Slides
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Q4 & Annual FY 2025 Investor Release April 22, 2025 Noida, India
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Safe Harbor Statement Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes', 'strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company or any other person that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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FY 2025 Highlights 1 Revenue • INR Revenue of ₹117,055 Crores, up 6.5% • Constant Currency (CC) Revenue up 4.7% • USD Revenue of $13,840M, up 4.3% • HCLTech Services CC Revenue up 4.8% • Digital CC Revenue up 8.6%; contributes 39.0% of Services • HCLSoftware CC Revenue up 3.5% • HCLSoftware ARR at $1.03B, up 1.8% CC 2 Profitability & Return Metrics • EBIT at ₹21,420 Crores (18.3% of revenue), up 7.0% • Net Income at ₹17,390 Crores (14.9% of revenue), up 10.8% • EPS (Diluted) at ₹64.09, up 10.8% • ROIC – Company at 37.9%, up 411 bps; Services at 45.5%, up 376 bps • OCF at $2,632M and FCF at $2,501M • FCF/NI at 123% • Full Year Dividend at ₹60/- per share. Payout ratio of 93.5% for FY’25 3 Bookings • TCV (New Deal wins) at $9,268M 4 People • Total People Count at 223,420; Net addition of (4,061) • Reduction in headcount due to divestiture: 7,398 • Added 7,829 freshers • LTM Attrition at 13.0%* (up from 12.4% in Q4 of last year) Note: All Financial Growth Metrics are YoY except if stated otherwise *Note: Attrition excludes involuntary attrition and digital process operations. FY26 Guidance • Company Revenue growth expected to be between 2.0% - 5.0% YoY in CC • Services Revenue growth expected to be between 2.0% - 5.0% YoY in CC • EBIT margin to be between 18.0% – 19.0% 5
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Q4 FY 2025 Highlights 1 Revenue • INR Revenue of ₹30,246 Crores, up 1.2% QoQ & up 6.1% YoY • Constant Currency (CC) Revenue down 0.8% QoQ & up 2.9% YoY • USD Revenue of $3,498M, down 1.0% QoQ & up 2.0% YoY • Services CC Revenue up 0.7% QoQ & up 2.7% YoY • Digital CC Revenue up 12.6% YoY; contributes 40.7% of Services • HCLSoftware ARR at $1.03B, up 1.8% YoY CC 2 Profitability & Return Metrics • EBIT at ₹5,442 Crores (18.0% of revenue), down 6.5% QoQ & up 8.4% YoY • Net Income at ₹4,307 Crores (14.2% of revenue), down 6.2% QoQ & up 8.1% YoY • ROIC (on LTM basis) – Company at 37.9%, up 411 bps YoY; Services at 45.5%, up 376 bps YoY • OCF at $2,632M and FCF at $2,501M (on LTM basis) • FCF/NI at 123% (on LTM basis) • Dividend of ₹18/- per share, 89th consecutive quarter of dividend pay-out 3 Bookings • TCV (New Deal wins) at $2,995M 4 People • Total People Count at 223,420; Net addition: 2,665 • Added 1,805 freshers • LTM Attrition at 13.0%*, (up from 12.4% in Q4 of last year) 5 ESG • HCLTech has been included in the S&P Global Sustainability Yearbook 2025 for the 2nd year in a row, recognizing our commitment to sustainability. • HCLTech was recognized as one of the World’s Most Ethical Companies by Ethisphere for the 2nd consecutive year. *Note: Attrition excludes involuntary attrition and digital process operations.
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Leadership Comments “HCLTech grew the fastest among our peers for the second year in a row as we witnessed yet another year of disciplined execution. We delivered on our FY25 guidance with revenue growth of 4.7% in constant currency and EBIT margin of 18.3%. HCL Software growth continues to accelerate as it grew 3.5% CC this year. During this quarter, our services business delivered healthy growth of 0.7% QoQ CC amidst volatile market conditions. We saw very strong new bookings of $3B this quarter catalyzed by our AI propositions and integrated GTM organization that was set up at the start of the fiscal year. The strength of our execution should present us good medium-term opportunities emerging out of global uncertainties while we navigate the short-term cautiously.” “HCLTech has delivered another year of robust growth with its future- ready portfolio. We also marked the 25th anniversary of HCLTech going public and achieved the distinction of delivering best-in-class TSR over the past decade. We remain committed to creating value for all our stakeholders.” Roshni Nadar Malhotra Chairperson HCLTech C Vijayakumar CEO & Managing Director HCLTech “HCLTech delivered 6.5% INR revenue growth in FY25, yet another year of best-in-class performance. Our revenue came in at ₹117,055 Crores, up 6.5% and EBIT at ₹21,420 Crores, up 7.0%. HCLTech service revenue crossed a new milestone at ₹105,398 Crores, up 6.6%. Our Net Income (NI) for the year came in at ₹17,390 Crores, up 10.8%, translating to an EPS of ₹64.09. Our Board is pleased to declare ₹18/share as the Dividend for the quarter, bringing the total to ₹60/share for FY25, which is 93.5% of the EPS. ROIC stands at 37.9% for the Company up 411 bps; at 45.5% for Services, up 376 bps. Our cash generation remains robust with OCF/NI at 129% and FCF/NI at 123%.” Shiv Walia Chief Financial Officer HCLTech
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Annual Performance Trends – $ HCLTech Consolidated 2,086 2,170 2,288 2,418 2,531 FY'21 FY'22 FY'23 FY'24 FY'25 EBIT 1,506 1,807 1,837 1,896 2,041 FY'21 FY'22 FY'23 FY'24 FY'25 Net Income In $M In $M 10,175 11,481 12,586 13,270 13,840 FY'21 FY'22 FY'23 FY'24 FY'25 In $M Revenues 1.1% 12.7% 13.7% 5.0% 4.7% -1.4% 14.9% 15.8% 5.4% 4.8% FY'21 FY'22 FY'23 FY'24 FY'25 Revenue Growth YoY CC Services YoY CC 20.5% 18.9% 18.2% 18.2% 18.3% FY'21 FY'22 FY'23 FY'24 FY'25 EBIT Margin 14.8% 15.7% 14.6% 14.3% 14.7% FY'21 FY'22 FY'23 FY'24 FY'25 Net Income Margin
