulatory intelligence and policy compliance technology, has acquired a digital RegTech platform from Deloitte UK. The marriage of the two platforms is transformational, completing the cycle of regulatory assessment and implementation. The announcement closely follows Verdane’s majority stake investment last month to cement Corlytics’ global category leadership. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240507401813/en/ John Byrne (Corlytics CEO), Kent Mackenzie (Corlytics COO) (Photo: Business Wire) Plugged directly into international regulators, Corlytics is the only solution that enables clients to align with, and stay ahead of, regulatory demands, which increasingly require growing levels of proof of compliance. Syncing up regulatory monitoring and policy management with controls, the addition of this Deloitte UK RegTech platform supports accurate implementation of regulatory change