HCL Technologies Limited
NSE Symbol HCLTECH
HCL TECHNOLOGIES LTD has released GOOD RESULTS for the 2nd quarter ending
Dec,2011.
CONSOLIDATED RESULTS
Ø Q2 Revenues at Rs.5,245 crores; up 12.8% QoQ &
34.9% YoY
Ø Net Income at Rs.573 crores; up 43.3% YoY
Ø Announces dividend of Rs.2 per share; 36th consecutive
quarter of dividend payout
Ø Gross & Net Employee addition of 7,804 & 2,556
respectively taking total headcount to 83,076
Highlights for the Quarter
(INR convenience translation at an Average Rate of Rs.51.33/US$)
Ø
Revenue at Rs.5,245
crores; up 34.9% YoY & 12.8% sequentially
Ø
EBIT at Rs.831 crores; up 62.6% YoY
Ø
Net Income at Rs.573 crores; up 43.3% YoY
Ø
GAAP EPS (Diluted) at Rs.31.6;
up 45.8% YoY
Ø Announces dividend of Rs.2
per share; 36th consecutive quarter of dividend payout
v From CY09 to CY 11, HCL
Tech consolidated Revenues have grown at the 3 year CAGR of 25.2%.
v The EBIT has grown from
CY 09 to CY 10 at 4.1%YoY, while from CY 10 to CY 11, it has grown at 32.8%
(Both in $ Mn terms).
QoQ Revenue Growth
Key Catalysts for Growth
Ø Revenues grow by 3.7%.
Ø IT Services Revenue grow by 3.8% and Software Services
by 5.3%.
Ø Americas and Europe grow by 7.3% and 6.3% respectively.
Ø Positive growth across key Service Offerings led by
Enterprise Application Services at 6.5%,
Ø Custom Application Services at 5.4% and Engineering and
R&D Services at 4.0%.
Ø Infrastructure Services marginally down QoQ and grow
23.1% YoY.
Ø Broad based strong growth across Verticals led by
Healthcare at 16.9%, Retail & CPG at 7.8%,
Ø Financial
Services at 6.1% and Manufacturing at 4.6%
Consolidated Income Statement
Income
Statement
ü Q/E 31-Dec-10 : Corresponding
Qtr;
ü Q/E 30-Sep-11 : Previous Qtr;
ü Q/E 31-Dec-11 : Current Qtr
ü Growth :YoY and QoQ in % terms
ü Amount in Rs.in Crores
Revenues stand at Rs.3,888.4 Cr in corresponding Qtr; Rs.4,651.3 in
previous Qtr and Rs.5,245.2 cr in
current Qtr – with a 34.9% Growth YoY and 12.8% Growth QoQ.
Ø For INFOSYS – the growth in YoY revenues is 30.8% (at Rs.9298
Cr) and the growth in Net profit is 33.3% (at Rs.2372 Cr).
Direct Costs stand at Rs.2,661.3 in
corresponding Qtr ; Rs.3,187.1 in previous qtr; and Rs.3,514.1 in current Qtr.
Gross
Profits stand at Rs.1,227.1 in
corresponding Qtr; Rs.1,464.2 in previous qtr and Rs.1,731.1 in current Qtr
with a YOY growth of 41.1% and QOQ growth of 18.2%
SG & A stand at Rs.592.4 Cr in corresponding Qtr; Rs.669.3 cr in previous
qtr and Rs.760.9 in current Qtr.
EBITDA stands at Rs.634.7 cr in
corresponding Qtr; Rs.794.9 Cr in previous Qtr; and Rs.970.2 Cr in current Qtr –
with YOY growth of 52.9%; and QoQ growth of 22.1%.
Depreciation stands at Rs.106.2 Cr in corresponding Qtr; Rs. 117.8 Cr in
previous Qtr and Rs.127.8 Cr in current Qtr.
EBIT stands at Rs.510.8 Cr in corresponding Qtr ; Rs.664.0 in previous
Qtr and Rs.830.7 Cr in current Qtr; with a YoY growth of 62.6% ; and QoQ Growth
of 25.1%.
Provision
for Tax stands at Rs.103.1 cr in
corresponding Qtr; Rs.172.8 Cr in previous Qtr; and Rs.191.1 Cr in current Qtr.
Net Income stands at Rs.399.7 cr in corresponding Qtr; Rs.496.7 Cr in
previous qtr; and Rs.572.7 Cr in current Qtr. With YoY Growth of 43.3%; and QoQ
Growth of 15.3%.
Ø For INFOSYS – the growth in YoY revenues is 30.8% (at Rs.9298
Cr) and the growth in Net profit is 33.3% (at Rs.2372 Cr).
