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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. 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. The ITBS segment provide a comprehensive portfolio of IT and Business Services (Application, Infrastructure, and Digital Process Operations) and Digital Transformation Services enabled by Digital and Analytics, IoTWoRKs, Cloud Native and Cybersecurity Solutions, including products developed within these businesses. The ERS segment provides comprehensive engineering services and solutions across software, embedded, mechanical, VLSI and platform engineering that support the end to end lifecycle of products – both hardware and software across diverse industries, including products developed within this business. The Products and Platforms segment includes standalone product businesses that provide modernized software products to global clients for their technology and industry specific requirements. The company was founded by Shiv Nadar on November 12, 1991 and is headquartered in Noida, India.

Financial Highlights

Mar 2021 INRUSD
Gross Profit185,200M2,494.77M
Operating income156,340M2,106.01M
Income before tax158,530M2,135.51M
Net income111,450M1,501.31M
Diluted EPS41.060.55
Dividends Per Share160.21
Total Assets861,940M11,789.02M
Total liabilities261,120M3,571.42M
Total equity599,130M8,194.49M
Operating cash flow200,640M2,702.76M
Currency in INRCurrency in USD

Historical Data

 Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Revenue 475,680M 505,690M 604,270M 706,760M 753,790M
Gross Profit 135,810M 135,290M 161,770M 181,610M 185,200M
Operating income 96,030M 99,560M 119,980M 141,290M 156,340M
Income before tax 105,420M 110,240M 126,220M 140,200M 158,530M
Net income 86,060M 87,210M 101,200M 110,570M 111,450M
EBITDA 104,310M 113,390M 140,710M 175,490M 202,450M
Diluted EPS 30.13 31.09 36.77 40.74 41.06
Dividends Per Share 12 4 4 6 16
Total Assets 457,620M 480,230M 585,750M 829,060M 861,940M
Total liabilities 126,400M 116,370M 171,060M 314,850M 261,120M
Total equity 329,490M 363,860M 413,660M 512,670M 599,130M
Operating cash flow 98,300M 88,140M 92,110M 133,670M 200,640M
 Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021
Revenue 7,093.65M 7,844.28M 8,639.50M 9,967.56M 10,154.10M
Gross Profit 2,025.28M 2,098.62M 2,312.89M 2,561.27M 2,494.77M
Operating income 1,432.06M 1,544.37M 1,715.40M 1,992.63M 2,106.01M
Income before tax 1,572.09M 1,710.04M 1,804.62M 1,977.26M 2,135.51M
Net income 1,283.38M 1,352.80M 1,446.89M 1,559.38M 1,501.31M
EBITDA 1,555.54M 1,758.91M 2,011.78M 2,474.96M 2,727.14M
Diluted EPS 0.44 0.48 0.52 0.57 0.55
Dividends Per Share 0.17 0.06 0.05 0.08 0.21
Total Assets 7,047.35M 7,363.04M 8,455.43M 10,958.97M 11,789.02M
Total liabilities 1,946.56M 1,784.22M 2,469.28M 4,161.86M 3,571.42M
Total equity 5,074.15M 5,578.81M 5,971.27M 6,776.75M 8,194.49M
Operating cash flow 1,465.91M 1,367.23M 1,316.93M 1,885.17M 2,702.76M

Valuation Measures

Mar 2021
Operating margin20.74%
Profit margin14.78%

Key executives

  • President, Chief Executive Officer & MD: C. Vijayakumar
  • Chief Financial Officer: Prateek Solek Aggarwal
  • President-Engineering, R&D Services: Hanumantha Rao Gade
  • Vice President-Global Information Technology: Ashu Kakkar
  • Chief Technology Officer & Corporate VP: Kalyan B. Kumar


  • Vama Sundari Investments (Delhi) Pvt Ltd. (43.3%)
  • NADAR SHIV (16.4%)
  • SBI Funds Management Pvt Ltd. (2.3%)
  • Life Insurance Corp of India (2.3%)
  • Artisan Partners LP (1.8%)
  • ICICI Prudential Asset Management Co. Ltd. (1.4%)
  • The Vanguard Group, Inc. (1.2%)
  • BlackRock Fund Advisors (1.1%)
  • Vontobel Asset Management, Inc. (0.9%)
  • Aditya Birla Sun Life Amc Ltd. (Investment Management) (0.6%)

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 26 Nov, 2021

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