HCLTech Delivers Another Year of Stellar Growth With Robust Deal Pipeline
HCLTech, a leading global technology company, today reported financial results for the fourth quarter and year ended March 31, 2023.
The company reported full year revenue $12.6 billion, up 9.6% YoY on the back of strong deal pipeline across its portfolio of digital, cloud, engineering and software. INR revenue for the year crossed the Rs 100,000 crore milestone while constant currency revenue was up 13.7%. Profit After Tax for the year came in at Rs 14,851 crores ($1.84 billion), up 10% YoY and at 14.6% of revenue.
During FY23, the company won 57 large deals – 32 in services and 25 in software - that translated into TCV (new deal wins) of $8.85 billion, up 6.6% YoY. Services revenue grew by 15.8% in CC and HCLSoftware Annual Recurring Revenue crossed $1 billion, up 5.2% in CC.
For Q4 FY23, constant currency revenue grew 10.5% YoY while the USD revenue came in at $3.23 billion, up 8.1% YoY. INR revenue was Rs 26,606 crore, up 17.7% YoY. During the quarter, the company won 13 large deals – 10 in services and 3 in software – that translated into a TCV (new deal wins) of $2.07 billion.
HCLTech’s total people count as on March 31, 2023 was 225,944, up 8.2% YoY. Net people addition for FY23 was 17,067, which included the hiring of 26,734 freshers. During Q4 FY23, net people addition was 3,674, which included 4,480 freshers. LTM Attrition during Q4 FY23 further moderated to 19.5%.
“We have delivered a stellar performance in FY'23, crossing ₹ 1,00,000 crores of revenue powered by Industry leading services growth of 15.8% in constant currency. Our net new bookings for FY'23 grew 6.6%. Our pipeline is near an all-time high, which reflects our differentiated business mix and strong client demand for our offerings. We have added 3,674 employees this quarter and overall employee strength has now grown beyond 2,25,000. All these set us well in FY'24 for a healthy revenue growth in the 6-8% range with Operating Margins in 18 -19% range,” said C Vijayakumar, CEO & Managing Director, HCLTech.
“FY'23 concluded with resounding growth of 18.5% in INR and 13.7% in CC, with EBIT at 18.2%. This quarter, we have started publishing a new metric, Annual Recurring Revenue (ARR) for our Software business. It is heartening to note that ARR is at US$ 1Bn+ level, which grew at 5.2% YoY CC (ex. divested business). Profit After Tax (PAT) came in at ₹ 14,851 Cr (14.6%), growing 10% YoY, with EPS at ₹ 54.79. HCLTech Board is pleased to declare ₹ 18/share as the Dividend for the quarter, bringing the total to ₹ 48/share for FY'23, which is 87.5% of the EPS. Cashflow conversion remains robust with OCF / PAT at 121% and FCF / PAT at 110%,” added Prateek Aggarwal, CFO, HCLTech.
HCLTech also demonstrated significant progress in its sustainability agenda:
- MSCI ESG Ratings upgraded HCLTech’s rating to AA from A
- S&P Global Sustainability Yearbook 2023 has recognized HCLTech as an ‘Industry Mover’
- Included in Sustainalytics’ 2023 Top-Rated ESG Companies list in the Software & Services Industry segment & in the Asia Pacific Region
About HCLTech
HCLTech is a global technology company, home to more than 225,900 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering and cloud, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending March 2023 totaled $12.6 billion. To learn how we can supercharge progress for you, visit hcltech.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230421005229/en/
Contact information
For further details, please contact:
Michelle Rico, Americas
michelle.rico@hcl.com
Elka Ghudial, EMEA
elka.ghudial@hcl.com
James Galvin, ANZ
james.galvin@hcl.com
Devneeta Pahuja, India and APAC
devneeta.p@hcl.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
LTIMindtree Secures $450 Million Multi-Year Deal with Global Agribusiness Leader12.5.2025 11:30:00 EEST | Press release
LTIMindtree[NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, today announced a strategic agreement with a leader in the global agribusiness sector. This is the largest deal in the history of LTIMindtree, valued at $450 million across seven years. As a part of this deal, LTIMindtree will implement an AI-powered operating model to deliver application management, infrastructure support, and cybersecurity services. This comprehensive suite of future-ready IT services, built on platforms such as SAP S/4HANA, ServiceNow, Microsoft Azure, as well as proprietary AI frameworks, are aimed at enhancing the client’s operational efficiency, scalability, and global growth. "Securing this large deal marks a pivotal milestone as we transform to an AI-driven business model, helping our clients enhance productivity," said Venu Lambu, Chief Executive Officer (Designate) and Whole-Time Director, LTIMindtree. "We are proud to be the trusted partner for one of the world
