HCLTech, a leading global technology company, recently released its financial results for the fourth quarter and the full year ended March 31, 2024. Here are the key highlights:
Full Year Revenue: HCLTech reported a full year revenue of $13.3 billion, which represents a 5.4% year-over-year (YoY) growth.
Digital Services: The revenue from digital services grew by 5.3% (CC) and now contributes to 37.3% of IT Services revenue
HCLSoftware: The Annual Recurring Revenue (ARR) for HCLSoftware reached $1.02 billion.
Large Deals: During FY24, the company secured 73 large deals, with a total contract value (TCV) of $9.76 billion, marking a 10% YoY increase.
Quarterly Revenue: For the quarter, HCLTech's revenue was $3.43 billion, up 6% YoY.
Geographical Growth: The Americas region experienced the fastest growth at 6.8% YoY (CC), followed by Europe with 5.5% YoY (CC).
Industry Verticals: Financial Services and Telecommunications, Media, Publishing & Entertainment were the leading industry verticals. Financial Services grew at 12.1% YoY CC for the full year, while the latter recorded an impressive 39.2% growth (YoY) during the quarter.
Dividend: HCLTech announced a dividend of ₹18/share for the quarter, totaling ₹52/share for FY24.
Workforce: The company's total headcount stood at 227,481 at the end of the quarter, with 12,141 freshers hired during the full year.
Outlook for FY25: HCLTech provided guidance for 3%-5% revenue growth YoY (CC) and an EBIT margin at 18%-19%.
C Vijayakumar, CEO & Managing Director, HCLTech, said, "We are well positioned to capitalize on the growing global enterprise technology spend with our AI-led propositions, global delivery model, and ideal mix of technology services and products."
Prateek Aggarwal, Chief Financial Officer, HCLTech, said, "Our FY24 performance underlines the resilience of our business model, delivering industry-leading growth."
HCLTech is witnessing strong growth in cloud and cybersecurity.
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.
- 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.
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