IT consulting services company HCL Technologies announced Q3FY23 results: Q3FY23: Revenue: Constant Currency Revenue up 5.0% QoQ & up 13.1% YoY INR Revenue of Rs 26,700 crore, up 8.2% QoQ & up 19.6% YoY USD Revenue of $ 3,244 million, up 5.3% QoQ & up 9.0% YoY Services Revenue (ITBS and ERS) up 2.2% QoQ & up 15.4% YoY in Constant Currency Mode-2 Revenue up 27.0% YoY in constant currency Profit, Cash Flow and Dividend: EBIT Margin at 19.6%, up 165 bps QoQ Net Margin at 15.3%, up 117 bps QoQ Diluted EPS (LTM) at Rs 53.36, up 13.1% YoY Operating Cash Flow at 111% & Free Cash Flow at 99.6% of Net Income (LTM) Dividend of Rs 10, 80th consecutive quarter (20 years) of dividend pay-out Bookings: Won 17 Large deals - 7 in Services & 10 in Software TCV (New Deal wins) at USD 2,347 million, up 10% YoY ACV up 1.9% YoY People: Net addition of 2,945 during the quarter, closing headcount: 222,270 Added 5,892 freshers LTM Attrition at 21.7% FY’23 Guidance: Company Revenue expected to be between 13.5% and 14.0% YoY in constant currency Services Revenue expected to be between 16.0% and 16.5% YoY in constant currency EBIT margin guidance narrowed to 18.0%-18.5% Roshni Nadar Malhotra, Chairperson, HCLTech, said: “We are committed to bringing together the best of technology and our people to supercharge progress for clients in their digital transformation journeys. And we continue to execute our strategy by aligning to the highest standards of governance and transparency.” C Vijayakumar, CEO & Managing Director, HCLTech, said: “We have delivered a strong performance this quarter across all key metrics – revenue growth, margin expansion, booking growth and people metrics. Our strong revenue growth of 13.1% YoY CC is led by our services business which grew 15.4% YoY CC; and strong revenue growth of 5.0% QoQ CC is led by HCLSoftware. Our margins are at 19.6% this quarter, increased 60 basis points YoY. Our unique position as the only IT service provider globally to be rated as a leader in all six Gartner IT Services Magic Quadrants is being acknowledged by the market, evident from the strong new deal bookings this quarter of US$ 2.35 bn, up 10% YoY. The booking growth was led by IT operating model transformation, cloud adoption and large vendor consolidation deals. We are confident to deliver industry-leading growth over the medium term, supercharged by our positioning, strong propositions and passionate people.” Prateek Aggarwal, Chief Financial Officer, HCLTech, said: “We are enthused with the overall well-rounded Q3 performance. Revenue at Rs 26,700 crore is up 19.6% YoY, on the back of strong services business growth of 22% YoY. During the quarter, we crossed important milestones of Rs 5,000 crore and Rs 4,000 crore for EBIT and PAT respectively for the very first time. Profitability was at an all-time high with EBIT at Rs 5,228 crore (up 22.8% YoY) and PAT at Rs 4,096 crore (up 19% YoY). ROIC stands at a solid 30% and 37+% for the company and services business respectively. Cash conversion continues to be healthy with LTM OCF/NI at 111% and FCF/NI at 100%.” Result PDF