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Annual Performance Trends – ₹ HCLTech Consolidated 15,437 16,204 18,483 20,027 21,420 FY'21 FY'22 FY'23 FY'24 FY'25 EBIT 11,145 13,499 14,851 15,702 17,390 FY'21 FY'22 FY'23 FY'24 FY'25 Net Income In ₹ Crores In ₹ Crores 75,379 85,651 101,456 109,913 117,055 FY'21 FY'22 FY'23 FY'24 FY'25 In ₹ Crores Revenues 6.7% 13.6% 18.5% 8.3% 6.5%4.1% 15.9% 20.6% 8.7% 6.6% FY'21 FY'22 FY'23 FY'24 FY'25 Revenue Growth YoY INR Services YoY INR 20.5% 18.9% 18.2% 18.2% 18.3% FY'21 FY'22 FY'23 FY'24 FY'25 EBIT Margin 14.8% 15.7% 14.6% 14.3% 14.9% FY'21 FY'22 FY'23 FY'24 FY'25 Net Income Margin
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Annual Performance Trends HCLTech Consolidated 41.07 49.77 54.79 57.86 64.09 FY'21 FY'22 FY'23 FY'24 FY'25 EPS (Diluted) 1,506 1,807 1,837 1,896 2,041 2,393 2,044 2,024 2,584 2,501 FY'21 FY'22 FY'23 FY'24 FY'25 FCF/NI In ₹ In $M 5 Year Average: ~127% FCF/NI: 123% NI FCF Client Category Number of Clients FY’21 FY’22 FY’23 FY’24 FY’25 $100M+ $50M+ $10M+ $5M+ $1M+ NI FCF
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Quarterly Performance Trends –$ HCLTech Consolidated 603 575 640 690 627 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 EBIT 480 496 506 544 496 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Net Income 3,430 3,364 3,445 3,533 3,498 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 In $M Revenues In $M In $M 17.6% 17.1% 18.6% 19.5% 17.9% Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 EBIT Margin 14.0% 14.7% 14.7% 15.4% 14.2% Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Net Income Margin 6.0% 5.6% 6.2% 4.1% 2.9% 6.7% 5.8% 5.9% 4.9% 2.7% Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Revenue Growth YoY CC Services YoY CC
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Quarterly Performance Trends – ₹ HCLTech Consolidated 5,018 4,795 5,362 5,821 5,442 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 EBIT 3,986 4,257 4,235 4,591 4,307 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Net Income 28,499 28,057 28,862 29,890 30,246 Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 In ₹ Crores Revenues In ₹ Crores In ₹ Crores 17.6% 17.1% 18.6% 19.5% 18.0% Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 EBIT Margin 14.0% 15.2% 14.7% 15.4% 14.2% Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Net Income Margin 7.1% 6.7% 8.2% 5.1% 6.1% 7.9% 6.9% 7.8% 5.9% 5.9% Mar'24 Jun'24 Sep'24 Dec'24 Mar'25 Revenue Growth YoY INR Services YoY INR
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Segment-wise Highlights HCLTech Consolidated Revenue Mix and Growth Quarter Ended Year Ended Details 31-Mar-24 31-Dec-24 31-Mar-25 YoY CC Growth QoQ CC Growth 31-Mar-24 31-Mar-25 YoY CC Growth IT and Business Services (A) 74.4% 73.0% 73.3% 1.4% (0.3%) 73.9% 73.8% 4.6% Engineering and R&D Services (B) 16.2% 16.0% 17.1% 8.5% 5.5% 16.1% 16.2% 5.5% HCLTech Services (A + B) 90.6% 89.0% 90.4% 2.7% 0.7% 89.9% 90.0% 4.8% HCLSoftware (C) 9.8% 11.3% 9.9% 4.9% (12.9%) 10.4% 10.3% 3.5% Inter-segment* (D) (0.4%) (0.3%) (0.4%) (0.4%) (0.3%) HCLTech (A + B + C + D) 100.0% 100.0% 100.0% 2.9% (0.8%) 100.0% 100.0% 4.7% *Inter-segment revenue is related to products and services of HCLSoftware used by Services business in rendering services to their customers. EBIT Margin Quarter Ended Year Ended Details 31-Mar-24 31-Dec-24 31-Mar-25 YoY BPS change QoQ BPS change 31-Mar-24 31-Mar-25 YoY BPS change IT and Business Services 16.6% 17.2% 17.0% 39 (27) 17.0% 17.1% 13 Engineering and R&D Services 19.8% 18.9% 17.9% (192) (95) 19.4% 18.0% (134) HCLTech Services 17.2% 17.5% 17.1% (1) (38) 17.4% 17.3% (13) HCLSoftware 20.9% 34.5% 24.3% 341 (1,024) 24.6% 26.6% 200 HCLTech 17.6% 19.5% 17.9% 34 (159) 18.2% 18.3% 7 Effective April 1, 2024, services related to certain software products, previously under HCL Software, are now managed by IT and Business Services and Engineering and R&D Services segments. Revenues and results have been reported under respective segments, with prior period figures restated. The impact of this change is immaterial for the segments.
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Return on Invested Capital (ROIC) HCLSoftware P&L (Quarter ended) 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Revenues 334.5 334.4 341.9 400.0 347.9 EBITDA 120.3 116.4 134.0 190.5 131.3 EBIT 69.8 68.6 87.4 138.1 84.4 NOPAT 55.5 52.0 66.2 105.4 69.0 (Amount in $M) Estimated Invested Capital (Quarter ended) 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Average HCLTech Services 3,539 3,565 3,573 3,432 3,461 3,514 HCLSoftware 1,538 1,515 1,483 1,493 1,338 1,473 Invested Capital 5,076 5,080 5,056 4,925 4,798 4,987 Cash & Treasury Balance 3,110 2,985 3,166 3,237 3,351 Total 8,186 8,065 8,221 8,161 8,150 LTM ROIC 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 HCLTech Services 41.7% 42.8% 43.5% 44.7% 45.5% HCLSoftware 16.2% 16.1% 17.8% 18.0% 19.9% HCLTech 33.8% 34.6% 35.7% 36.6% 37.9% • Estimated effective tax rate for HCLSoftware segment has been arrived at by applying the tax on Specific units/entities from where HCLSoftware business operates. Residual tax has been allocated to Services business. • Common assets and liabilities have been allocated between the businesses in ratio of last twelve months revenues. • Average invested capital has been computed using average of last 5 quarters. • Effective April 1, 2024, services related to certain software products, previously under HCL Software, are now managed by IT and Business Services and Engineering and R&D Services segments. Revenues and results have been reported under respective segments, with prior period figures restated. The impact of this change is immaterial for the segments.
