#FinancialResults--HCLTech, a leading global technology company, today announced its financial results for the quarter ended June 30, 2024. HCLTech won new deals worth $1.96 billion across industries ...
NEW YORK & NOIDA, India: #FinancialResults--HCLTech, a leading global technology company, today announced its financial results for the quarter ended June 30, 2024.
HCLTech won new deals worth $1.96 billion across industries and geographies during the quarter. Revenue in constant currency (CC) grew 5.6% YoY, while dollar revenue came in at $3.36 billion, up 5.1% YoY.
Services revenue was up 5.8% YoY (CC) while Digital revenue was up 6% YoY (CC). Engineering and R&D Services business (ERS) grew by 8.4% YoY (CC). HCLSoftware continued its strong growth momentum with revenue for the quarter growing at 3.5% YoY (CC).
Net Income for the quarter was ₹4,257 crores, up 20.4% YoY. The company retained revenue growth guidance of 3-5% (CC) and EBIT margin guidance of 18-19% for FY25.
“We are pleased to report another quarter of industry-leading performance with 5.6% YoY revenue growth on constant currency basis. Our Q1 revenue and EBIT performance was slightly better than our expectations. We clocked in $2B TCV of new business bookings. We are confident of decent growth in the coming quarters, positioning us well to deliver our revenue guidance for the year as clients continue to spend on GenAI and other emerging technologies,” said C Vijayakumar, CEO & Managing Director, HCLTech.
Americas was the fastest-growing geography with revenue growth of 8% YoY (CC), followed by Europe at 3% YoY (CC). Industry vertical growth was led by Telecommunications, Media, Publishing and Entertainment (69.2% YoY in CC), followed by Retail and CPG (9.7% YoY in CC).
“HCLTech delivered an INR revenue growth of 6.7% YoY, healthy given the global environment. EBIT margins came in at 17.1%, steady on YoY basis. We delivered PAT of ₹4,257 crores for the quarter, which translates to YoY growth of 20.4%. Our cashflow generation remains robust with LTM FCF at ₹21,637 crores, 133% of PAT and 88% of EBITDA,” said Prateek Aggarwal, Chief Financial Officer, HCLTech.
Attrition (last twelve months) at 12.8% was among the lowest in the industry. The company hired 1,078 freshers during Q1 FY25.
HCLTech continues to leverage technologies from GenAI to cloud computing to help clients future-proof their businesses.
Among the select GenAI deals that HCLTech won in the quarter are:
Other Achievements:
Fonte: Business Wire
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