Dear Shareholder,
I am happy to share with you that HCLTech delivered yet another year of healthy growth
and market performance. In FY24 we recorded revenue of Rs109,913 crore, up 8.3% YoY, and
net income of Rs. 15702 crore, up 5.7% YoY. Our industry-leading performance reflects the
strength of our portfolio across digital, engineering, cloud, AI and software that enables
us to bring differentiated technology solutions to our clients.
The demand environment for IT services remained challenging as macro-economic headwinds
persisted in key markets and clients deferred discretionary technology spends to focus
largely on core technology programs.
We are beginning to see some green shoots but remain cautiously optimistic in the
short-term. However, the medium to long-term prospects for the industry look promising as
new technologies offer massive opportunities to technology partners like HCLTech.
The technology landscape today is perhaps the most exciting in over a decade.
Generative AI (GenAI) is beginning to make an impact and we are beginning to see use cases
moving out of innovation labs to real business environments. Last year, HCLTech built and
implemented cutting-edge GenAI use cases to address several business problems across
industries. With our comprehensive portfolio, strong engineering heritage and ecosystem of
partners, we are well equipped to help clients thrive as GenAI begins to touch almost
every aspect of business.
The technology landscape today is perhaps the most exciting in over a decade... With
our comprehensive portfolio, strong engineering heritage and ecosystem of partners, we are
well equipped to help clients thrive as GenAI begins to touch almost every aspect of
business."
HCLTech continues to be an employer of choice and our global team represents 159
nationalities across 60 countries. We were certified as Top Employer in 26 countries and
ranked no.1 in 15 of these. This is a validation of our diverse and inclusive
organizational culture that lets people find their spark and invests in their growth and
well-being.
Upskilling our people has become more important than ever as GenAI-led technology
transformation takes shape. HCLTech is investing in training programs in AI, GenAI and
allied technologies for employees through highly advanced and familiarization programs
being provided based on role requirements. We are also embracing GenAI within the company
to drive better employee experience and productivity across business functions.
We have always prioritized doing business in a sustainable and responsible way. We are
making good progress on our sustainability goals and commitment to being net-zero by 2040
through a range of initiatives. We have reduced our Scope 1 and 2 emissions by 25% from
FY20. In FY24, we replenished 32 times the water we consumed across our India operations
while 98% of our owned office buildings are rated Platinum by the Green Buildings Council.
Our sustainability efforts were once again recognized by global institutions such as MSCI
and S&P in FY24.
The year marked a major milestone for HCLTech's global corporate social responsibility
(CSR) initiatives as we launched the HCLTech Grant Americas with a commitment of $5
million to support innovative programs that help fight climate change across Americas. It
is a demonstration of our ability to take our India CSR "source code" to make a
meaningful impact in global geographies where we operate. Our CSR interventions in India
through the award winning HCLFoundation continue to scale up. HCLTech's cumulative CSR
investments in India crossed T1,400 crores this year, which helped transform over 6.5
million lives across the country.
HCLTech was also recognized by Ethisphere as one of the World's Most Ethical Companies
2024. This is a testimony to HCLTech's deep commitment to corporate governance, ethics and
transparency that are part of the values enshrined in the company by our Chairman Emeritus
Shiv Nadar.
We remain focused on the five strategic objectives outlined to steer growth and create
value for all stakeholders in the medium-term.
• Leadership through differentiated services and products
• Employer of choice in professional services across all our key geographies
• Preferred Digital partner for Global 2000 enterprises in chosen markets
• Weave ESG (Environmental, Social and Governance) goals into business strategy
• Deliver top quartile TSR (Total Shareholder Return) over the medium term
On behalf of the Board of HCLTech, I would like to thank you for your continued
support.
Regards,
Roshni Nadar Malhotra