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HCLSoftware Metrics HCLSoftware Revenue Quarter Ended Year Ended 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 31-Mar-24 31-Mar-25 Perpetual License Upfront & Others 31.6 36.4 58.2 49.4 34.4 145.8 178.3 Subscription & Support 286.1 281.7 267.2 329.4 295.0 1,172.2 1,173.3 Professional Services 16.7 16.4 16.5 21.3 18.5 64.6 72.6 Total Revenue 334.5 334.4 341.9 400.0 347.9 1,382.6 1,424.2 • Perpetual License upfront and others revenue includes upfront revenue recognized from perpetual licenses and compliance revenues. • Subscription and Support revenue includes all term subscription revenues, support revenues (including those attributable to perpetual licenses) and Software-as-a-Service (SaaS) revenues. • Revenue share from IP Partnerships is included in respective lines above based on the information provided by the partners. HCLSoftware ARR Quarter Ended Year Ended 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 31-Mar-24 31-Mar-25 ARR 1,016.1 1,014.4 1,048.9 1,021.9 1,032.8 1,016.1 1,032.8 ARR Growth YoY CC 0.7% (0.3%) 0.6% (0.6%) 1.8% 0.7% 1.8% Annual Recurring Revenue (ARR) is the annualized value of all term subscription licenses, support obligations (including those attributable to perpetual licenses) and Software-as-a-Service (SaaS) contracts that are active on the last day of the quarter. In respect of IP Partnerships, ARR is computed based on annualized value of HCL’s revenue share of the revenue reported by the partners for support services and new license sales in the current quarter. ARR excludes upfront revenue recognized on sale of perpetual licenses, professional services and any other non-recurring revenue. ARR is an operating metric, which should be viewed independently of revenue and is not a forecast of future revenues. Growth in ARR may not always be reflected in Revenue growth. Effective April 1, 2024, services related to certain software products, previously under HCL Software, are now managed by IT and Business Services and Engineering and R&D Services segments. Revenues and results have been reported under respective segments, with prior period figures restated. The impact of this change is immaterial for the segments.
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Services Revenue Mix and Growth By Geographies Quarter Ended Year Ended Details 31-Mar-24 31-Dec-24 31-Mar-25 YoY CC Growth 31-Mar-24 31-Mar-25 YoY CC Growth Americas 65.2% 65.5% 63.9% 0.1% 64.7% 65.1% 5.3% Europe 28.9% 28.2% 29.2% 4.3% 28.8% 28.4% 3.5% ROW 5.9% 6.3% 6.9% 23.2% 6.5% 6.5% 4.7% HCLTech Services 100.0% 100.0% 100.0% 2.7% 100.0% 100.0% 4.8% By Geographies (As per IFRS reporting) Year Ended Details 31-Mar-24 31-Mar-25 YoY CC Growth USA 58.4% 58.8% 5.2% Europe 26.5% 26.6% 5.2% India 3.7% 3.3% (5.0%) ROW 11.5% 11.3% 5.0% HCLTech Services 100.0% 100.0% 4.8%
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Services Revenue Mix and Growth By Verticals Quarter Ended Year Ended Details 31-Mar-24 31-Dec-24 31-Mar-25 YoY CC Growth 31-Mar-24 31-Mar-25 YoY CC Growth Financial Services 21.6% 20.3% 21.1% 0.7% 22.1% 20.7% (1.6%)* Manufacturing 20.4% 19.1% 18.6% (6.1%) 19.9% 19.1% 0.9% Lifesciences & Healthcare 16.3% 15.5% 14.7% (7.4%) 16.9% 15.5% (3.8%) Telecommunications, Media, Publishing & Entertainment 11.5% 12.3% 13.9% 24.3% 9.2% 12.6% 43.4% Technology and Services 12.3% 13.3% 13.4% 10.8% 12.9% 13.2% 6.7% Retail & CPG 9.1% 10.6% 9.7% 9.5% 9.3% 9.8% 10.7% Public Services# 8.8% 8.9% 8.6% (0.5%) 9.6% 8.9% (2.7%) HCLTech Services 100.0% 100.0% 100.0% 2.7% 100.0% 100.0% 4.8% # Public Services include Energy & Utilities, Travel - Transport - Logistics and Government. * Financial Services includes the impact of a divestiture in Q2 FY25.
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Client Metrics Number of $M Clients (LTM) 31-Mar-24 31-Dec-24 31-Mar-25 YoY Change QoQ Change $100M+ 22 22 22 - - $50M+ 46 53 52 6 (1) $20M+ 137 136 138 1 2 $10M+ 254 248 251 (3) 3 $5M+ 395 398 399 4 1 $1M+ 951 952 948 (3) (4) Client Contribution to Revenue (LTM) 31-Mar-24 31-Dec-24 31-Mar-25 Top 5 Clients 10.4% 12.6% 12.7% Top 10 Clients 18.8% 20.3% 20.2% Top 20 Clients 29.0% 30.9% 30.4% Days Sales Outstanding 31-Mar-24 31-Dec-24 31-Mar-25 Days Sales Outstanding* 61 57 59 *Excluding unbilled receivables
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Key Deal Wins A US-based global hi-tech company selected HCLTech for a MEGA engineering services deal to serve the rapidly growing AI-powered silicon and software-defined vehicle segments. The client will leverage HCLTech’s industry-leading capabilities in the semiconductor space to bring cutting-edge solutions to the market. Western Union has formed a strategic partnership with HCLTech to drive innovation and transformation. As its largest preferred partner, HCLTech will enable Western Union's transition to an AI-led platform operating model, driving agility and scale in the market. This partnership will accelerate platform and channel transformation, delivering seamless customer experiences and reimagining Western Union's technology landscape through HCLTech's digital engineering expertise. Additionally, HCLTech will expand Western Union's footprint in India by establishing an advanced technology center in Hyderabad. Children’s Minnesota, a non-profit and one of the largest pediatric health systems in the US, chose HCLTech to enhance operational efficiency, streamline service delivery and improve patient care through AI. HCLTech will use its AI Force platform to optimize Children’s Minnesota’s systems, reducing manual tasks and enabling data-driven decision- making for better healthcare delivery and patient outcomes. A Fortune 50 telecommunications company expanded its partnership with HCLTech to enhance its high-density network performance and customer experience. HCLTech will guide the implementation of the client’s customer experience services portfolio, covering planning, co-solutioning, testing, deployment and migration. HCLTech will deliver the client’s data center and campus LAN/WLAN/SD-WAN solutions along with site services. A Middle East-based real estate company selected HCLTech to modernize and manage its entire technology operations, leveraging HCLTech's cutting-edge AI Force and CloudSmart solutions to drive its digital transformation, enhance the client’s operational efficiency and improve customer experience. A Europe-based consumer goods company selected HCLTech to modernize its infrastructure services, including factory operations. HCLTech will leverage GenAI to improve operational efficiency, enhance service quality and elevate customer experience. A leading US-based manufacturing company expanded its strategic partnership with HCLTech to accelerate AI-driven digital transformation. HCLTech will leverage its GenAI platform AI Force, engineering expertise and automation-first approach to drive technology modernization. HCLTech’s Agentic AI solutions will enable intelligent service desks, automate workflows and improve user experience. The collaboration will also integrate IT and OT to improve operational efficiency. A Europe-based global technology major selected HCLTech as a strategic infrastructure partner for its rapidly expanding enterprise applications cloud platform customer base. HCLTech’s GenAI portfolio, global delivery capabilities and scalability will enable market growth and improved customer experience for the client. A US-based global technology company selected HCLTech to enhance the efficiency of its SRE command center operations. HCLTech will manage a 24/7 command center for hosted products, providing next-generation managed services and modern IT infrastructure operations. A leading APAC-based financial services company selected HCLTech to accelerate its retail banking transformation. HCLTech will leverage its FENIX 2.0 framework to revamp the bank's operating model and accelerate the development of a new digital banking platform that will enhance customer experience and reduce servicing costs. HCLTech will also leverage its near-shore network to deliver differentiated engineering capabilities. A US-based technology distribution company selected HCLSoftware's Commerce and DX Cloud for deployment across their global operations. The deployment will lower operating costs and support the client’s innovation agenda.
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Key Deal Wins A US-based financial services company selected HCLSoftware’s AppScan 2 to boost application security posture. A US-based retail chain selected HCLSoftware’s BigFix to enhance the security posture of their store operations. The deployment will improve threat visibility, configuration management and vulnerability remediation, alongside a strategic partnership to develop and implement a successful Digital Employee Experience (DEX) solution. A Fortune 50 telecommunications company selected HCL Software’s Augmented Network Automation (ANA) platform for real time data processing from all network domains to predict, configure and optimize multi-domain networks autonomously. An Africa-based technology company selected HCLSoftware's Sovereign Collaboration platform to establish a secure, locally controlled messaging and collaboration solution for North-East Africa operations. A Europe-based telecom OEM selected HCLSoftware's Intelligent Operations (IO) suite, comprising BigFix Enterprise, MyCloud, MyXalytics and iAutomate, to improve its IT operations and efficiency. A Europe-based global healthcare solutions and services provider expanded its deployment of HCLSoftware’s Actian’s Versant Object Database (VOD) to modernize its AI-powered imaging software, improving hardware compatibility and broadening its product range to meet market needs. A US-based R&D entity selected HCLSoftware's EDFMPro solution to enhance its Design for Manufacturing (DFM) capabilities. By integrating seamlessly with major CAD solutions, the solution will optimize designs early, reduce engineering rework, cut product and production costs and accelerate time to market. A leading US-based AI software company selected HCLTech to boost autonomous operations for its customers. The client will leverage HCLTech's digitalColleague platform, which includes AI agents, to improve business flexibility and workforce efficiency for its customers and co-create industry-specific solutions. A US-based manufacturing company selected HCLTech to establish a global delivery model to streamline IT operations, boost efficiency and improve customer experience with data-driven analytics and outcomes. HCLTech will leverage its cloud, AI and cybersecurity offerings to deliver an integrated solution for enterprise-wide digital transformation. A US-based energy company selected HCLTech for applications and infrastructure management services. HCLTech’s solutions will enhance system reliability, operational efficiency and business continuity. A leading US-based consumer health company selected HCLTech to transform its digital workplace experience. HCLTech will provide GenAI-based managed services to enhance the user experience across the client’s global operations. A US-based global media company expanded its partnership with HCLTech to establish AI - driven Test Centers of Excellence across direct-to-customer platforms, media supply chains, enterprise systems and brand experiences. A Europe-based global energy company selected HCLTech to enhance its network operations. HCLTech will implement a secure SDWAN solution across the client’s global operations and improve user experience by reducing latency and enhancing availability. A Europe-based utility selected HCLTech to modernize its cloud and network operations globally. HCLTech will leverage GenAI to enhance cloud maturity, automation and cloud - native transformation while co-creating innovative digital solutions.
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Exclusive AI and GenAI Deals A Europe-based retail company selected HCLTech to implement Agentic Process Automation (APA) powered by GenAI and autonomous agents to streamline order and contract management, enhance forecasting, optimize inventory and automate customer queries. HCLTech’s solution is enabled in partnership with Automation Anywhere, resulting in significant margin improvements and operational efficiency for the retailer. A US-based MedTech company selected HCLTech to support its greenfield software - defined manufacturing project leveraging its AI Engineering and AIoT offerings. HCLTech’s SmartTwin solutions on the NVIDIA Omniverse platform will improve production efficiency and quality through real-time monitoring, predictive maintenance and operational insights. The deployment will deliver up to 30% improvement in final assembly testing efficiency and accuracy and reduce workforce training time from 120 to 60 days. A US-based automotive OEM selected HCLTech to transform its service desk operations by enabling an Agentic AI solution to resolve level 1 issues at the desk via a conversational interface integrated with automation solutions. The Agentic AI solution dynamically acquires new skills when needed, leading to efficient issue resolution and enhanced ITSM capabilities. A Europe-based global financial services company selected HCLTech to leverage GenAI to streamline document processing and data extraction to improve efficiency and accuracy. HCLTech’s AI Force will deliver 25-30% efficiency improvement, 95% accuracy (F1 Score) in extracting data from invoices, contracts and custody documents, and automates 70% of complex document workflows, driving significant productivity gains. A US-based financial services company selected HCLTech as its strategic partner to streamline its data science and analytics projects using HCLTech’s AI Foundry offering. The engagement involves developing prediction models, forecasting models, and model governance and monitoring. It also includes ideation, piloting AI and GenAI - related use cases and feature stores. Carrix, the world’s largest independent marine and rail terminal operator, selected HCLTech to improve its global port operations with HCLTech’s advanced suite of AI Engineering and AIoT offerings. HCLTech will leverage its expertise in automation, AIoT and Vision AI to unify Carrix’s various terminal management tools into one optimized system to help implement a scalable, AI - powered approach to safe and secure port operations. A European financial services company selected HCLTech as an AI-based transformation partner to transition its SAS-based data application to the Azure Databricks platform. HCLTech's AI Foundry will reduce license and operational costs while ensuring compliance with complex financial regulations. A US-based global aerospace major selected HCLTech to enhance passenger safety and cabin crew experience through AI-assisted cabin monitoring systems that will leverage HCLTech’s AI Engineering offering. A Middle East-based financial services company selected HCLTech’s AI Labs offering to build CoEs for key technologies like GenAI and Data, enhance IT capabilities and drive operational efficiency. A US-based financial services company selected HCLTech to enhance GenAI capabilities, data processing and orchestration, and address experimentation challenges within its AI platform. HCLTech will deliver Summarization-as-a-Service, set up an experimentation zone, build an orchestrator and refactor the data pipeline using HCLTech’s AI Foundry offering. The solution leverages OpenAI technology to streamline AI workflows and improve data -driven decision- making. A Europe-based manufacturing company selected HCLTech to implement a GenAI-powered chatbot to automate workflows. The solution enhanced productivity and ensured compliance with regulations by offering advanced document search, summarization, comparison and alignment. A US-based payments and financial technology company selected HCLTech to implement AI - driven solutions to automate manual sales tasks, streamline reporting, build conversational AI agents and provide sellers with the tools they need to manage their portfolios effectively.