KCx Integrates Proprietary Data into FlexTrade’s AI Assistant, FlxAI12.5.2025 11:04:00 EEST | Press release
FlexTrade Systems, a global leader in multi-asset execution and order management systems, and Kepler Cheuvreux, a leading independent European financial services company through its KCx execution services, today announced the availability of KCx’s sophisticated analytical suite directly from FlexTrade’s AI assistant, FlxAI, to deliver intelligent, high-value insights into client workflows. With rapid advancements in AI, large language models are reshaping how financial firms interact with data. Trading desks are increasingly embracing conversational AI to streamline decision-making and extract actionable insights faster than ever before. In response to market drivers, the new workflow has been developed as part of a collaborative initiative between KCx’s and FlexTrade’s teams. Through the new collaboration, users of FlxAI, which is seamlessly embedded in FlexTrade's FlexONE OEMS and FlexTRADER EMS solutions, can actively query KCx liquidity drivers through natural language commands, su
Shin-Etsu Chemical Develops New Silicone Products for Personal Care Use That Will Improve Texture and Functionality in Cosmetics12.5.2025 09:30:00 EEST | Press release
Shin-Etsu Chemical Co., Ltd. (Head Office: Tokyo; President: Yasuhiko Saitoh; hereinafter, “Shin-Etsu Chemical”) has developed new silicone products for personal care applications as part of its silicon chemistry-driven solutions (Shin-Etsu Silicones Solution-EngineeringTM). In the personal care industry, research and development activities are being carried out on various themes such as addressing diverse consumer demand and environmental issues and improving production efficiency. In response to these needs, Shin-Etsu Chemical has added new products to its lineup. [New Products] KF-6070W and KF-6080W are silicones in which some of the methyl groups in the molecular structure of dimethyl silicone oil (INCI name: dimethicone) have been replaced with hydrophilic functional groups. Both products combine high affinity with water due to their hydrophilic functional groups, while also imparting the excellent characteristics of silicone—high fluidity and smooth, non-sticky feel—to cosmetics
Cooler Master Launches Hyper 612 APEX: Compact, High-Performance CPU Cooler for Modern Builds12.5.2025 09:05:00 EEST | Press release
Cooler Master, a global leader in PC components and tech lifestyle solutions, today unveiled the Hyper 612 APEX, an all-new CPU air cooler engineered for users who demand cutting-edge thermal performance in a streamlined footprint. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250511858017/en/ Cooler Master Hyper 612 APEX air cooler Featuring in-house developed superconductive composite heat pipes and the high-powered Mobius 120P fan, the Hyper 612 APEX delivers exceptional cooling efficiency while being 30% smaller than its predecessor, ensuring enhanced compatibility with large memory modules and tighter system builds. Ideal for gamers, content creators, and overclockers, the Hyper 612 APEX is meticulously designed to balance elite performance, user-friendly installation, and sleek aesthetics. “The Hyper 612 APEX is designed to meet the needs of users who want efficient cooling without the bulk,” said Jimmy Sha, Cooler Ma
Zeon and Sino Applied Technology Join Hands to Expand Single-Walled Carbon Nanotube Conductive Paste Product Line and Promote the Application of Next-Generation Lithium Batteries in Electric Vehicles12.5.2025 09:00:00 EEST | Press release
Zeon Corporation (Zeon) and Sino Applied Technology (SiAT) are thrilled to announce the signing of a strategic partnership in Taoyuan, Taiwan. As part of this collaboration, Zeon will lead a $20 million USD Series C fundraising round in SiAT to support the expansion of its production capacity for single-walled carbon nanotube (SWCNT) conductive paste, a critical nanomaterial for next-generation battery technologies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250511242604/en/ ZEONANO®, Single-Walled Carbon Nanotube produced by Zeon Super Growth Method The global demand for lithium-ion batteries is surging across consumer applications—such as electric vehicles, drones, and EVTOL aircraft—as well as industrial sectors, including AI server BBUs, renewable energy ESS, and automated robotics. This growth has intensified the need for SWCNTs, which can significantly enhance battery energy density and cycle life. Unlike tradition
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom