IT Consulting & Software company HCL Technologies announced Q1FY24 results: Revenue: INR Revenue of Rs 26,296 crore, down 1.2% QoQ & up 12.1% YoY Constant Currency (CC) Revenue down 1.3% QoQ & up 6.3% YoY USD Revenue of USD 3,200 million, down 1.1% QoQ & up 5.8% YoY HCLTech Services Revenue down 1.0% QoQ & up 7.1% YoY CC HCLSoftware Revenue flat YoY CC HCLSoftware ARR at USD 1 billion+, up 4.7% YoY CC Digital Revenue up 6.0% YoY CC; contributes 37.0% of HCLTech Services Revenue Clients: USD 100 million+ up by 3 YoY, USD 50 million+ up by 6 YoY Profitability and Return metrics: EBIT at Rs 4,460 crore (17.0% of revenue), down 7.8% QoQ & up 11.7% YoY Net Income at Rs 3,534 crore (13.4% of revenue), down 11.3% QoQ & up 7.6% YoY LTM ROIC at 31.1%, up 68 bps QoQ OCF/NI at 135% & FCF/NI at 126% (on LTM basis) Dividend of Rs 10/- per share, 82nd consecutive quarter of dividend pay-out Bookings and Pipeline: Won 18 Large deals - 7 in Services & 11 in Software TCV (New Deal wins) at USD 1,565 million Pipeline, at an all time high, grew 17.7% QoQ and 26.2% YoY People: Total People Count at 223,438; Net addition: -2,506 Added 1,597 freshers LTM Attrition at 16.3%, down 7.5% YoY Roshni Nadar Malhotra, Chairman, HCLTech, said, "HCLTech continues to be a partner of choice for global enterprises and is well placed to leverage opportunities in emerging areas such as Al and allied technologies despite the challenging global macro environment.” C Vijayakumar, CEO and MD, HCLTech, said, “In Q1FY24, our revenue and people strength sequentially moderated in line with the demand environment. We delivered a 6.3% YoY growth in Constant Currency at company level and 71% YoY CC for the Services business. We experienced double-digit YoY growth, in our largest verticals - Financial Services, Manufacturing, and Life Sciences and Healthcare fueled by large deals. These large deals helped offset cuts in client discretionary spend in these verticals. We are expecting other verticals to pick up as well shortly. This combined with the strength of our record-high pipeline enables us to maintain our guidance for the year.” Result PDF