IT Consulting & Software company HCL Technologies announced Q3FY24 results:
- INR Revenue of Rs 28,446 crore, up 6.75% QoQ & up 6.5% YoY.
- Constant Currency (CC) Revenue up 6.0% QoQ & up 4.3% YoY.
- USD Revenue of US$ 3,416 million, up 59% QoQ & up 5.3% YoY
- Services CC Revenue is up 31% QoQ & up 4.2% YoY led by growth in
- Telecommunications, Media, Publishing & Entertainment (up 25.9% QoQ)
- Services Revenue crossed annual run rate of US$ 12 billion (1,00,000 crore)
- Digital CC Revenue up 5.0% YoY; contributes 37.7% of Services
- Company growth powered by HCLSoftware CC Revenue (up 5.0% YoY)
- HCLSoftware ARR at US$ 1.06 billion , up 2.9% YoY CC
- EBIT at Rs 35,615 crore (19.8% of revenue), up 13.8% QoQ & up 7.4% YoY
- Net Income at Rs 4,350 crore (15.3% of revenue), up 13.5% QoQ & up 6.2% YoY
- ROIC (on LTM basis) - Company at 32.8%, up 301 bps YoY; Services at 40.1%, Up 273 bps YoY
- OCF at US$ 2,697 million and FCF at US$ 2,566 million (on an LTM basis)
- OCF/NI at 142% & FCF/NI at 136% (on an LTM basis)
- Dividend of Rs 12/- per share, 84th consecutive quarter of dividend pay-out
- TCV (New Deal wins) at US$ 1927 million
- Won 18 Large deals 6 in Services & 12 in Software
- Total People Count at 2,24,756; Net addition: 3,617
- Added 3,818 freshers
- LTM Attrition at 12.8%, (down from 21.7% in Q3 of last year)
Roshni Nadar Malhotra, Chairperson, HCL Tech said, “We continue to execute efficiently with our differentiated portfolio and enable global enterprises to fast track their digital transformation agendas. We remain committed to scaling our ESG initiatives and helping our clients to achieve their sustainability goals through technology.”
C Vijayakumar, CEO & Managing Director, HCL Tech, said, “Our results this quarter have been remarkably strong with a revenue growth of 6.0% QoQ in CC driven by strong momentum in both services and software businesses. We delivered a stellar operating margin of 19.8%, 126 bps improvement QoQ and 16 bps improvement YoY. We are quite excited about the strategic progress HCL Software has made over the last year, delivering 5.0% YoY CC revenue growth with a significant increase in subscription & support revenue and consistently growing Annual Recurring Revenue (ARR). We continue to invest in AI, specifically Generative Al as well as cloud-native capabilities across our products and services to address evolving client needs. In an uncertain demand environment, we remain confident of our continued growth momentum enabled by our business mix, our people and laser-sharp focus on delivering innovation and hyper-automation to our clients."