Gross
Margin stands at 31.6% in
corresponding Qtr; 31.5% in previous Qtr and 33.0% in current Qtr.
EBITDA
Margin stands at 16.3% in corresponding Qtr; 17.1% in previous
Qtr; and 18.5% in current Qtr;
EBIT
Margin stands at 13.1% in corresponding Qtr; 14.3% in previous
qtr; and 15.8% in current Qtr.
Net
Income Margin stands at 10.3% in
corresponding qtr; 10.7% in previous qtr; and 10.9%
in current Qtr.
Earnings Per Share (EPS)
Annualized
in US $
Basic
:Rs.23.6 in corresponding Qtr; Rs.28.8 in
previous qtr; and Rs.33.2 in current qtr –with Yoy Growth Rate of 40.6%
Diluted
: Rs.23.1 in corresponding qtr; Rs.28.4 in
previous qtr; and Rs.32.8 in current Qtr; with YoY Growth of 41.8%
Earnings Per Share (EPS) -
GAAP *
Annualized
in US $
Basic
: Rs.22.1 in corresponding Qtr; Rs.27.8 in
previous qtr; and Rs.32.0 in current Qtr; with YoY Growth of 44.7%
Diluted :Rs.21.7 in corresponding Qtr; Rs.27.4 in previous qtr; and Rs.31.6
in current Qtr – with YoY Growth of 45.8%.
Ø Consolidated
IT services revenue has grown ToRs.5007 cr –at a YOY growth rate of 36.6%
Ø Software
services have grown to Rs.3779.7 cr at aYoY growth rate of 36% and QoQ Growth
of 14.8%.
Ø Infrastructure
Services has grown to Rs.1227.2 cr at a YoY Growth of 38.5% and QoQ of 7.4%.
.
IN US DOLLAR TERMS
Ø Q2 Revenues at US$ 1,022 mn
Ø Up 3.7% QoQ & 18.7% YoY
in constant currency
Ø Up 2.0% QoQ & 18.3% YoY
on US$ basis
Ø Net Income at US$ 112 mn; up
25.6% YoY
Ø Deals won exceed US$ 1
billion TCV
MILESTONES ACHIEVED
THIS QUARTER
Ø Deals won exceed US$ 1 billion TCV.
Ø Customer additions
across categories in last 2 years.
Ø Number of US$ 100 mn+ customers tripled.
Ø Number of US$ 50 mn+ customers doubled.
Ø Number of US$ 20 mn+ customers doubled.
Ø Top 5 and Top 10
customers post sequential growth of 7.7% and 4.9% respectively.
Financial Highlights
Highlights for the
Quarter (US$)
Ø Revenue in constant
currency grows 3.7% sequentially
Ø Revenue at US$ 1,022 mn; up 18.3% YoY & 2.0% sequentially on US$ basis
Ø EBIT at US$ 162 mn; up 42.6% YoY
Ø Net Income at US$ 112 mn; up 25.6% YoY
Ø GAAP EPS (Diluted) at US$ 0.62; up 29.0% YoY
Ø Announces dividend of ` 2 per share; 36th
consecutive quarter of dividend payout
Ø Gross & Net
Employee addition of 7,804 & 2,556 respectively taking total headcount to 83,076
Commenting on
the results, Vineet
Nayar, Vice Chairman & CEO, HCL Technologies said, “HCL continues
to increase its market share both qualitatively and quantitatively by
leveraging its multi-service capability. On the existing customer front, our
Top 10 clients, all of which are Global\ Fortune 500 companies, have seen a
growth of 4.9%, with 2 clients moving into the US$ 100 mn+ category. The Services
Adoption Index of these customers is 3.4 out of 5 of HCL’s Service Lines. This
combined with 18 new transformational deal wins bears testimony to the
uniqueness of HCL’s business model in the current environment”.
“The
sequential margin expansion of 150 bps and EBIT and EPS growth of 42.6% and
29.0% YoY respectively in this quarter is a result of our continued investment
in business that has resulted in higher returns for our shareholders. Going
forward, we remain watchful of the volatile currency movements and will
continue with our layered hedging policy”, added Anil Chanana, CFO,
HCL Technologies.
• HCL has won
18 multi-year, multi-million dollar deals this quarter excluding HCL contract
renewals. The total contract value for these 18 deals exceed US$ 1 billion.
These deals pan across all service lines covering sectors like BFSI,
Healthcare, Aerospace, MPE, HiTech, Logistics, Telecom, Manufacturing
etc. In terms of value, Europe including UK led the list, followed by US and
Asia. The customers with whom HCL Tech signed these engagements include AstraZeneca,
BD - a leading global medical technology company and CEVA.
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