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Client Comments "Our collaboration with HCLTech is a testament to our shared vision of delivering exceptional value to our customers. HCLTech's expertise will help us fulfill our mission to make world-class financial services accessible to people everywhere." Devin McGranahan, President and Chief Executive Officer, Western Union “We are thrilled to expand our partnership with HCLTech, who shares our vision of leveraging AI to transform the CCaaS market. HCLTech is a leader in contact center transformations and is well positioned to help customers harness the power of AI to drive operational efficiency, scale and growth.” Charles Lamanna, Corporate Vice President, Business and Industry Copilot, Microsoft "We are thrilled to partner with HCLTech on the development and operation of our Corporate Agentic AI Platform. This collaboration marks a significant milestone for GF as we leverage GenAI and automation to drive innovation and efficiency across our business. HCLTech's expertise and commitment to delivering concrete business value have been instrumental in this project, and we are confident that this platform will unlock new opportunities and enhance our competitive edge. We look forward to a successful partnership and the transformative impact this initiative will have on our business." Sacha Ghiglione, Head of Corporate AI, GF “As we continue our digital transformation journey, we are confident that HCLTech’s AI-led capabilities, customer-centric approach and partner ecosystem will help us achieve the desired outcome of improving safety and efficiency of our port operations.” Jim Downing, CIO, Carrix
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People Metrics Details (Quarter ended) 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Total People Count 227,481 219,401 218,621 220,755 223,420 Technical 213,059 205,197 204,600 206,517 209,182 Sales and Support 14,422 14,204 14,021 14,238 14,238 Net Addition 2,725 (8,080) (780) 2,134 2,665 Freshers Added 3,096 1,078 2,932 2,014 1,805 Attrition (LTM)* 12.4% 12.8% 12.9% 13.2% 13.0% Women Employees (%) 29.1% 28.7% 28.8% 28.8% 28.8% *Note: Attrition excludes involuntary attrition and digital process operations. • Recognized at The Economic Times Human Capital Awards for excellence in three key areas: HR Practices, Organizational Development and Creating a Culture of Continuous Learning and Upskilling. • Recognized by Blue Cross Blue Shield of Rhode Island (BCBSRI) at their Diversity Rising Awards for championing equitable and inclusive business practices. • 28,660+ employees leveraged HCLTech's Value Creation Portal in FY25, generating, reviewing and approving 17,310+ ideas and implementing 8,160+ ideas that delivered customer signed-off value worth $1.6 billion. • 55 patent applications were filed and 13 patents were granted in Q4 FY25
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Awards and Recognitions • Named the world's fastest-growing IT services brand in Brand Finance 2025 Global 500 and IT Services Top 25 report • Recognized as Global Top Employer for the third consecutive year by Top Employers Institute • Named one of Ethisphere's 2025 World's Most Ethical Companies® for the second consecutive year • HCLTech Chairperson Roshni Nadar Malhotra received Trailblazers in Tech award from The Hindu • Received 'A-' rating for Climate and a 'B' rating for Water Security from CDP • Included in S&P Global Sustainability Yearbook for the third year in a row • Intel's 2025 EPIC Supplier Award for Excellence in Technology Development Services • Temenos’ Global Strategic Alliance Partner of the Year award • FSTech Awards 2025 for Best Use of AI in Financial Services, Consumer Finance App of the Year, RegTech and Compliance Project of the Year, Most Innovative Product of the Year • Recognized for Excelling in Practices for Women in STEM 2024 by the Confederation of Indian Industry (CII) • Platinum Award in the Large Industry category at the Confederation of Indian Industry (CII) Academia Partnership Awards • Edge Computing Excellence Award 2024 for HCLTech Intelligent Secure Edge (SSE) solution
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Analyst Recognitions Received 105+ leadership positions in analyst recognitions during Q4, FY25. Digital Business • The Forrester Wave : Oracle Services, Q1 2025 • IDC MarketScape: Worldwide SAP Implementation Services 2025 Vendor Assessment (doc # US51272524, Feb 2025) • Everest Group’s Sustainable IT Services PEAK Matrix® Assessment 2025 • Everest Group’s Application Management Services PEAK Matrix® Assessment 2025 • Everest Group’s SAP Business Application Services PEAK Matrix® Assessment 2025 • Everest Group’s Industry 4.0 Services PEAK Matrix® Assessment 2025 • Everest Group’s Custom Application Development Services PEAK Matrix® Assessment 2025 • Avasant’s Life Sciences Digital Services 2025 RadarView • Avasant’s Gulf Cooperation Council (GCC) Region Digital Services 2025 RadarView • Avasant’s High-Tech Industry Digital Services 2024-2025 RadarView • Avasant’s AR/VR/XR Services 2025 RadarView HCLTech positioned as a Leader in: • HFS Horizons: Telecom Service Providers, 2025 report • HFS Horizons: Generative Enterprise Services, 2025 report HCLTech positioned as a Market Leader in : • Power & Utilities Industry - Services and Solutions - Customer Information Systems (CIS) and Customer Experience (CX), Enterprise Asset Management (EAM), Grid Modernization, Next-Gen IT Services - North America 2024 • Power & Utilities Industry - Services and Solutions - Next-Gen IT Services - Europe 2024 • Power & Utilities Industry - Services and Solutions - Customer Information Systems (CIS) and Customer Experience (CX), Grid Modernization, Next-Gen IT Services - APAC 2024 • Telecom, Media and Entertainment Industry Services - Intelligent Business Process Management (iBPM) Services, Media and Entertainment Managed and Next-Gen IT Services, Strategy and Enablement Services, Telecom Managed and Next-Gen IT Services - North America 2024 • Oil and Gas Industry - Services and Solutions - Data Management and Cloud Computing, Energy Transition Services, Enterprise Asset Management, Next-Gen IT/OT Services - North America 2024 • Telecom, Media and Entertainment Industry Services - Intelligent Business Process Management (iBPM) Services, Media and Entertainment Managed and Next-Gen IT Services, Telecom Managed and Next-Gen IT Services - EMEA 2024 • Advanced Analytics and AI Services - Advanced BI and Reporting Modernization Services, Data Modernization Services, Data Science and AI Services - Large - US 2024 • Healthcare Digital Services - Payer Transformation – Private, Public - US 2024 • Healthcare Digital Services - Provider Transformation – HER, ERP, RCM - US 2024 • Sustainability and ESG - Data Platforms and Managed Services, IT Solutions and Services, OT and Industry-specific Solutions and Services, Strategy and Enablement Services – US, Australia, Europe 2024 • Mainframes – Services and Solutions - Application Modernization Services –US, Europe • Agribusiness and Chemicals Services and Solutions - Digital IT/OT, Sustainability and Innovation - Chemicals - US 2025 HCLTech positioned as a Leader in ISG Provider Lens:
