Dear Shareholder,
FY23 has been another year of strong growth for our company as we
crossed the $12.5 billion revenue mark, now going to market as 'HCLTech' with a refreshed
purpose: to bring together the best of technology and our people to supercharge progress.
We delivered this performance in the backdrop of a challenging global
economic environment.
This underscores the strength and resilience of our diversified
portfolio that makes us a preferred partner of global enterprises. Another notable
milestone this year was HCLSoftware crossing the $1 billion ARR (Annual Recurring Revenue)
mark, validating our investment in this business segment.
Technology continues to be a top priority for enterprises as they
recalibrate their business models for enhanced efficiencies, serving customers in a
digital-first world and weaving in sustainability agendas into their strategy. While the
current economic headwinds may force some businesses to defer low-priority technology
spends in the short-term, core technology spending is expected to grow further.
The emergence of generative AI (GenAI) has made the landscape more
exciting as it opens up new opportunities for enterprises to supercharge growth and
productivity and for humanity to unlock the benefits of digital technologies. HCLTech is
well positioned to respond to the requirements of businesses in this evolving technology
landscape and help them stay ahead of the curve. GenAI fused into our technology offerings
will enable us to deliver superior solutions and customization for our clients.
We continue to invest aggressively to build new capabilities across our
portfolio themes of Digital, Engineering, Cloud, AI and Software. A key part of this
capacity building is boosting our in-house R&D and innovation engine, deepening
partnerships across the ecosystem and most importantly, upskilling our people, who remain
the biggest enabler of our ability to drive digital transformation of our clients.
Organization culture is extremely important for us to deliver on our
strategy, especially as we have a growing tribe of Gen Z employees within the company. We
have a sharp focus on providing an open, vibrant and inclusive workplace to our people
while offering them platforms to unlock their potential. We are rated as Top Employer in
25 countries and are doubling down on our initiatives to make the company a magnet for top
talent, globally.
A key focus area for the company has been our environment, social and
governance (ESG) agenda and I am happy to share that we continue to make rapid strides in
this area. In particular, I would like to highlight that HCLTech replenished 26 times more
water than it consumed across its operations in India. Our ESG interventions and
performance have seen us being recognized on global platforms and we will build on this
foundation and benchmark with the best in the world.
Our company continues to uplift and transform local communities.
Corporate social responsibility is not a checklist for us but a purpose and commitment. In
India, HCL Foundation's programs have transformed millions of lives through interventions
in areas such as education, skill development, livelihoods, healthcare and environment.
And we are now taking this source code beyond India to supercharge progress for
communities by partnering with leading global charitable organizations.
This year, our Founder and Chairman Emeritus, Shiv Nadar, was honored
with the Lifetime Achievement Awards by The Economic Times and the U.S.-India Strategic
Partnership Forum (USISPF). It's a fitting tribute to the HCLTech story and everyone who
has been a part of it.
In closing, I'd like to thank all our stakeholders for your continued
trust and support. Your confidence in us is the cornerstone of our success, encouraging us
to aim higher and strive further. Together, we will continue to forge ahead and explore
new frontiers to supercharge progress.
Regards,