Result Analysis HCL Technologies Limited

Particulars (In Rs. Cr.)	Q1FY24	Q4FY23	Q1FY23	QoQ%	YoY%
Revenue from Operations	26,296	26,606	23,464	-1.2%	12.1%
Other Income	344	453	409	-24.1%	-15.9%
Total Income	26,640	27,059	23,873	-1.5%	11.6%
Employee Benefit Expenses	15,014	14,665	12,978	2.4%	15.7%
Employee benefit Expenses as % of Sales	57.1%	55.1%	55.3%	200 bps	180 bps
Purchase of stock-in-trade	468	577	355	-18.9%	31.8%
Changes in inventories of stock-in-trade	67	-14	-9	-578.6%	-844.4%
Outsourcing costs	3,628	3,786	3,593	-4.2%	1.0%
Depreciation & Amortisation Expense	927	1,027	983	-9.7%	-5.7%
Other Expense	1,754	1,729	1,572	1.4%	11.6%
EBIT	4,438	4,836	3,992	-8.2%	11.2%
EBIT Margin	16.9%	18.2%	17.0%	-130 bps	-10 bps
Profit After Tax (PAT)	3,531	3,981	3,281	-11.3%	7.6%
PATM (%)	13.4%	15.0%	14.0%	160 bps	– 60 bps
EPS (in Rs.)	13.05	14.71	12.13	-11.3%	7.6%

Segment Revenue (In Rs. Cr.)	Q1FY24	Revenue %	Q4FY23	QoQ%	Q1FY23	YoY%
IT and Business services	19,642	74.7%	19,632	0.1%	17,070	15.1%
Engineering and R&D services	4,047	15.4%	4,274	-5.3%	3,904	3.7%
HCL Software	2,607	9.9%	2,700	-3.4%	2,490	4.7%

Geography Revenue %	Q1FY24	Q4FY23	Q1FY23	QoQ	YoY
America	64.2%	63.8%	64.5%	40 bps	-30 bps
Europe	27.8%	28.9%	28.7%	-110 bps	-90 bps
Rest of the World	8.0%	7.3%	6.8%	70 bps	120 bps

Source: Company website, EWL Research

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