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Analyst Recognitions Digital Foundation • 2025 Gartner® Magic Quadrant for Outsourced Digital Workplace Services (Karl Rosander et al, 24 March, 2025)* • The Forrester Wave : Application Modernization And Multicloud Managed Services, Q1 2025 • IDC MarketScape: EMEA Industry Cloud Professional Services 2024–2025 Vendor Assessment (doc# EUR152779124, Jan 2024) • Everest Group’s Managed Detection and Response (MDR) Services PEAK Matrix® Assessment 2025 • Everest Group’s Intelligent Document Processing (IDP) and Banking and Financial Services (BFS) specific IDP Products PEAK Matrix® Assessment 2025 HCLTech positioned as a Leader in: • Multi Public Cloud Services - Consulting and Transformation Services – Large Accounts, FinOps Services and Cloud Optimization, Managed Services (Large Accounts) - Germany, France 2024 • Multi Public Cloud Services - Managed Services - Large Accounts - Switzerland 2024 • Oracle Cloud and Technology Ecosystem - Implementation and Integration Services, Consulting and Advisory Services, Managed Services, OCI Solutions and Capabilities - US 2024 • Oracle Cloud and Technology Ecosystem - Implementation and Integration Services, Consulting and Advisory Services, Managed Services, OCI Solutions and Capabilities - APAC 2024 • Oracle Cloud and Technology Ecosystem - Consulting and Advisory Services, Implementation and Integration Services, Managed Services, OCI Solutions and Capabilities - Europe 2024 HCLTech Positioned as a Leader in ISG Provider Lens : Digital Operations • Everest Group’s Supply Chain Transformation Services for Retail and CPG PEAK Matrix® Assessment 2025 • Avasant’s Finance and Accounting Business Process Transformation 2024-2025 RadarView HCLTech positioned as a Leader in: Engineering and R&D Services • Everest Group’s Sustainable Engineering Services PEAK Matrix® Assessment 2025 • HCLTech positioned as a Leader in Everest Group’s Industry 4.0 Services PEAK Matrix® Assessment 2025 • IDC MarketScape: Worldwide Industrial IoT Engineering and Managed Services 2025 Vendor Assessment (doc # US53235725, Mar 2025) • IDC MarketScape: Worldwide Industrial IoT Consulting and Integration Services 2025 Vendor Assessment (doc # US51812824, Mar 2025) • ISG Provider Lens Manufacturing Industry Services and Solutions - Aftermarket Services, Industry Transformation Services, Manufacturing Supply Chain and Procurement Services, Product Design and Development Services, Smart/Digital Factory Solutions - North America, Europe 2024 HCLTech positioned as a Leader in Client Recognition • HCLTech recognized as Customers’ Choice in the 2025 Gartner® Peer Insights Voice of the Customer for Public Cloud IT Transformation Services (Peer Contributors, 30 January 2025)*
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Analyst Recognitions Disclaimers: *GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT and PEER INSIHGTS is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rGARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT and PEER INSIGHTS is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose. The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this Quarterly Report), and the opinions expressed in the Gartner Content are subject to change without notice Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity here. HCLSoftware • HCLSoftware mentioned in the The Value Stream Management Landscape, Q1 2025 by Forrester • HCLSoftware mentioned in IDC ProductScape: Worldwide Content Management Systems, 2025 — Technology Supplier Solution Functionality • HCLSoftware mentioned in IDC ProductScape: Worldwide Customer Data Platforms Focused on B2C Users, 2025: Technology Supplier Solutions Functionality • HCLSoftware listed in the Constellation Research for 2025 ShortList for Digital Experience (DX) Platform • HCLSoftware listed in the Constellation Research for 2025 ShortList for Employee Digital Workspaces • HCLSoftware listed in Constellation Research for 2025 ShortList for Enterprise Low-Code Tools & Platforms
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Signed MoU with Tribal Co-operative Marketing Development Federation of India Limited (TRIFED) to empower tribal artisans across India. HCLFoundation will train ~4,500 artisans and promote their products on its My E-Haat platform. 30,000+ hours of employee volunteering Under the #CEOWaterMandate, collaborated with Noida Authority to prevent ~15 tons of floating debris from entering Yamuna every month Deployed HomoSEP, India's first sewer cleaning robot, in collaboration with Noida Authority, to promote social inclusivity Supercharging progress for our communities and the planet India-focused initiatives through HCLFoundation Nine specialized health camps organized in eight blocks of Hardoi district, in collaboration with the UP government • Three mobile education vans launched to operate at 12 locations in Lucknow, under the Nanhe Parinde project, benefiting around 600 underprivileged children • Hosted Yuvamela to mark Swami Vivekananda’s birth anniversary, bringing together 300 youth from HCLFoundation's skill development programs Donated a state-of-the-art ultrasound machine to Sports Injury Center, Safdarjung Hospital, New Delhi for improved injury management Global initiatives HCLTech board members Simon John England (Pic 1: Third from left) and Bhavani Balasubramanian (Pic 2: Second from left) met beneficiaries of HCLTech Grant supported programs in Madhya Pradesh HCLTech supports Safe-Hub Digital Lab in Johannesburg, South Africa to prepare youth from marginalized communities be ready for the future. HCLTechies distributed more than 3,500 pounds of food to members of the local community in New Jersey, US.
