The IT major's consolidated net profit declined 8.37% to Rs 3,986 crore in Q4 FY24 as against Rs 4,350 crore reported in Q3 FY24.
Revenue from operations rose marginally to Rs 28,499 crore in the March quarter from Rs 28,446 crore recorded in the preceding quarter of FY24.
On a year on year (YoY) basis, HCL Technologies' net profit rose 0.08% and revenue grew 7.11% in Q4 FY24.
EBITDA in Q4 FY24 was Rs 6,111 crore, down 9.57% QoQ and up 4.23% YoY. EBITDA margin was 21.4% for the quarter ended 31 March 2024 as against 23.8% in Q3 FY24 and 21.9% in Q4 FY23.
In dollar terms, the IT firm's revenue stood at $3,429.9 million in Q4 FY24, up 0.44% QoQ and 6.04% YoY. In constant currency (cc) terms, revenue in the March quarter was up 0.3% QoQ and 6% YoY.
During the quarter, the company bagged 21 new large deals 13 in the Services segment & 8 in the Software segment. Total contract value (TCV) of new deal wins was $2,290 million.
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Total people count stood at 227,481 as on 31 March 2024, up 1.21% QoQ and up 0.68% YoY basis. Attrition (on the last 12-month basis) reduced to 12.4% in Q4 FY24 from 12.8% in Q3 FY24 and 19.5% in Q4 FY23.
On full year basis, the companys consolidate net profit grew 5.73% to Rs 15,702 crore on 8.34% rise in revenue to Rs 109913 crore in FY24 over FY23.
In terms of FY25 guidance, the companys CC revenue growth expected to be between 3%-5% YoY. Services CC revenue growth expected to be between 3%-5% YoY. EBIT margin expected to be between 18%-19%.
Meanwhile, the companys board has declared an interim dividend of Rs 18 per equity share for the financial year 2024-25. The record date is fixed on 7 May 2024 and the dividend will be paid on 15 May 2024.
C Vijayakumar CEO & managing director of HCL Technologies, said, HCLTech continues to lead the industry in FY24 with good USD revenue growth of 5.4% YoY during challenging times through our strong commitment to our clients and our people. More importantly, we have translated this growth into even higher value creation for our shareholders with our OCF coming at $2,711 million, up 21.6% YoY and FCF at $2,584 million, up 27.7% YoY.
As we look ahead, global enterprise technology spend will only grow with adoption of AI. We are well positioned to capitalize with our AI led propositions, Global delivery model and ideal mix of technology services and products.
Prateek Aggarwal chief financial officer at HCLTech, stated, HCLTechs FY24 performance underlines the resilience of our business model with revenue at Rs 109,913 crore, growing 8.3%. We delivered this industry leading growth with EBIT at 20,027 crore, up 8.4%. Net income (NI) for the year came in at Rs 15,702 crore, up 5.7%, translating to an EPS of Rs 57.86. Our razor-sharp focus on cash generation resulted in OCF/NI coming at 143% and FCF/NI at 136%. We continue to expand ROIC, with the Companys ROIC up 341 bps YoY at 33.8% and Services ROIC up 430 bps YoY at 41.6%.
HCL Technologies (HCL) empowers global enterprises with technology for the next decade, today. HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P).
The scrip slipped 2.08% to settle at Rs 1472.30 on Friday, 26 April 2024.
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