HCLTech reported that its fourth quarter (ended March 31, 2023) net income grew 10.8% year on year (YoY) to ₹3,983 crore, backed by strong growth in its services and software revenues.
The company for the quarter reported revenue of ₹26,606 crore, up 17.7% as compared to the same period last year.
Constant Currency (CC) revenue grew 10.5% YoY, while services revenue grew by 10.6% and software revenue grew by 8.2%, the company said in a filing with exchanges.
For the quarter the company announced a dividend of ₹18 per share which takes the annual dividend to ₹48 per share.
For FY23, the company has reported net income growth of 10% at ₹14,851 as compared to the previous year. Its annual revenue increased 18.5% to ₹1,01,456 crore YoY. CC revenue was up 13.7%. Services revenue was up 15.8% and software revenue was up 1.8%.
For the full year the company had total people of 2,25,944, up 8.2%, with net addition of 17,067 . The LTM attrition was 19.5%.
For FY24 the company has given revenue growth guidance of 6 to 8% CC and EBITDA margin of 18 to 19%.
“With our differentiated portfolio of services, we are well-positioned to leverage opportunities that emerge from adoption of technology by businesses and people,” said Roshni Nadar Malhotra, chairperson, HCLTech.
“Our new bookings for FY23 grew 6.6%. Our pipeline is near an all-time high, which reflects our differentiated business mix & strong client demand for our offerings,” said C Vajayakumar, CEO & MD, HCL Tech.
Manish Chowdhury, Head of Research, Stoxbox said, “HCL Technologies has reported a marginal miss on most of the parameters except net profit which was slightly above expectations. The results apparently do not look as bad as other heavyweights such as TCS and Infosys. However, we do see a deterioration in the demand environment, especially on the telecommunication and manufacturing verticals, which also becomes evident in the FY24 revenue guidance.”
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