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Annual Results Annexure
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Financials for the Year ended 31-Mar-25 Consolidated Income Statement Income Statement In ₹ Crores In $M % of Revenue (Ind AS) 31-Mar-24 31-Mar-25 31-Mar-24 31-Mar-25 31-Mar-24 31-Mar-25 Revenues 109,913 117,055 13,269.7 13,840.1 100.0% 100.0% Direct Costs 70,474 76,157 8,508.8 9,005.3 64.1% 65.1% Gross Profits 39,439 40,898 4,760.9 4,834.8 35.9% 34.9% Research & Development 1,651 1,658 199.3 196.1 1.5% 1.4% SG & A 13,588 13,736 1,640.5 1,624.3 12.4% 11.7% EBITDA 24,200 25,504 2,921.1 3,014.4 22.0% 21.8% Depreciation & Amortization 4,173 4,084 503.5 483.0 3.8% 3.5% EBIT 20,027 21,420 2,417.6 2,531.4 18.2% 18.3% Foreign Exchange Gains/(Loss) (2) 86 (0.1) (4.5) 0.0% 0.1% Other Income, net 942 1,755 113.7 208.5 0.9% 1.5% Provision for Tax 5,257 5,862 634.4 693.1 4.8% 5.0% Non-controlling interest 8 9 1.0 1.1 0.0% 0.0% Net Income 15,702 17,390 1,895.8 2,041.3 14.3% 14.9% EPS (in ₹) Basic 57.99 64.16 Diluted 57.86 64.09
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Cost Breakup for Year ended 31-Mar-25 Particulars In ₹ Crores In $M % of Revenue (Ind AS) 31-Mar-24 31-Mar-25 31-Mar-24 31-Mar-25 31-Mar-24 31-Mar-25 Employee benefits expense 62,480 66,755 7,543.6 7,893.6 56.8% 57.0% Outsourcing costs (Subcontractors + Outsourced Work) 14,578 15,162 1,760.2 1,792.8 13.3% 13.0% Cost of hardware and software sold 1,797 2,028 216.9 239.8 1.6% 1.7% Travel and conveyance 1,314 1,538 158.6 181.9 1.2% 1.3% Software subscription fees 1,000 1,269 120.7 150.1 0.9% 1.1% Facility Cost* 1,204 1,217 145.4 144.0 1.1% 1.1% Recruitment, training and development 297 350 35.9 41.4 0.3% 0.3% Legal and professional charges 619 715 74.8 84.5 0.6% 0.6% Communication costs 573 583 69.1 68.9 0.5% 0.5% CSR Expense 264 282 32.0 33.3 0.2% 0.2% Doubtful debts 117 15 14.1 1.8 0.1% 0.0% Other expenses 1,470 1,637 177.3 193.6 1.3% 1.4% Depreciation & Amortization 4,173 4,084 503.5 483.0 3.8% 3.5% Total Costs 89,886 95,635 10,852.1 11,308.7 81.8% 81.7% EBIT 20,027 21,420 2,417.6 2,531.4 18.2% 18.3% Note: *Facility cost includes Repairs and Maintenance, Power and Fuel, and Rent
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Quarterly Results Annexure
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Constant Currency Reporting (Quarter ended) (Amount in $M) HCLTech Revenue 31-Mar-24 30-Jun-24 30-Sep-24 31-Dec-24 31-Mar-25 Reported Revenue ($M) 3,429.9 3,363.8 3,445.2 3,532.9 3,498.2 Growth % (CC) QoQ 0.3% (1.6%) 1.6% 3.8% (0.8%) YoY 6.0% 5.6% 6.2% 4.1% 2.9% HCLTech Services Revenue Reported Revenue ($M) 3,107.8 3,040.5 3,114.2 3,144.5 3,163.1 Growth % (CC) QoQ 3.0% (1.9%) 1.6% 2.2% 0.7% YoY 6.7% 5.8% 5.9% 4.9% 2.7% Average Rates for the Quarter USD - INR 83.10 83.40 83.79 84.66 86.45 GBP - USD 1.27 1.26 1.31 1.27 1.27 EUR - USD 1.08 1.08 1.10 1.06 1.06 USD - SEK 10.43 10.68 10.36 10.85 10.53 AUD - USD 0.66 0.66 0.67 0.65 0.63 Effective April 1, 2024, services related to certain software products, previously under HCL Software, are now managed by IT and Business Services and Engineering and R&D Services segments. Revenues and results have been reported under respective segments, with prior period figures restated. The impact of this change is immaterial for the segments.
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Financials in ₹ for the Quarter ended 31-Mar-25 (Ind AS) Consolidated Income Statement (Amount in ₹ Crores) Income Statement Quarter Ended % of Revenue 31-Mar-24 31-Dec-24 31-Mar-25 31-Mar-24 31-Dec-24 31-Mar-25 Revenues 28,499 29,890 30,246 100.0% 100.0% 100.0% Direct Costs 18,527 19,262 19,742 65.0% 64.4% 65.3% Gross Profits 9,972 10,628 10,504 35.0% 35.6% 34.7% Research & Development 435 399 457 1.5% 1.3% 1.5% SG & A 3,426 3,369 3,565 12.0% 11.3% 11.8% EBITDA 6,111 6,860 6,482 21.4% 23.0% 21.4% Depreciation & Amortization 1,093 1,039 1,040 3.8% 3.5% 3.4% EBIT 5,018 5,821 5,442 17.6% 19.5% 18.0% Foreign Exchange Gains/(Loss) 6 7 (5) 0.0% 0.0% 0.0% Other Income, net 245 304 298 0.9% 1.0% 1.0% Provision for Tax 1,274 1,538 1,426 4.5% 5.1% 4.7% Non-controlling interest 9 3 2 0.0% 0.0% 0.0% Net Income 3,986 4,591 4,307 14.0% 15.4% 14.2% LTM EPS (in ₹) Basic 57.99 62.98 64.16 Diluted 57.86 62.91 64.09
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Cost Breakup in ₹ for Quarter ended 31-Mar-25 Particulars Quarter Ended % of Revenue 31-Mar-24 31-Dec-24 31-Mar-25 31-Mar-24 31-Dec-24 31-Mar-25 Employee benefits expense 16,351 16,576 17,246 57.4% 55.5% 57.0% Outsourcing costs (Subcontractors + Outsourced Work) 3,710 3,874 3,999 13.0% 13.0% 13.2% Cost of hardware and software sold 510 644 489 1.8% 2.2% 1.6% Travel and conveyance 348 374 430 1.2% 1.3% 1.4% Software subscription fees 268 330 323 0.9% 1.1% 1.1% Facility Cost* 319 312 313 1.1% 1.0% 1.1% Recruitment, training and development 77 86 88 0.3% 0.3% 0.3% Legal and professional charges 182 208 175 0.6% 0.7% 0.6% Communication costs 155 157 158 0.5% 0.5% 0.5% CSR Expense 71 71 79 0.2% 0.2% 0.3% Doubtful debts 30 (18) (3) 0.1% (0.1%) 0.0% Other expenses 367 416 467 1.3% 1.4% 1.5% Depreciation & Amortization 1,093 1,039 1,040 3.8% 3.5% 3.4% Total Costs 23,482 24,069 24,804 82.4% 80.5% 82.0% EBIT 5,018 5,821 5,442 17.6% 19.5% 18.0% (Amount in ₹ Crores) Note: *Facility cost includes Repairs and Maintenance, Power and Fuel, and Rent
