HCL Technologies announced its fourth-quarter results for the fiscal year 2023-24, revealing a marginal increase in net profit by 0.35% to Rs 3,995 crore compared to the same quarter last year. However, the profit after tax declined by 8% from the previous quarter to Rs 4,351 crore. Consolidated revenue from operations saw a 5.3% increase to Rs 28,499 crore compared to the fourth quarter of the previous fiscal year.
The company's board of directors declared an interim dividend of Rs 18 per equity share for the financial year 2024-25. In terms of constant currency, revenue for the quarter rose by 0.3% compared to the previous quarter and by 6.0% compared to the same period last year, reaching $3,430 million in USD revenue, up 0.4% from the previous quarter and 6% year-on-year.
HCLTech secured new deals worth $2,290 million, winning 21 large deals, including 13 in services and 8 in software. Revenue from services in constant currency increased by 3% quarter-on-quarter and by 6.7% year-on-year, with the telecommunications, media publishing & entertainment sector driving growth. The digital segment revenue grew by 6.3% year-on-year, contributing 37.1% of services.
Key financial metrics included Earnings Before Interest and Taxes (EBIT) at Rs 5,018 crore, down 10.6% quarter-on-quarter and up 3.8% year-on-year. Net income was Rs 3,986 crore, down 8.4% quarter-on-quarter and up 0.1% year-on-year. The company reported a Return on Invested Capital (ROIC) of 33.8% on a last twelve months (LTM) basis, up by 341 basis points year-on-year.
Total headcount stood at 227,481, with 3,096 new hires, while the attrition rate over the last twelve months decreased to 12.4% from the previous year's 19.5%. For the full financial year, revenue amounted to Rs 1,09,913 crore, up by 8.3% overall and by 5% in constant currency terms. The Total Contract Value (TCV) for the full financial year was $9,759 million, up by 10%.
Looking ahead to the financial year 2024-25, HCL Technologies expects constant currency revenue and services revenue to grow between 3-5% year-on-year. CEO & Managing Director, C Vijayakumar, expressed confidence in the company's performance, highlighting its commitment to clients, people, and shareholder value creation amidst challenging times. He emphasized the company's positioning to capitalize on the growth of global enterprise technology, particularly with its AI-led propositions and global delivery model.
