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Technology Services

HCL Technologies Ltd.

Company Background

HCL Technologies is a major provider of IT services in India. It is logging rapid earnings growth while trying to catch up with the top three in the domestic sector. It has offices in more than 30 countries and over 100,000 workers on its payroll.

HCL group was established in 1976 in a garage where founder Shiv Nadar, who is now chairman, worked with friends. In 1978, it became the first in India to develop microcomputers. The group dealt mainly in hardware in the 1980s and 1990s but founded HCL Technologies in 1991, latching onto the growth of the nation's IT services industry.

The company's policy is to delegate considerable power to workers, who get active support from managers. It has institutionalized a system that gives lower-ranking employees the opportunity to contribute ideas; the company credits this with fueling growth.

HCL Technologies' leading shareholder is an investment firm, of which Shiv Nadar is an executive. The investment company and the group's holding company together own nearly 60% of HCL Technologies.

The holding company also presides over HCL Infosystems, a listed business that sells hardware.

Business Summary

HCL Technologies Ltd. Is a tech company, which engages in computer programming, consultancy, and related activities. It operates through the following segments: Information Technology and Business Services (ITBS); Engineering and Research and Development Services (ERS); and Products and Platforms segments. The Information Technolgy and Business Services segments offers technology architecture for businesses. The Engineering and Research and Development Services segment develops digital solutions for different engineering sectors. The Products and Platforms segments offer the HCLSoftware for domain-specific niche sectors. The company was founded by Shiv Nadar on November 12, 1991 and is headquartered in Noida, India.

Financial Highlights

Mar 2023 INRUSD
Gross Profit234,320M2,915.65M
Operating income187,230M2,329.71M
Income before tax194,900M2,425.15M
Net income148,510M1,847.91M
Diluted EPS54.780.68
Dividends Per Share480.59
Total Assets934,110M11,366.28M
Total liabilities280,130M3,408.63M
Total equity654,050M7,958.50M
Operating cash flow185,660M2,310.17M
Currency in INRCurrency in USD

Historical Data

 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 604,270M 706,760M 753,790M 856,510M 1,014.56B
Gross Profit 161,770M 181,610M 185,200M 198,370M 234,320M
Operating income 119,980M 141,290M 156,340M 164,230M 187,230M
Income before tax 126,220M 140,200M 158,530M 169,380M 194,900M
Net income 101,200M 110,570M 111,450M 134,990M 148,510M
EBITDA 140,710M 175,490M 202,450M 207,490M 228,680M
Diluted EPS 36.77 40.74 41.06 49.76 54.78
Dividends Per Share 4 6 16 44 48
Total Assets 585,750M 829,060M 861,940M 890,330M 934,110M
Total liabilities 171,060M 314,850M 261,120M 270,270M 280,130M
Total equity 413,660M 512,670M 599,130M 619,140M 654,050M
Operating cash flow 92,110M 133,670M 200,640M 173,200M 185,660M
 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 8,639.50M 9,967.56M 10,154.10M 11,495.29M 12,624.23M
Gross Profit 2,312.89M 2,561.27M 2,494.77M 2,662.34M 2,915.65M
Operating income 1,715.40M 1,992.63M 2,106.01M 2,204.14M 2,329.71M
Income before tax 1,804.62M 1,977.26M 2,135.51M 2,273.26M 2,425.15M
Net income 1,446.89M 1,559.38M 1,501.31M 1,811.71M 1,847.91M
EBITDA 2,011.78M 2,474.96M 2,727.14M 2,784.74M 2,845.47M
Diluted EPS 0.52 0.57 0.55 0.66 0.68
Dividends Per Share 0.05 0.08 0.21 0.59 0.59
Total Assets 8,455.43M 10,958.97M 11,789.02M 11,749.65M 11,366.28M
Total liabilities 2,469.28M 4,161.86M 3,571.42M 3,566.74M 3,408.63M
Total equity 5,971.27M 6,776.75M 8,194.49M 8,170.76M 7,958.50M
Operating cash flow 1,316.93M 1,885.17M 2,702.76M 2,324.53M 2,310.17M

Valuation Measures

Mar 2023
Operating margin18.45%
Profit margin14.63%


  • President, Chief Executive Officer & MD: Chinnaswamy Vijayakumar
  • Chief Operating Officer: Rahul Singh
  • Chief Financial Officer: Prateek Solek Aggarwal
  • Chief Technology Officer: Kalyan Kumar B.
  • President-Engineering & R&D Services: Vijay Anand Guntur


  • Vama Sundari Investments (Delhi) Pvt Ltd. (44.1%)
  • NADAR SHIV (16.4%)
  • Life Insurance Corporation of India (Investment Portfolio) (4.5%)
  • Artisan Partners LP (2.1%)
  • The Vanguard Group, Inc. (1.5%)
  • SBI Funds Management Ltd. (1.4%)
  • ICICI Prudential Asset Management Co. Ltd. (1.3%)
  • HDFC Asset Management Co. Ltd. (Invt Mgmt) (1.1%)
  • BlackRock Fund Advisors (1.0%)
  • Fidelity Management & Research Co. LLC (0.7%)

Contact Details

  • Website:
  • Address: Technology Hub, SEZ, Plot No. 3A, Sector 126, Noida, 201304, India
  • Phone: +91.12.06125000

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Last Updated on 25 Sep, 2023

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