HCL Technologies surpasses $10 billion revenue milestone for FY21

HCL Technologies has reported an increase of 26.7% in net income and 3.8% in revenue in the December quarter.

For the December quarter, the revenue of the company stood at Rs 19,302 crore and the profit stood at Rs 3,982 crore. The revenue and the profit increased by 6.4% and 31.1% respectively on a year-on-year basis.

HCL Technology also reported a robust expansion in its margins, with EBITDA growing by 155 basis points, standing at 28.2% for the quarter. This margin expansion also comes amid partial rollout of wage hikes. 100 basis points make up 1%.

EBITDA stands for earnings before interest, tax, depreciation and amortisation.

The company has already crossed the $10 billion revenue milestone for FY21 and there is one more quarter to go.

“I am also delighted to share that we crossed $10 billion in revenues in 2020. This is a pivotal milestone for us as a company and is a result of HCL’s vision, our employees’ passion and disciplined execution,” said C Vijayakumar, President & CEO, HCL Technologies.

Apart from this, the company also revised its revenue guidance for the full year FY21, raising it to 2-3% in constant currency terms. In the previous quarter, HCL Technologies had forecast an increase of 1.5-2.5%. The guidance boost includes contribution from DWS, a leading Australian IT services company.

HCL Technologies also sees the margin in the range of 21-21.5% for fiscal year 2021.

In the post COVID era IT services have witnessed a boost as companies are adopting cloud computing. HCL Technologies reported that it has signed up 13 new deals across life sciences, healthcare, technology and financial services.

“The technology sector is in the midst of a massive digitization wave, with more global enterprises embracing digital transformation to address the disruption of these unprecedented times,” said Shiv Nadar, Chief Strategy Officer, HCL Technologies.