HCL Technologies Q1 Results FY2024, Profit at Rs. 3531 crores

On 12th July 2023, HCL Technologies announced its quarterly results for the last quarter of FY2023.

HCL Technologies Financial Highlights:

- Revenue from operations for Q1 FY2024 was reported at 26,296 crores from Rs. 23,464 crores for the same period last year.
- Profit before tax was reported at Rs. 4,696 crores in Q1FY24 from Rs. 4,337 crores for the same period last year.
- HCL Technologies reported a net profit of Rs. 3531 crores for the period.

HCL Technologies Business Highlights:

- Life Sciences and Healthcare revenue growth stood 16.4% and the Manufacturing vertical revenue growth at 18.3%. Financial services revenue growth at 21.1%, Retail and CPG revenue growth at 9.4%, Technology & Services revenue growth at 15.4% and Telecommunications & Media revenue growth at 9.2%.
- Among major markets, America’s revenue growth was at 64.2% and Europe's revenue growth at 27.8% and the Rest of the World’s revenue growth was at 8%.

Key Deals Won:

- AUS-based healthcare company selected HCL Tech for a significant digital transformation and managed IT services mandate.
- A Europe-based global insurance company selected HCLTech to deliver digital workplace transformation and digital foundation services across its operations. 
- A Fortune 50 healthcare company selected HCL Tech as the strategic partner for managing its end-to-end IT infrastructure, cloud and security services.
- A Middle East-based government entity has significantly expanded its relationship with HCLTech as part of its vendor consolidation initiative.
- A Fortune 500 manufacturing company has expanded its partnership with HCL Tech to manage the engineering application landscape for the client and deploy AR/VR-based experience management solutions to deliver enhanced end-user experience to the client's global employee base.

Commenting on the results, C Vijayakumar CEO & Managing Director HCLTech said: "In Q1 FY 24, our revenue and people strength sequentially moderated in line with the demand environment. We delivered a 6.3% YoY growth in Constant Currency at the company level and 7.1% YoY CC for the Services business. We experienced double-digit YoY growth, in our largest verticals - Financial Services, Manufacturing, and Life Sciences and Healthcare fueled by large deals. These large deals helped offset cuts in client discretionary spending in these verticals. We are expecting other verticals to pick up as well shortly. This combined with the strength of our record-high pipeline enables us to maintain our guidance for the year."