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Financials in $ for the Quarter ended 31-Mar-25 (IFRS) Consolidated Income Statement (Amount in $M) Income Statement Quarter Ended % of Revenue 31-Mar-24 31-Dec-24 31-Mar-25 31-Mar-24 31-Dec-24 31-Mar-25 Revenues 3,429.9 3,532.9 3,498.2 100.0% 100.0% 100.0% Direct Costs 2,230.5 2,276.1 2,284.9 65.0% 64.4% 65.3% Gross Profits 1,199.5 1,256.9 1,213.2 35.0% 35.6% 34.7% Research & Development 52.6 47.1 53.0 1.5% 1.3% 1.5% SG & A 412.4 397.9 412.9 12.0% 11.3% 11.8% EBITDA 734.5 812.0 747.4 21.4% 23.0% 21.4% Depreciation & Amortization 131.2 122.5 120.5 3.8% 3.5% 3.4% EBIT 603.3 689.5 626.8 17.6% 19.5% 17.9% Foreign Exchange Gains/(Loss) 0.7 0.8 (0.7) 0.0% 0.0% 0.0% Other Income, net 29.8 35.9 34.6 0.9% 1.0% 1.0% Provision for Tax 153.1 181.6 164.9 4.5% 5.1% 4.7% Non-controlling interest 1.0 0.4 0.3 0.0% 0.0% 0.0% Net Income 479.7 544.1 495.6 14.0% 15.4% 14.2%
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Cost Breakup in $ for Quarter ended 31-Mar-25 (Amount in $M) Note: *Facility cost includes Repairs and Maintenance, Power and Fuel, and Rent Particulars Quarter Ended % of Revenue 31-Mar-24 31-Dec-24 31-Mar-25 31-Mar-24 31-Dec-24 31-Mar-25 Employee benefits expense 1,968.4 1,958.2 1,995.9 57.4% 55.5% 57.1% Outsourcing costs (Subcontractors + Outsourced Work) 446.7 457.9 463.0 13.0% 13.0% 13.2% Cost of hardware and software sold 61.4 76.2 56.5 1.8% 2.2% 1.6% Travel and conveyance 41.9 44.2 49.9 1.2% 1.3% 1.4% Software subscription fees 32.3 39.0 37.4 0.9% 1.1% 1.1% Facility Cost* 38.4 36.9 36.3 1.1% 1.0% 1.0% Recruitment, training and development 9.3 10.2 10.2 0.3% 0.3% 0.3% Legal and professional charges 21.9 24.7 20.2 0.6% 0.7% 0.6% Communication costs 18.7 18.5 18.3 0.5% 0.5% 0.5% CSR Expense 8.6 8.4 9.1 0.2% 0.2% 0.3% Doubtful debts 3.6 (2.1) (0.4) 0.1% (0.1%) 0.0% Other expenses 44.2 49.0 54.4 1.3% 1.4% 1.6% Depreciation & Amortization 131.2 122.5 120.5 3.8% 3.5% 3.4% Total Costs 2,826.6 2,843.5 2,871.3 82.4% 80.5% 82.1% EBIT 603.3 689.5 626.8 17.6% 19.5% 17.9%
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Consolidated Balance Sheet & Cash Flow Summary
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Consolidated Balance Sheet (₹ and $) Particulars In ₹ Crores In $M As on 31-Mar-24 As on 31-Mar-25 As on 31-Mar-24 As on 31-Mar-25 Assets Cash and Cash Equivalents 9,456 8,245 1,134 964 Accounts Receivables, net 19,483 19,523 2,337 2,284 Unbilled Receivables 6,038 6,319 724 739 Treasury Investments 18,532 21,493 2,222 2,514 Other Current Assets 5,822 6,529 698 764 Total Current Assets 59,331 62,109 7,115 7,265 Property and Equipment, net 4,999 4,560 600 534 Right-of-use assets 2,910 3,016 349 353 Intangible Assets, net 27,262 28,655 3,271 3,352 Treasury Investments 287 1,206 34 141 Deferred Tax Assets 1,031 1,064 124 125 Other Investments 94 91 11 11 Other Assets 3,863 4,843 463 567 Total Assets 99,777 105,544 11,967 12,348 Liabilities & Stockholders Equity Other Current Liabilities 21,532 24,471 2,583 2,863 Borrowings 2,327 2,291 280 268 Lease Liabilities 3,429 3,985 411 467 Other Non-Current Liabilities 4,218 5,124 507 600 Total Liabilities 31,506 35,871 3,781 4,198 Non-Controlling Interests 8 18 1 2 Total Stockholders Equity 68,263 69,655 8,185 8,148 Total Equity 68,271 69,673 8,186 8,150 Total Liabilities and Equity 99,777 105,544 11,967 12,348
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Consolidated Cash Flow Summary & Cash Position Particulars In ₹ Crores In $M For Year Ended March 2024 For Year Ended March 2025 For Quarter Ended March 2025 For Year Ended March 2024 For Year Ended March 2025 For Quarter Ended March 2025 Profit Before Tax 20,967 23,261 5,735 2,531 2,735 661 Adjustments for: Depreciation and Amortization 4,173 4,084 1,040 503 483 121 Others (785) (1,851) (247) (94) (204) (29) Changes in Assets and Liabilities, net: Accounts Receivable and Unbilled Receivable 248 (119) (555) 30 (13) (65) Other Assets and Liabilities 2,057 1,129 1,091 250 133 127 Income Taxes paid (Net of refunds) (4,212) (4,243) (839) (509) (502) (96) Net Operating Cash Flow 22,448 22,261 6,225 2,711 2,632 719 Purchase of PP&E and Intangibles (1,048) (1,108) (255) (127) (131) (30) Free Cash Flow 21,400 21,153 5,970 2,584 2,501 689 Payments for Acquisitions (2,048) (2,032) (24) (248) (241) (3) Dividend paid (14,073) (16,250) (4,878) (1,699) (1,922) (567) Gross Cash & Net Cash In ₹ Crores In $M For Year Ended March 2024 For Year Ended March 2025 For Year Ended March 2024 For Year Ended March 2025 Cash & Cash Equivalents 9,456 8,245 1,134 964 Fixed Deposits including Deposits under lien 11,774 15,225 1,411 1,781 Investment Securities 7,043 7,473 845 874 Gross Cash 28,273 30,943 3,390 3,619 Less: Borrowings 2,327 2,291 280 268 Net Cash 25,946 28,652 3,110 3,351
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About HCLTech HCLTech is a global technology company, home to more than 220,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, 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 2025 totaled $13.8B. To learn how we can supercharge progress for you, visit hcltech.com. Contact Details Investor Relations Corporate Communications Nitin Mohta nitin.mohta@hcltech.com +91-120-6126000 Ashutosh Sharma ashutosh.sharma@hcltech.com +91-120-6126000