In a recent financial disclosure, HCL Technologies (HCLTech), one of India’s leading information technology firms, announced that its net profit for the fourth quarter was virtually unchanged at ₹3,986 crore compared to the net profit of ₹3,983 crore reported for the same period last year. Despite the negligible change in net profit, the company’s revenue from operations experienced a boost, growing by 7% to reach ₹28,499 crore.
C. Vijayakumar, the esteemed CEO and Managing Director of HCLTech, expressed a positive outlook for the company’s future amidst the release of the fourth-quarter results. He remarked, “We continue to remain optimistic about the opportunities that lie ahead of us.” He highlighted that some of HCLTech’s large deals would transition to a global delivery model in the Financial Year 2025 (FY25), which could potentially impact revenue figures. Despite this, Vijayakumar remains confident about the company’s resilience, citing a balanced portfolio “which will deliver in any economic scenario.”
The fourth quarter was favorable for HCLTech as the company reported an impressive $2.9 billion in new deal wins. Vijayakumar took this opportunity to underscore the company’s remarkable performance throughout the fiscal year. He noted two areas where HCLTech had seen phenomenal growth: cloud migration and cybersecurity services.
Anil Ganjoo, the Chief Growth Officer for the Americas at HCLTech, reflected on the company’s achievements, reporting industry-leading growth in the telecom sector despite the many challenges that the sector has faced. The technology, media, and telecom (TMT) sector, in particular, had its highest-ever performance in FY24, spurred significantly by the firm’s deal with Verizon. The Verizon deal, which HCLTech inked last year, is valued at a notable $2.1 billion. Under this agreement, HCLTech provides primary managed network services (MNS) to Verizon Business, the enterprise-focused subsidiary of the US-based telecom giant Verizon Communications.
Financial services emerged as the top-performing vertical for HCLTech in the past quarter, growing by 12.1% year-over-year (YoY), according to Ganjoo. This achievement showcases HCLTech’s strength and command in the competitive IT and financial service sectors.
Looking at the company’s workforce strategies, Ramachandran Sundararajan, Chief People Officer at HCLTech, detailed their talent acquisition approach. The tech giant had set an initial target of hiring 15,000 fresh graduates in the Financial Year 2024 (FY24), achieving the commendable figure of bringing more than 12,000 new recruits on board. This hiring initiative was calibrated to meet the industry demands and talent requirements efficiently.
As for the upcoming year, HCLTech’s talent acquisition strategy appears to be holding steady, with anticipated fresher hiring numbers for FY25 mirroring those of FY24. The company suggests that it may follow a similar hiring plan for the following year, without significant deviations from the current approach. This reflects the tech firm’s continuous commitment to nurturing new talent and adapting its workforce to evolving market dynamics.
In conclusion, HCLTech’s financial performance in the fourth quarter presents a picture of stability and growth potential. Even with a net profit that showed minimal change from the previous year, the company’s revenue growth and strategic business deals position it optimistically for the future. The company’s commitment to innovation, particularly in cloud and cybersecurity, along with a measured yet assertive hiring agenda, forecasts a steady path forward in the dynamic arena of global technology services.
