HCL Technologies, the leading Indian multinational technology company, has announced its financial results for the fourth quarter of FY23. The company has reported a net profit of Rs. 3,983 crores, an 11% increase from the previous year, exceeding market expectations. The company's revenue also saw an 18% YoY growth to Rs. 26,606 crores, beating the estimated revenue of Rs. 26,385 crores.
Strong Hiring Numbers and a Low Attrition Rate
The company has outperformed its peers, including TCS and Infosys, in terms of hiring new employees. HCL Technologies added over 3,000 new employees in the fourth quarter, with a net addition of 19.5% in its workforce, resulting in a total headcount of 1,70,281 employees. The company has reported a low attrition rate of 19.5%, which is significantly lower than its peers in the industry.
Strong Performance Across Business Verticals
HCL Technologies reported strong performance across all business verticals, with the largest growth seen in its life sciences and healthcare division, which grew by 33.9% YoY. Its financial services segment also showed strong growth, with a 21.8% YoY increase in revenue. The company's manufacturing segment reported a 15.8% YoY growth in revenue, while its retail and CPG divisions grew by 11.4% YoY.
Investments and Acquisitions
The company has made strategic investments in startups and acquired new companies to expand its offerings in the market. HCL Technologies recently acquired Wolfspeed, a leading provider of silicon carbide and GaN on SiC technologies, to enhance its semiconductor capabilities. The company also invested in the AI-based startup HANCOM, enabling it to offer enhanced AI capabilities to its clients.
Outlook for FY24
HCL Technologies expects to see strong demand for its services in the upcoming fiscal year, with continued growth in digital transformation and cloud computing. The company plans to invest heavily in upskilling its employees and expanding its service offerings through strategic acquisitions.
