HCL Technologies Ltd — Interim / Quarterly Report 2019

Jan 29, 2019

January 29, 2019

The General Manager BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400 001

The Manager National Stock Exchange of India Limited Listing Department Exchange Plaza 5th Floor, Plot No. C-1, Block-G Bandra-Kurla Complex, Bandra(E) Mumbai-400 051

BSE Scrip Code: 532281

NSE Scrip Code: HCLTECH

Sub.: Board meeting – Un-audited Financial Results for the quarter and nine months ended December 31, 2018

Dear Sir,

• 1. The Board of Directors has today approved the Un-Audited (Consolidated & Standalone) Financial results of the Company for the quarter and nine months ended December 31, 2018. The Financial Results under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are enclosed at Annexure- A.
• 1. The Limited Review Report of the Statutory Auditors on the aforesaid Financial results under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed at Annexure- B*.*
• 1. The Board of Directors has declared an Interim Dividend of Rs. 2/- per equity share of Rs. 2/ each of the Company for the Financial Year 2018-19.

The Record date of February 6, 2019 fixed for the payment of the aforesaid interim dividend has been confirmed by the Board of Directors. The payment date of the said interim dividend shall be February 14, 2019.

1. An Investor Release dated January 29, 2019 on the financial results is enclosed at Annexure- C*.*

This is for your information and records.

Thanking you, For HCL Technologies Limited

Manish Anand Company Secretary

Encl: a/a

HCL TECHNOLOGIES LTD.

Corporate Identity Number: L74140DL1991PLC046369

Technology Hub, Special Economic Zone

Plot No: 3A, Sector 126, NOIDA 201 304, UP, India.

T+91 120 6125000 F+91 120 4683030

Registered Office: 806 Siddharth, 96, Nehru Place, New Delhi-110019, India.

www.hcltech.com

www.hcl.com

HCL TECHNOLOGIES LIMITED

Corporate Identity Number: L74140DL1991PLC046369 Registered Office: 806, Siddharth, 96 Nehru Place, New Delhi, 110 019 Corporate Office : Plot No. 3A, Sector 126, Noida 201 304, U.P., India Website: www.hcltech.com; Telefax: +91 11 26436336

Consolidated Statement of Financial Results of HCL Technologies Limited as per Ind AS:

							$(3 \nvert \bar{x})$ in crores)
			Three months ended			Year to date ended	Previous yearended
Particulars		31 December2018(Unaudited)	30 September2018(Unaudited)	31 December2017(Unaudited)	31 December2018(Unaudited)	31 December2017(Unaudited)	31 March2018(Audited)
$\mathbf I$	Revenue
	Revenues from operations	15,699	14,860	12,809	44,437	.37,391	50,569
	Other income	134	284	270	743	915	1,217
	Total income	15,833	15,144	13,079	45,180	38,306	51,786
п	Expenses
	Purchase of stock-in-trade	585	415	258	1,232	900	1,251
	Changes in inventories of stock-in-trade	(102)	(60)	129	(21)	38	104
	Employee benefits expense	7,605	7,258	6,297	21,570	18,391	24,729
	Finance costs	55	30	21	105	50	69
	Depreciation and amortization expense	541	511	431	1,528	954	1,383
	Outsourcing costs	2,552	2,387	2,288	7,139	6,474	8,620
	Other expenses	1,427	1,397	1,048	4,185	3,364	4,619
	Total expenses	12,663	11,938	10,472	35,738	30,171	40,775
ш	Profit before share of profit of associate and tax	3,170	3,206	2,607	9,442	8,135	11,011
IV	Share of profit of associates					13	13
V	Profit before tax	3,170	3,206	2,607	9,442	8,148	11,024
VI	Tax expense
	Current tax	825	777	583	2,383	1,735	2,386
	Deferred tax credit	(260)	(105)	(51)	(511)	(79)	(84)
	Total tax expense	565	672	532	1,872	1,656	2,302
VII	Profit for the period / year	2,605	2,534	2,075	7,570	6,492	8,722
VIII	Other comprehensive income (loss)		ΙJ
(A)	(i) Items that will not be reclassified to statement of profit
	and loss		39		39	19	34
	(ii) Income tax on items that will not be reclassified to
(B)	statement of profit and loss(i) Items that will be reclassified subsequently to statement		(8)		$\cdot(8)$	(4)	(7)
	of profit and loss	(86)	257	(121)	94	10
	(ii) Income tax on items that will be reclassified to statement						155
	of profit and loss	(101)	77	(10)	35	39	78
	Total other comprehensive income (loss)	(187)	365	(131)	160	64	260
IX	Total comprehensive income for the period / year	2,418	2,899	1,944	7,730	6,556	8.982
	Profit for the period / year attributable to
	Shareholders of the Company	2,605	2,534	2,075	7,570	6,493	8,721
	Non-controlling interest					(1)
		2,605	2,534	2,075	7,570	6,492	8.722
	Total comprehensive income for the period / year
	attributable to
	Shareholders of the Company	2,418	2,899	1,944	7,730	6,543	8,981
	Non-controlling interest					13
		2,418	2,899	1,944	7,730	6,556	8,982
	Earnings per equity share of $72$ each		$\mathbf{L}$
	Basic (in ₹)	19.15	18:20	14.91	54.79	46.23	62.23
	Diluted (in ₹)	19.14	18.15	14.89	54.77	46.20	62.19
	Dividend per equity share of $\bar{\tau}$ 2 each		÷
	Interim dividend (in ₹)
		2.00	2.00	2.00	6.00	10.00	12.00

univol-

$l$ ratural

HCL TECHNOLOGIES LIMITED

Corporate Identity Number : L74140DL1991PLC046369 Registered Office: 806, Siddharth, 96 Nehru Place, New Delhi, 110 019 Corporate Office : Plot No. 3A, Sector 126, Noida 201 304, U.P., India Website: www.hcltech.com; Telefax: +91 11 26436336

Segment Information of Consolidated Financial Results :

Three months ended			Year to date ended		Previous yearended
2018(Unaudited)	2018(Unaudited)	2017(Unaudited)	31 December2018(Unaudited)	31 December2017(Unaudited)	31 March2018(Audited)
9,034	8,711	7,631			29,611
5,883					19,095
782	806	475	2,313		1,863
15,699	14,860	12,809	44,437	37,391	50,569
15.699	14,860	12,809	44.437	37,391	50,569
1,841	1,806	1,476			5,904
1,148		857			3,786
102	97	25	280	117	173
3,091	2,952	2,358	8,804	7,270	9,863
(55)	(30)	(21)	(105)		(69)
134	284	270	743	915	1,217
3,170	3,206	2,607	9,442	8,135	11,011
(565)	(672)	(532)	(1,872)	(1,656)	(2,302)
				13	13
2,605	2,534	2,075	7,570	6,492	8,722
	31 December	30 September5,3431,049	31 December4,703	25,86716,2575,3603,164	21,85914,1761,3564,3852,768(50)

${\bf Segmental\ capital\ employed}$

Assets and liabilities are not identified to any reportable segments, since the Company uses them interchangeably across segments and consequently, the management believes that it is not practicable to provide segment disclosures relating to assets and liabilities. $\frac{1}{2}$ $\mathbf{r}$ .

$\hat{t}$

Wurstard

Peatrk

HCL TECHNOLOGIES LIMITEDCorporate Identity Number : L74140DL1991PLC046369Registered Office : 806, Siddharth, 96 Nehru Place, New Delhi, 110 019Corporate Office : Plot No. 3A, Sector 126, Noida 201 304, U.P., India Website: www.hcltech.com; Telefax: +91 11 26436336

Standalone Statement of Financial Results of HCL Technologies Limited as per Ind AS:

							$($ ₹ in crores)
			Three months ended		Year to date ended		Previous yearended
	Particulars	31 December2018(Unaudited)	30 September2018(Unaudited)	31 December2017(Unaudited)	31 December2018(Unaudited)	31 December2017(Unaudited)	31 March2018(Audited)
$\mathbf{I}$	Revenue
	Revenues from operations	6,556	6,485	5,723	19,054	16,362	22,073
	Other income	116	264	143	591	504	702
	Total income	6,672	6,749	5,866	19,645	16,866	22,775
п	Expenses
	Purchase of stock-in-trade	77	21	34	108	103	138
	Changes in inventories of stock-in-trade	(8)	(6)	(1)	17	30	50
	Employee benefits expense	2,064	2,008	1,878	5,933	5,529	7,365
	Finance costs	5	$\overline{4}$	6	14	17	23
	Depreciation and amortization expense	328	312	294	958	609	893
	Outsourcing costs	1,263	1,147	738	3,426	2,113	2,918
	Other expenses	562	626	533	1,798	1,635	2,263
	Total expenses	4,291	4,112	3,482	12,254	10,036	13,650
III	Profit before tax	2,381	2,637	2,384	7,391	6,830	9,125
IV	Tax expense
	Current tax	636	.601	512	1,771	1,442	1,987
	Deferred tax credit	(269)	(118)	(97)	(534)	(133)	(224)
	Total tax expense	367	483	415	1,237	1,309	1,763
v	Profit for the period / year	2,014	2,154	1,969	6,154	5,521	7,362
VI	Other comprehensive income (loss)
(A)	(i) Items that will not be reclassified to statement of		38		38	19	35
	profit and loss
	(ii) Income tax on items that will not be reclassified to		(8)		(8)	(4)	(7)
(B)	statement of profit and loss(i) Items that will be reclassified subsequently to	538	(412)	70
	statement of profit and loss				(194)	(147)	(332)
	(ii) Income tax on items that will be reclassified to	(102)	77	(10)	34	39	78
	statement of profit and loss
	Total other comprehensive income (loss)	436	(305)	60	(130)	(93)	(226)
VII	Total comprehensive income for the period / year	2,450	1,849	2,029	6,024	5,428	7,136
	Earnings per equity share of $\bar{\tau}$ 2 each
	Basic (in ₹)	14.81	15.47	14.14	44.54	39.31	52.54
	Diluted (in ₹)	14.80	15.43	14.13	44.52	39.28	52.50
	Dividend per equity share of ₹ 2 each
	Interim dividend (in ₹)	2.00	2.00	2.00	6.00	10.00	12.00

universal

Peatrich

ì

HCL TECHNOLOGIES LIMITED

Corporate Identity Number: L74140DL1991PLC046369 Registered Office: 806, Siddharth, 96 Nehru Place, New Delhi, 110 019 Corporate Office : Plot No. 3A, Sector 126, Noida 201 304, U.P., India Website: www.hcltech.com; Telefax: +91 11 26436336

Notes:

• 1 The consolidated and the standalone financial results for the quarter and nine months ended 31 December 2018 were reviewed by the Audit Committee and have been approved and taken on record by the Board of Directors at its meeting held on 29 January 2019.
• 2 The Board of Directors at its meeting held on 29 January 2019 has declared an interim dividend of $\overline{z}$ 2/- per share.
• 3 Financial results for all the periods presented have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
• 4 As per Ind AS 108 'Operating Segments', the Company has disclosed the segment information only as part of the consolidated financial results.
• 5 On 7 December 2018, the Company has signed a definitive agreement to acquire business relating to select IBM software products for ₹12,391 crores (USD 1,775 millions) including earn out, 50% of the same will be paid at close and balance later. It is an asset carve-out deal with 100% control on the assets being acquired. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory approvals.
• 6 During the quarter ended 31 December 2018, the Company has completed the share buyback by extinguishing 36,363,636 fully paid-up equity shares of face value of $\bar{\ell}$ 2/- each at a price of $\bar{\ell}$ 1,100/- per share paid in cash for an aggregate consideration of $\xi$ 4,000 crores. The same has been recorded as reduction of Equity Share Capital by $\xi$ 7 crores and Other Equity by ₹3,993 crores.
• Effective 1 April 2018, the Company has adopted Ind AS 115 using the cumulative effect method. The standard is applied $\overline{7}$ retrospectively only to contracts that are not completed as at the date of Initial application and the comparative information is not restated in the financial results. The adoption of the standard did not have any material impact to the financial statements of the Company.

By the order of the Board of Directors for HCL Technologies Limited

Shiv Nadar Chairman and Chief Strategy Officer

molenate

C. Vijayakumar President and Chief Executive Officer

Prateek Aggarwal Chief Financial Officer

Noida (UP), India 29 January 2019

S.R. BATLIBOL& CO. LLP Chartered Accountants

2nd & 3rd Floor Golf View Corporate Tower - B Sector - 42, Sector RoadGurugram - 122 002, Haryana, India Tel: +91 124 681 6000

Limited Review Report - Ind AS Standalone and Consolidated Financial Results

Review Report to The Board of Directors HCL Technologies Limited

We have reviewed the accompanying statement of unaudited standalone Ind AS financial results of HCL Technologies Limited (the 'Company') and unaudited consolidated Ind AS financial results of HCL Technologies Limited Group comprising HCL Technologies Limited and its subsidiaries (together referred to as 'the Company'), for the quarter ended December 31, 2018 and year to date from April 01, 2018 to December 31, 2018 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 ('the Regulation'), as amended, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 ('the Circular').

The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, as amended, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to issue a conclusion on the Statement based on our review.

We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act. 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & CO. LLP Chartered Accountants ICAI Firm registration number: 301003E/E300005

ary

Per Nilangshu Katriar Partner Membership No.: 058814

Place: Gurugram Date: January 29, 2019

HCL TECHNOLOGIES LTD.

Corporate Identity Number: L74140DL1991PLC046369

Technology Hub, Special Economic Zone

Plot No: 3A, Sector 126, NOIDA 201 304, UP, India.

T+91 120 6125000 F+91 120 4683030

Registered Office: 806 Siddharth, 96, Nehru Place, New Delhi-110019, India.

www.hcltech.com

www.hcl.com

HCL TECHNOLOGIES LIMITED

Corporate Identity Number: L74140DL1991PLC046369 Registered Office: 806, Siddharth, 96 Nehru Place, New Delhi, 110 019 Corporate Office : Plot No. 3A, Sector 126, Noida 201 304, U.P., India Website: www.hcltech.com; Telefax: +91 11 26436336

Consolidated Statement of Financial Results of HCL Technologies Limited as per Ind AS:

							$(3 \nvert \bar{x})$ in crores)
			Three months ended			Year to date ended	Previous yearended
Particulars		31 December2018(Unaudited)	30 September2018(Unaudited)	31 December2017(Unaudited)	31 December2018(Unaudited)	31 December2017(Unaudited)	31 March2018(Audited)
$\mathbf I$	Revenue
	Revenues from operations	15,699	14,860	12,809	44,437	.37,391	50,569
	Other income	134	284	270	743	915	1,217
	Total income	15,833	15,144	13,079	45,180	38,306	51,786
п	Expenses
	Purchase of stock-in-trade	585	415	258	1,232	900	1,251
	Changes in inventories of stock-in-trade	(102)	(60)	129	(21)	38	104
	Employee benefits expense	7,605	7,258	6,297	21,570	18,391	24,729
	Finance costs	55	30	21	105	50	69
	Depreciation and amortization expense	541	511	431	1,528	954	1,383
	Outsourcing costs	2,552	2,387	2,288	7,139	6,474	8,620
	Other expenses	1,427	1,397	1,048	4,185	3,364	4,619
	Total expenses	12,663	11,938	10,472	35,738	30,171	40,775
ш	Profit before share of profit of associate and tax	3,170	3,206	2,607	9,442	8,135	11,011
IV	Share of profit of associates					13	13
V	Profit before tax	3,170	3,206	2,607	9,442	8,148	11,024
VI	Tax expense
	Current tax	825	777	583	2,383	1,735	2,386
	Deferred tax credit	(260)	(105)	(51)	(511)	(79)	(84)
	Total tax expense	565	672	532	1,872	1,656	2,302
VII	Profit for the period / year	2,605	2,534	2,075	7,570	6,492	8,722
VIII	Other comprehensive income (loss)		ΙJ
(A)	(i) Items that will not be reclassified to statement of profit
	and loss		39		39	19	34
	(ii) Income tax on items that will not be reclassified to
(B)	statement of profit and loss(i) Items that will be reclassified subsequently to statement		(8)		$\cdot(8)$	(4)	(7)
	of profit and loss	(86)	257	(121)	94	10
	(ii) Income tax on items that will be reclassified to statement						155
	of profit and loss	(101)	77	(10)	35	39	78
	Total other comprehensive income (loss)	(187)	365	(131)	160	64	260
IX	Total comprehensive income for the period / year	2,418	2,899	1,944	7,730	6,556	8.982
	Profit for the period / year attributable to
	Shareholders of the Company	2,605	2,534	2,075	7,570	6,493	8,721
	Non-controlling interest					(1)
		2,605	2,534	2,075	7,570	6,492	8.722
	Total comprehensive income for the period / year
	attributable to
	Shareholders of the Company	2,418	2,899	1,944	7,730	6,543	8,981
	Non-controlling interest					13
		2,418	2,899	1,944	7,730	6,556	8,982
	Earnings per equity share of $72$ each		$\mathbf{L}$
	Basic (in ₹)	19.15	18:20	14.91	54.79	46.23	62.23
	Diluted (in ₹)	19.14	18.15	14.89	54.77	46.20	62.19
	Dividend per equity share of $\bar{\tau}$ 2 each		÷
	Interim dividend (in ₹)
		2.00	2.00	2.00	6.00	10.00	12.00

univol-

$l$ ratural

HCL TECHNOLOGIES LIMITED

Corporate Identity Number : L74140DL1991PLC046369 Registered Office: 806, Siddharth, 96 Nehru Place, New Delhi, 110 019 Corporate Office : Plot No. 3A, Sector 126, Noida 201 304, U.P., India Website: www.hcltech.com; Telefax: +91 11 26436336

Segment Information of Consolidated Financial Results:

Three months ended			Year to date ended		Previous yearended
2018(Unaudited)	2018(Unaudited)	2017(Unaudited)	31 December2018(Unaudited)	31 December2017(Unaudited)	31 March2018(Audited)
9,034	8,711	7,631			29,611
5,883					19,095
782	806	475	2,313		1,863
15,699	14,860	12,809	44,437	37,391	50,569
15.699	14,860	12,809	44.437	37,391	50,569
1,841	1,806	1,476			5,904
1,148		857			3,786
102	97	25	280	117	173
3,091	2,952	2,358	8,804	7,270	9,863
(55)	(30)	(21)	(105)		(69)
134	284	270	743	915	1,217
3,170	3,206	2,607	9,442	8,135	11,011
(565)	(672)	(532)	(1,872)	(1,656)	(2,302)
				13	13
2,605	2,534	2,075	7,570	6,492	8,722
	31 December	30 September5,3431,049	31 December4,703	25,86716,2575,3603,164	21,85914,1761,3564,3852,768(50)

${\bf Segmental\ capital\ employed}$

Assets and liabilities are not identified to any reportable segments, since the Company uses them interchangeably across segments and consequently, the management believes that it is not practicable to provide segment disclosures relating to assets and liabilities. $\frac{1}{2}$ $\mathbf{r}$ .

$\hat{t}$

Wurstard

Peatrk

HCL TECHNOLOGIES LIMITEDCorporate Identity Number : L74140DL1991PLC046369Registered Office : 806, Siddharth, 96 Nehru Place, New Delhi, 110 019Corporate Office : Plot No. 3A, Sector 126, Noida 201 304, U.P., India Website: www.hcltech.com; Telefax: +91 11 26436336

Standalone Statement of Financial Results of HCL Technologies Limited as per Ind AS:

		Three months ended					$($ $\mu$ croites)Previous year
					Year to date ended		ended
	Particulars	31 December	30 September	31 December	31 December	31 December	31 March
		2018(Unaudited)	2018(Unaudited)	2017(Unaudited)	2018(Unaudited)	2017	2018
$\bf I$	Revenue					(Unaudited)	(Audited)
	Revenues from operations
	Other income	6,556116	6,485	5,723	19,054	16,362	22,073
	Total income	6,672	2646,749	143	591	504	702
				5,866	19,645	16,866	22,775
$\mathbf{I}$	Expenses
	Purchase of stock-in-trade
	Changes in inventories of stock-in-trade	77	21	34	108	103	138
	Employee benefits expense	(8)2,064	(6)2,008	(1)1,878	17	30	50
	Finance costs	5	$\overline{4}$	6	5,93314	5,52917	7,365
	Depreciation and amortization expense	328	312	294	958	609	23893
	Outsourcing costs	1,263	1,147	738	3,426	2,113	2,918
	Other expenses	562	626	533	1,798	1,635	2,263
	Total expenses	4,291	4,112	3,482	12,254	10,036	13,650
Ш	Profit before tax	2,381	2,637	2,384	7,391	6,830	9,125
IV	Tax expense
	Current tax	636	601	512	1,771	1,442	1,987
	Deferred tax credit	(269)	(118)	(97)	(534)	(133)	(224)
	Total tax expense	367	483	415	1,237	1,309	1,763
v	Profit for the period / year	2,014	2,154	1,969	6,154	5,521	7,362
VI	Other comprehensive income (loss)
(A)	(i) Items that will not be reclassified to statement of		38		38	19	35
	profit and loss
	(ii) Income tax on items that will not be reclassified to		(8)		(8)	(4)	(7)
	statement of profit and loss
(B)	(i) Items that will be reclassified subsequently to	538	(412)	70	(194)	(147)	(332)
	statement of profit and loss
	(ii) Income tax on items that will be reclassified tostatement of profit and loss	(102)	77	(10)	34	39	78
	Total other comprehensive income (loss)	436	(305)	60	(130)
						(93)	(226)
VII	Total comprehensive income for the period / year	2,450	1,849	2,029	6,024
						5,428	7,136
	Earnings per equity share of $\bar{\tau}$ 2 each
	Basic (in ₹)	14.81	15.47	14.14
	Diluted (in ₹)	14.80	15.43	14.13	44.5444.52	39.3139.28	52.54
							52.50
	Dividend per equity share of ₹ 2 each
	Interim dividend (in ₹)	2.00	2.00	2.00	6.00	10.00	12.00

universal

Peatrich

$\hat{i}$

HCL TECHNOLOGIES LIMITED

Corporate Identity Number: L74140DL1991PLC046369 Registered Office: 806, Siddharth, 96 Nehru Place, New Delhi, 110 019 Corporate Office : Plot No. 3A, Sector 126, Noida 201 304, U.P., India Website: www.hcltech.com; Telefax: +91 11 26436336

Notes:

• 1 The consolidated and the standalone financial results for the quarter and nine months ended 31 December 2018 were reviewed by the Audit Committee and have been approved and taken on record by the Board of Directors at its meeting held on 29 January 2019.
• 2 The Board of Directors at its meeting held on 29 January 2019 has declared an interim dividend of $\overline{z}$ 2/- per share.
• 3 Financial results for all the periods presented have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
• 4 As per Ind AS 108 'Operating Segments', the Company has disclosed the segment information only as part of the consolidated financial results.
• 5 On 7 December 2018, the Company has signed a definitive agreement to acquire business relating to select IBM software products for ₹12,391 crores (USD 1,775 millions) including earn out, 50% of the same will be paid at close and balance later. It is an asset carve-out deal with 100% control on the assets being acquired. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory approvals.
• 6 During the quarter ended 31 December 2018, the Company has completed the share buyback by extinguishing 36,363,636 fully paid-up equity shares of face value of $\bar{\ell}$ 2/- each at a price of $\bar{\ell}$ 1,100/- per share paid in cash for an aggregate consideration of $\xi$ 4,000 crores. The same has been recorded as reduction of Equity Share Capital by $\xi$ 7 crores and Other Equity by ₹3,993 crores.
• Effective 1 April 2018, the Company has adopted Ind AS 115 using the cumulative effect method. The standard is applied $\overline{7}$ retrospectively only to contracts that are not completed as at the date of Initial application and the comparative information is not restated in the financial results. The adoption of the standard did not have any material impact to the financial statements of the Company.

By the order of the Board of Directors for HCL Technologies Limited

Shiv Nadar Chairman and Chief Strategy Officer

molenate

C. Vijayakumar President and Chief Executive Officer

Prateek Aggarwal Chief Financial Officer

Noida (UP), India 29 January 2019

INVESTOR RELEASE

Noida, India, January 29 th, 2019

Revenue at **15,699 crores**; up **5.6%** QoQ & **22.6%** YoY Net Income at 2,611 crores; up 2.8% QoQ & 19.0% YoY

Revenue at US$ 2,202 mn; up 4.9% QoQ & 10.8% YoY Revenue in Constant Currency up 5.6% QoQ & 13.0% YoY Net Income at US$ 364 mn; up 2.1% QoQ & 7.0% YoY

Financial Highlights	2
Corporate Overview	4
Performance Trends	5
Financials in US$	13
Revenue Analysis at Company Level	16
Constant Currency Reporting	17
Client Metrics	18
Headcount & Utilization	19
Cash and Cash Equivalents, Investments & Borrowings	19
Financials in `	20

PARTICULARS Q3 FY'19 GROWTH QoQ YoY REVENUE 15,699 5.6% 22.6% EARNINGS BEFORE INTEREST & TAX (EBIT) 3,086 4.0% 23.0% NET INCOME 2,611 2.8% 19.0%

(Amount in US $ Million)

(Amount in ` Crores)

		GROWTH
PARTICULARS	Q3 FY'19	QoQ	YoY
REVENUE	2,202	4.9%	10.8%
REVENUE GROWTH (CONSTANT CURRENCY)		5.6%	13.0%
EARNINGS BEFORE INTEREST & TAX (EBIT)	431	3.1%	10.6%
NET INCOME	364	2.1%	7.0%

Mode 1-2-3 Highlights

	Revenue(in US$ mn)	RevenueMix	EBITMargin	QoQ Growth(in Constant Currency)
Mode 1	1,561	70.9%	20.7%	3.9%
Mode 2	377	17.1%	12.3%	13.1%
Mode 3	263	11.9%	23.0%	6.2%
Total	2,202	100%	19.6%	5.6%

Key Highlights

• − This quarter, HCL delivered a solid industry leading 5.6% sequential growth in constant currency. The growth was driven by services across Verticals and Geographies led by Mode-2 services that grew 13.1%, Mode-3 6.2% and Mode-1 3.9%.
  • Mode 2 crosses US$ 1.5 bn run rate. The robust growth in Mode-2 Services was fueled by all the components that include Digital & Analytics, Security, IoT and Cloud Native services.
  • Mode-1 growth was driven by IMS, ERS and Applications, all of them demonstrating strong traction.
• − HCL continues its strong deal win momentum, signing 17 transformational deals this quarter, which are a mix of Mode 1 and Mode 2 services across all our service lines. These deals were led by sectors such as Financial Services, Technology & Services and Manufacturing.
• − HCL's strong growth at 13% YoY in constant currency, was broad based across Verticals led by Telecommunications, Media, Publishing & Entertainment 40.3%, Technology & Services 24.4%, Life Science and Healthcare 23.4%, Retail and CPG 21.5%. (on YoY Constant Currency basis)
• − All geographies reported double-digit growth. Americas 12.9%, Europe 14.5% and RoW (ex-India) 12.1%. (on YoY Constant Currency basis)
• − This quarter, HCL announced a definitive agreement to acquire select IBM software products for an aggregate value of US$ 1,775 mn.
• − Operating Cash Flow / Net Income conversion at 95% (on LTM basis).
• − Return on Equity at 25.1% and Return on Invested Capital at 28.7% (on LTM basis).
• − Dividend of ` 2 per share, 64th consecutive quarter of dividend pay out has been announced.

FY'19 Guidance

− Revenue: FY'19 Revenues are expected to grow between 9.5% to 11.5% in Constant Currency * Revenue Guidance is based on FY'18 (April to March) average exchange rates.

The above constant currency guidance translates to 7.9% to 9.9% in USD terms based on Dec 31, 2018 rates.

− Operating Margin (EBIT): FY'19 expected Operating Margin (EBIT) range is from 19.5% to 20.5%.

"Digital & Technology innovations are causing disruptions to traditional models of not just business, but all aspects of our lives. Leveraging these innovations to exponentially enhance society's potential and create solutions for its problems has been HCL's guiding philosophy. Aided by a strong push on next-generation business, we continue to deliver value to all our stakeholders and remain at the forefront of supporting sustainability, diversity and inclusion for the industry.", said Shiv Nadar, Chairman & Chief Strategy Officer, HCL Technologies Ltd.

"Our revenues grew 5.6% sequential in constant currency, reflecting strong execution across our entire suite of services & products. We crossed US$ 1.5 billion run rate in our Mode 2 next generation offerings. We once again set a new bookings' record this quarter. We are entering 2019 with a healthy growth outlook backed by the strong relevance of our propositions in the market.", said C.Vijayakumar, President & CEO, HCL Technologies Ltd.

"We are happy to announce an all-round solid Q3 performance. We have delivered strong revenue growth at 13% year on year in constant currency at stable 19.6% EBIT margin. It is heartening to note that our EBITDA has exceeded US$ 2 bn milestone on run rate basis. Our Cash EPS on LTM basis stands at a robust ` 82.0 increasing 11.4% over pervious year. We continue to post handsome Return on Equity (ROE) and Return on Invested Capital (ROIC) at 25.1% and 28.7% respectively, on LTM basis.", said Prateek Aggarwal, CFO, HCL Technologies Ltd.

Overall Company (last five years for 12 months ended December)

Earnings Before Interest & Tax

1,184 1,103 1,198 1,366 1,420 Net Income In USD Mn

DEC'14 DEC'15 DEC'16 DEC'17 DEC'18

Profit to Cash Conversion

		31-December-18
PARTICLUARS	SEGMENTS	QoQ	YoY	LTM YoY
Consolidated	For the Company	5.6%	13.0%	10.1%
	Americas	2.7%	12.9%	12.5%
Geography	Europe	12.9%	14.5%	9.2%
	Rest of the World (RoW)	4.5%	8.4%	-3.2%
	Application Services	2.3%	2.5%	1.8%
	Infrastructure Services	10.4%	16.5%	6.4%
Services	Business Services	-3.7%	50.1%	44.9%
	Engineering and R&D Services	5.1%	17.4%	24.3%
	Financial Services	-0.6%	0.1%	3.7%
	Manufacturing	3.9%	1.5%	-2.1%
	Technology & Services	7.5%	24.4%	34.2%
Verticals	Retail & CPG	8.4%	21.5%	14.4%
	Telecommunications, Media,Publishing & Entertainment	35.4%	40.3%	8.4%
	Lifesciences & Healthcare	5.8%	23.4%	18.0%
	Public Services#	-4.4%	8.1%	5.3%

Note:

# Public Services include Oil & Gas, Energy & Utilities, Travel - Transport - Logistics and Government.

HCL continues to create a sustained positive impact on the economic ecosystem it operates in, by powering enterprises, stakeholders and partners through next-gen digital transformational services, participative value creation and innovation driven initiatives.

• HCL continues its strong deal win momentum, signing 17 transformational deals this quarter, which are a mix of Mode 1 and Mode 2 services across all our service lines. These deals were led by sectors such as Financial Services, Technology & Services and Manufacturing. The Mode 2 services business has now crossed US$ 1.5 billion annual run rate.
• HCL Technologies celebrated the 10-year anniversary of its first US-based Global Delivery Center, located in North Carolina, with Honorable Governor Roy Cooper, HCL's senior leadership, customers, and members of state organizations and academia. In the spirit of social responsibility, HCL and its employees also made a contribution to the North Carolina Hurricane Irma Relief Fund.
• HCL launched its US Women's Leadership Center, headquartered in Cary, NC. Following the success of the Women Lead Australia program, this is a critical step in HCL's commitment towards Diversity and Inclusion, working with the ecosystem to facilitate STEM training, leadership development and mentorship opportunities for women. The Women Leadership Center will be a collabroration with eminent leaders from customers, communities, government, educational institutions, and HCL.
• HCL Technologies celebrated its 10-year anniversary in the Nordic region with Honorable Mikael Damberg, Minister for Enterprise and Innovation and India's ambassador to Sweden Ms Monika Kapil Mohta. The celebration coincided with the opening of a new office at HCL Nordic headquarters in central Stockholm. This year the Nordic region grew to become HCL's largest market in Europe. Today, HCL employs more than 1,600 professionals in the Nordics representing 31 nationalities, with 55 large-scale transformational clients including four out of the six Fortune Global 500 companies in the region.
• HCL opened a new Delivery Center in Adelaide, inaugurated by Honorable David Ridgway, Member of the Legislative Council (MLC) of the Parliament of South Australia and Minister of Trade, Tourism and Investment Australia. HCL further expanded its global footprint by opening offices in Stockholm, Paris, Amsterdam and Ghent (Belgium).
• HCL was recognized as a "Gold Standard" organization by Investor in People for distinctive people practices this year. Investors in People is the international standard for people management, defining what it takes to lead, support and manage people effectively to achieve sustainable results.
• Continuing its tradition of 'ideapreneurship' and a culture of innovation, HCL filed 19 patents this quarter. Research, discovery and invention came from HCL professionals in next-generation technologies and platforms, including data analytics and simulation, automation and machine learning, among others.

• HCL was recognized by Microsoft as an Azure Expert MSP (service provider), citing HCL Technologies' investment in resources, training, and technology to deliver successful outcomes for their customers on Azure.
• HCL Technologies and Pivotal Software, Inc. (NYSE: PVTL) collaborated to accelerate the cloud-native journey for large enterprises.This partnership will help enterprises transform businesses by creating new generation cloud-native applications and platforms running on digital infrastructure.
• HCL enrolled into the Google Account Acceleration Program as a Premier Partner for Google Cloud Platform (GCP), to accelerate account interlock for target accounts and drive joint Google and HCL Business.
• HCL partnered with Cloudify, the provider of a leading cloud native orchestration platform, to bring Network Function Virtualization (NFV) orchestrated network slicing to telecom providers. HCL's Engineering and R&D Services (ERS) team is using Cloudify's platform and capabilities for a new solution that enables telecom to create dedicated, reliable Software-Defined Network (SDN) connections.
• HCL and NetBrain Technologies, Inc., a leading network automation solutions provider, launched HCL NetBot, a joint collaborative technology that offers network visibility and network automation capabilities for enterprise IT teams. This will help in catalyzing and scaling HCL's network automation offering, with the ultimate goal of making networks proactive and self-aware, and enabling more flexible and agile network operations across the enterprise.

HCL Foundation, the CSR arm of HCL Technologies, continued to create sustained impact through its key programs: HCL Grant, HCL Samuday, Power of One, and HCL Uday.

• HCL Samuday continued to make sustained impact in uplifting rural villages of Uttar Pradesh, holistically across six sectors. Implemented in 765 villages from 164 gram panchayats (village councils), the program reaches out to 90,000 households covering a total population base of around 600,000 people.

• Under the 'Power of One' program, 36,000+ employees continued to donate towards the social and economic upliftment of vulnerable communities. This quarter, our HCL Community Champions have contributed over 160,000 volunteering hours across India.

• In 2018, HCL Foundation supported over 172 academically bright students from low income families from NCR, Chennai, Bangalore, Madurai, Hyderabad, and Vijayawada with education scholarships, and 30 students received sports scholarships (in addition to 21 existing sports scholars). This initiative is exclusively funded by 'Power of One' donations by HCLites.

• HCL Uday continued its effort across 11 cities to break the cycle of urban poverty and achieve long-term systemic changes. The program reached out to 103,167 people living in underserved, migratory communities through interventions across thematic areas of Education, Health, Livelihood and Environment using an Integrated Community Development Approach (ICDA).

• Under 'Uday Upvan', 13,632 saplings have been planted in the urban forest, developed and maintained by HCL Foundation in Sorkha, Noida across schools, residential areas, public spaces. This is a part of HCL Uday's endeavour to create green and healthy communities. The spirit of volunteerism that connects the HCL ecosystem to these communities is an integral component of the program.

• HCL Foundation contributed and mobilized 20 tons of relief material to support communities affected during various disaster situations across India.

• 8 -

Leading industry experts and analysts continue to recognize HCL for its business leadership and relevance across its broad spectrum of business offerings. Examples of HCL's distinctions include:

• Rated as a Leader in Public Cloud Transformation, Managed Public Cloud Services and IaaS Enterprise Cloud in ISG Provider Lens Cloud Transformation/ Operation Services & XaaS Quadrant Global report 2019.
• Positioned as a "Leader" and "Star Performer" in Everest Group's PEAK Matrix ™ for Cloud Services, 2019, November 2018
• Positioned as a Leader and Star Performer in Everest Group's Application Services in Global Capital Markets PEAK Matrix™ 2018 Assessment
• Positioned as a Leader and Star Performer in Everest Group's Application Services in Global Banking PEAK Matrix™ 2018 Assessment
• Rated as a Leader in ISG Provider Lens™ Quadrant report on Security Services
• Rated as a Leader and is positioned in Top 8 among 24 service providers in Avasant RadarView on Hybrid Enterprise Cloud Services
• Awarded the Cisco 2018 Award for Excellence in Software and Cloud. This award recognizes HCL Technologies for delivering outstanding collaborative performance in all areas and supporting Cisco's strategy for business model evolution.
• Rated as a "Leader" and "Star Performer" in Everest group PEAK Matrix TM assessment 2018 for digital workplace services.
• Rated as a Leader in both North America and Europe's Managed workplace services magic quadrants. HCL has been rated highest in completeness of vision in North America magic quadrant.
• Positioned as a Leader in the Zinnov Zones for Retail Digital Services, October 2018. HCL is strongly positioned to provide digital retail services and it continues to gain momentum in the segment.
• Positioned as a Leader in IDC MarketScape: Worldwide DevOps Services 2018
• Positioned as a Leader in The Forrester Wave™: Global IoT Services for Connected Business Operations
• Positioned as among the industry leaders in 'Zinnov Zones 2018 ER&D Services', an analysis of the Global Engineering R&D landscape, evolving customer preferences, and assessment of Service Providers in this space. It is also recognized as a leader in verticals such as Aerospace, Automotive, Computer Peripherals and Storage, Construction & Heavy Machinery, Consumer Electronics, Industrial Automation, Medical Devices, Semiconductor, Telecommunication and Transport ratings.
• Bestowed with the Nokia Quality Award for 'Driving Quality Experiences in Engineering', making HCL the first R&D software outsourcing company to be nominated in the last 20 years for the same. HCL's innovation framework, stringent quality process and reliable prediction models has helped the client in ontime delivery, enhancing the product quality and optimizing budget.
• Positioned as a Leader in Everest Group PEAKMatrix™ in Medical Device Engineering Services Assessment 2019.
• Won 2 awards at Pivotal Spring One Platform 2018, "ANZ GSI of the year 2018" and "The System Integrator Rising star award"
• Recognized as a Leader in IDC MarketScape: Worldwide Manufacturing PLM Systems Integrator and BPO Services 2018 Vendor Assessment.

Through Mode 1 services, HCL delivers core services in areas of Applications, Infrastructure, Engineering and R&D and Business Services, leveraging DRYiCETM Autonomics to transform clients' business and IT landscape, making them 'lean' and 'agile'.

• HCL has been selected to manage the end-to-end Reconciliation Services for the largest Global Securities Custodian covering all business verticals across the globe. As a part of this engagement, HCL will leverage its deep domain expertise coupled with its capabilities around digital technologies to design and implement the future state operating model thereby enhancing process efficiency and providing superior customer experience.
• HCL has been selected by an international financial institution as a Strategic Vendor for IT systems Implementation and Support Services. HCL will leverage its expertise in delivering services from multiple locations in a competitive scenario to deliver value to this institution.
• One of the largest retail banks in Ireland has reaffirmed its relationship with HCL to deliver consistent value and streamline operations. As a part of this relationship HCL will continue to manage its Treasury, SAP, Enterprise Data Warehouse and Payments landscape for the next 5 years. The relationship will leverage a new delivery centre at Madurai, India.
• HCL has further extended its long-standing preferred partnership with a large, global financial services company. Under this agreement HCL provides the entire range of Mode 1-2-3 services with a focus on the latest data analytics technologies and digital services as well as providing access to the portfolio of HCL's wide range of software offerings.
• A leading US based bank holding company offering clients a complete range of financial services has selected HCL for Application Development and Maintenance deployment
• A leading Canadian multinational investment bank and financial services company selected HCL to support, enhance and develop multiple applications.
• A leading cosmetics retalier has chosen HCL as one of their strategic vendors for Digital, Applications and Infrastructure deployment.
• One of the leading global producers of industrial materials and a worldwide distributor of speciality chemicals selected HCL to manage their end user operations, Data Centre infrastructure and Application management scope for middleware and databases.
• HCL has been selected by one of the largest waste management services companies, serving municipal, commercial, industrial and residential customers, to manage their data centres.
• HCL has been engaged by a global technology company to provide eCAD library management, PCB Layout, and mCAD drafting services to the the company's devices team for the purpose of development of its devices.
• HCL has been selected by one of the world's biggest electric utility companies, located in France, to transform, modernize and run their IT infrastructure and application services. HCL will completely migrate SAP to public cloud and will help set up foundation for digital transformation for the client. HCL extended its decade long Engineering Services Partnership with a leading North American Printer OEM to provide product development, testing & maintenance services for multiple product lines until end of 2021. This continued relationship sets the platform for a greater collaboration between both the companies in the coming years.

As part of Mode 2, HCL delivers experience–centric and outcome–oriented integrated offerings across Digital & Analytics, IoT WoRKS™, Cloud Native Services and Cybersecurity & GRC services.

• HCL entered into a Preferred Services Partnership with Broadcom Inc., a Global supplier of semiconductor and infrastructure services for its Enterprise Software Products. As part of this engagement, HCL would be providing next generation professional services and education services that leverages our Mode 2 capabilities across Cybersecurity, DevOps and Agile.
• HCL signed a deal with one of the world's leading consumer product companies for engineering services, S4/HANA basis support, automation and migration of workloads to the cloud, by leveraging HCL's cloud management platform.
• HCL was selected by one of the top global consumer credit reporting agencies to provide technology-led, integrated digital operations and apps support for multiple business lines and a digital omni-channel ecosystem to provide superior customer experience to customers.
• HCL was awarded a sourcing engagement with a global infrastructure services company. HCL will provide endto-end Managed Infrastructure Operations across Datacenter, App Ops, Network & Security and Cloud services. The engagement will consist of all services lines within Mode 1-2-3 – including components of DRYiCE portfolio, cloud adoption, security operations, automation, Datacenter hosting and traditional infrastructure operations.
• HCL embarked on a strategic joint development SaaS / cloud journey for the next several years as partner for a leading global Cyber Security company. HCL will help the customer to re-build one of its on-premise solutions with a completely new SaaS offering targeting the Small and Medium Business market. HCL will provide engineering services for SaaS platform development, cloud connectivity, UI/UX and related API development.
• A US based agency specializing in strategic media planning, buying and analytics, chose HCL to manage their Azure subscription requirements covering five major program tracks: Architecture Blueprint, Cloud Foundation Set-up, End Customer Migration, DB/Server Migration, and Product Modernization (Refactor + Re-Arch).

HCL leverages its expertise in building software IP-led businesses over the last forty years to execute its Mode 3 strategy, in an evolving world of high automation and cloud platforms. This strategy is well positioned to enable HCL to emerge as a strong leader at the end of this tectonic shift in various software arenas including IT Automation, Orchestration, Hybrid Data, Security and Collaboration.

• HCL announced a definitive agreement under which HCL will acquire select IBM software products for $1.8 billion. The transaction is expected to close by mid-2019, subject to completion of applicable regulatory reviews and approvals. Below are illustrative comments made by key analysts assessing the deal:
  • In a recent IDC report "HCL Acquires Software from IBM to Achieve Non-Linear Growth", analysts were of the opinion that these solid well-established products with loyal customers will provide an interesting growth market opportunity potentially generating additional $625 million revenue in the first year and $650 million in the following years for HCL.
  • According to 451 Research, an IT industry analyst firm the software portfolio that HCL is purchasing from IBM gives it direct access to some software-installed bases (Notes and Domino, as well as Unica and Commerce) that it should now be in a stronger position to upgrade to its own platform as part of transformation projects.
  • According to TBRi, HCLT's planned acquisition of the product sets from IBM will elevate the security, commerce and collaboration expertise in HCLT's portfolio. Following the addition of IBM's salesforce around these products through the acquisition. HCLT will also improve its position within a variety of vertical markets as the products will bring existing product users, building its expertise around environment management.
• Nine (9) generally available (GA) products were released to the market for purchase/consumption this quarter: HCL AppScan Standard, HCL Clara, HCL HERO, HCL OneTest Suite, HCL OneTest Embedded, HCL RealTime Software Tooling (RTist), HCL UrbanCode Deploy, HCL Integration Platform, HCL Informix on Cloud – Azure Edition.
• HCL continues its momentum in Artificial Intelligence and Autonomics with its DRYiCETM portfolio of products, platforms and services.
  • HCL DRYiCETM products iAutomate, MyCloud and MyXaltics were chosen by a leading global diversified building materials group.
  • A leading US-based biopharmaceutical manufacturer company chose DRYiCETM iAutomate as their enterprise automation platform for IT operations automation
  • The second largest Belgian electricity producer and energy supplier chose iAutomate as their preferred platform for AIOPS automation
  • World's leading confectionery, food, and beverage company has chosen DRYiCETM Lucy as their enterprise cognitive virtual assistant
  • World's leading producer of industrial minerals and specialty chemicals has chosen DRYiCETM Mycloud as the enterprise wide hybrid cloud management platform.
  • DRYiCETM iAutomate version 3.0 was launched with additional capabilities such as Change Request Tasks and Service Requests Tasks.
  • DRYiCETM Lucy is now available in French and Spanish languages. A new Framework developed for dynamic generation of Data Model APIs was also launched for Lucy.
  • HCL has signed agreements with three new channel partners to market, sell, implement and support DRYiCETM products.

INCOME STATEMENT QUARTER ENDED GROWTH 31-Dec-17 30-Sep-18 31-Dec-18 YoY QoQ Revenues 1,987.5 2,098.6 2,201.5 10.8% 4.9% Direct Costs 1,305.4 1,355.0 1,425.0 Gross Profits 682.2 743.6 776.4 13.8% 4.4% SG & A 222.3 251.2 267.2 EBITDA 459.9 492.5 509.2 10.7% 3.4% Depreciation & Amortisation 70.6 75.0 78.7 EBIT 389.3 417.5 430.6 10.6% 3.1% Foreign Exchange Gains/(Loss) 20.0 9.2 (7.8) Other Income, net 20.9 25.8 22.2 Provision for Tax 89.9 95.8 78.9 Net (loss) gain attributable redeemable non-controlling / non-controlling interest - - 2.0 Net Income 340.3 356.7 364.0 7.0% 2.1% Gross Margin 34.3% 35.4% 35.3% EBITDA Margin 23.1% 23.5% 23.1% EBIT Margin 19.6% 19.9% 19.6% Net Income Margin 17.1% 17.0% 16.5% Earnings Per Share Annualized in ` Basic 63.0 73.0 76.8 Diluted 63.0 72.8 76.8 (Amount in US $ Million)

WEIGHTED AVERAGENUMBER OF SHARES	31-Dec-17	30-Sep-18	31-Dec-18
Basic	1,392,070,357	1,392,466,683	1,360,154,362
Diluted	1,393,040,238	1,396,123,758	1,360,664,976

OUTSTANDING OPTIONS(in equivalent number of shares)	31-Dec-17	30-Sep-18	31-Dec-18
Options at less than market price	1,111,080	675,480	571,280

(Amount in US $ Million)

	AS ON
PARTICULARS	31-Mar-18	31-Dec-18
Assets
Cash and Cash Equivalents	259.6	317.2
Accounts Receivables, net	1,478.2	1,601.3
Unbilled Receivable (Previous year: Unbilled Revenue)	401.6	374.9
Fixed Deposits	878.6	697.6
Investment Securities, available for sale	361.7	346.1
Other Current Assets	386.5	524.6
Total Current Assets	3,766.2	3,861.7
Property and Equipment, net	795.4	806.2
Investment Securities, available for sale	39.9	-
Intangible Assets, net	2,210.1	2,567.0
Fixed Deposits	36.1	50.9
Investments in Affiliates	4.1	4.9
Other Assets	578.0	703.4
Total Assets	7,429.8	7,994.0
Liabilities & Stockholders Equity
Current Liabilities	1,520.7	1,504.3
Borrowings	67.0	557.0
Other Liabilities	194.3	212.3
Total Liabilities	1,782.1	2,273.6
Redeemable Non-Controlling Interests	-	61.0
Total Stockholders Equity	5,647.7	5,659.4
Total liabilities, redeemable non-controlling interests and equity	7,429.8	7,994.0

PARTICULARS	FOR YEARENDED Mar-18	FOR QUARTERENDED Dec-18
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	1,360.5	366.0
Adjustments to Reconcile Net Income to Net Cash provided by Operating Activities
Depreciation and Amortization	225.2	78.7
Others	(9.9)	(45.2)
Changes in Assets and Liabilities, net
Accounts Receivable and Unbilled Receivable	(179.1)	(34.1)
Other Assets	19.2	(69.3)
Current Liabilities	(70.7)	(5.5)
Net Cash provided by Operating Activities	1,345.1	290.4
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Property & Equipment	(203.4)	(62.7)
Purchase of Licensed IPRs	(629.4)	(47.6)
Proceeds from sale of property and equipment (including advance)	4.3	0.8
(Purchase) / Sale of Investments	(203.4)	329.0
Purchase of Other Investments	(0.5)	(0.3)
Fixed Deposits (increase) / decrease	660.1	42.6
Restricted Cash - Investment in term deposit with banks under lien for buy back	-	59.9
Investment in Equity Method Investee	(0.2)	(0.2)
Net Cash in subsidiaries disposed off	(22.4)	-
Payments for acquisition of business, net of cash acquired	(16.9)	(41.1)
Net Cash provided by (used in) Investing Activities	(411.8)	280.4
CASH FLOWS FROM FINANCING ACTIVITIES
Buy Back of Equity Shares	(544.8)	(541.7)
Capital contribution from redeemable non-controlling Interests	-	1.0
Payment for Deferred consideration on Business Acquisition	(2.5)	(2.3)
Dividend paid	(314.9)	(45.2)
Loans	(22.9)	134.4
Others	2.5	4.7
Net Cash provided by (used in) Financing Activities	(882.5)	(449.1)
Effect of Exchange Rate on Cash and Cash Equivalents	5.9	(22.9)
Net increase/(decrease) in Cash and Cash Equivalents	56.7	98.9
CASH AND CASH EQUIVALENTS
Beginning of the Period	202.9	218.3
End of the Period	259.6	317.2

GEOGRAPHIC MIX	31-Dec-17	30-Sep-18	31-Dec-18	LTM Mix
Americas	63.5%	65.8%	64.4%	64.1%
Europe	28.7%	26.8%	28.2%	28.2%
RoW	7.9%	7.4%	7.3%	7.7%

SERVICE MIX	31-Dec-17	30-Sep-18	31-Dec-18	LTM Mix
Application Services	35.3%	33.1%	32.0%	33.4%
Infrastructure Services	36.7%	36.0%	37.5%	36.8%
Business Services	3.7%	5.4%	5.0%	4.9%
Engineering and R&D Services	24.2%	25.5%	25.5%	24.9%

REVENUE BY VERTICAL	31-Dec-17	30-Sep-18	31-Dec-18	LTM Mix
Financial Services	24.6%	23.0%	21.6%	23.3%
Manufacturing	19.9%	18.0%	17.7%	18.3%
Technology & Services	16.7%	18.2%	18.7%	18.0%
Retail & CPG	9.6%	10.0%	10.2%	9.7%
Telecommunications, Media,Publishing & Entertainment	7.4%	7.2%	9.2%	7.8%
Lifesciences & Healthcare	11.7%	12.9%	13.0%	12.5%
Public Services#	10.2%	10.7%	9.7%	10.4%

Note:

# Public Services include Oil & Gas, Energy & Utilities, Travel - Transport - Logistics and Government.

REVENUE BY CONTRACT TYPE	31-Dec-17	30-Sep-18	31-Dec-18	LTM Mix
Managed Services &Fixed Price Projects	60.8%	61.8%	63.3%	62.2%
Time & Material	39.2%	38.2%	36.7%	37.8%

REPORTED	31-Dec-17	31-Mar-18	30-Jun-18	30-Sep-18	31-Dec-18
Revenue ($ Mn)	1,987.5	2,038.0	2,054.5	2,098.6	2,201.5
Growth QoQ	3.1%	2.5%	0.8%	2.1%	4.9%
Growth YoY	13.9%	12.2%	9.0%	8.9%	10.8%
CONSTANT CURRENCY (QoQ)	31-Dec-17	31-Mar-18	30-Jun-18	30-Sep-18	31-Dec-18
Revenue ($ Mn)	1,991.7	2,011.7	2,093.9	2,115.7	2,215.8
Growth QoQ	3.3%	1.2%	2.7%	3.0%	5.6%
CONSTANT CURRENCY (YoY)	31-Dec-17	31-Mar-18	30-Jun-18	30-Sep-18	31-Dec-18
Revenue ($ Mn)	1,941.2	1,965.9	2,044.8	2,130.2	2,245.5
Growth YoY	11.2%	8.2%	8.5%	10.5%	13.0%

AVERAGE RATES FOR QUARTER	31-Dec-17	31-Mar-18	30-Jun-18	30-Sep-18	31-Dec-18
USD – INR	64.40	64.68	67.53	70.77	71.48
GBP - USD	1.33	1.40	1.34	1.30	1.28
EUR - USD	1.18	1.23	1.18	1.16	1.14
SEK - USD	0.12	0.12	0.11	0.11	0.11
AUD - USD	0.77	0.78	0.75	0.73	0.72

NUMBER OF MILLION DOLLARCLIENTS (LTM)	31-Dec-17	30-Sep-18	31-Dec-18	QoQCHANGE	YoYCHANGE
100 Million dollar +	9	9	10	1	1
50 Million dollar +	25	31	29	(2)	4
20 Million dollar +	85	90	95	5	10
10 Million dollar +	156	165	164	(1)	8
5 Million dollar +	261	269	276	7	15
1 Million dollar +	552	575	597	22	45

CLIENT CONTRIBUTION TO REVENUE (LTM)	31-Dec-17	30-Sep-18	31-Dec-18
Top 5 Clients	15.8%	17.3%	17.4%
Top 10 Clients	23.5%	24.8%	24.8%
Top 20 Clients	33.5%	34.2%	34.1%

CLIENT BUSINESS	31-Dec-17	30-Sep-18	31-Dec-18
New Clients	3.1%	3.1%	3.8%
Existing Clients	96.9%	96.9%	96.2%
Days Sales Outstanding - excluding unbilledreceivables	66	64	66

MANPOWER DETAILS	31-Dec-17	30-Sep-18	31-Dec-18
Total Employee Count	119,291	127,875	132,328
Technical	108,831	116,910	121,273
Support	10,460	10,965	11,055
Gross Addition	7,113	11,683	13,191
Attrition - IT Services (LTM)	15.2%	17.1%	17.8%
Attrition - Business Services (Quarterly)	5.5%	8.5%	8.3%
Blended Utilization (Including Trainees)	85.8%	86.7%	86.6%

Note: Attrition excludes involuntary attrition

(Amount in US $ Million)

	Dec-18
Cash & Cash Equivalents	317
Fixed Deposits	748
Investment Securities, Available for Sale	346
Total Funds	1,412

	Dec-18
Borrowings	557

`

					(Amount in ` Crores)
	QUARTER ENDED			GROWTH
INCOME STATEMENT	31-Dec-17	30-Sep-18	31-Dec-18	YoY	QoQ
Revenues	12,808	14,861	15,699	22.6%	5.6%
Direct Costs	8,412	9,589	10,152
Gross Profits	4,397	5,272	5,547	26.2%	5.2%
SG & A	1,432	1,773	1,900
EBITDA	2,964	3,499	3,647	23.0%	4.2%
Depreciation & Amortisation	455	533	561
EBIT	2,510	2,966	3,086	23.0%	4.0%
Foreign Exchange Gains/(Loss)	129	69	(54)
Other Income, net	135	183	159
Provision for Tax	579	678	566
Net (loss) gain attributable redeemablenon-controlling / non-controlling interest	-	-	14
Net Income	2,194	2,540	2,611	19.0%	2.8%
Gross Margin	34.3%	35.4%	35.3%
EBITDA Margin	23.1%	23.5%	23.1%
EBIT Margin	19.6%	19.9%	19.6%
Net Income Margin	17.1%	17.0%	16.5%
Earnings Per Share
Annualized in `
Basic	63.0	73.0	76.8
Diluted	63.0	72.8	76.8

WEIGHTED AVERAGENUMBER OF SHARES	31-Dec-17	30-Sep-18	31-Dec-18
Basic	1,392,070,357	1,392,466,683	1,360,154,362
Diluted	1,393,040,238	1,396,123,758	1,360,664,976

OUTSTANDING OPTIONS(in equivalent number of shares)	31-Dec-17	30-Sep-18	31-Dec-18
Options at less than market price	1,111,080	675,480	571,280

	AS ON
PARTICULARS	31-Mar-18	31-Dec-18
Assets
Cash and Cash Equivalents	1,694	2,214
Accounts Receivables, net	9,639	11,178
Unbilled Receivable (Previous year: Unbilled Revenue)	2,618	2,617
Fixed Deposits	5,727	4,870
Investment Securities, available for sale	2,357	2,416
Other Current Assets	2,520	3,662
Total Current Assets	24,555	26,957
Property and Equipment, net	5,185	5,628
Intangible Assets, net	14,406	17,919
Investment Securities, available for sale	260	-
Fixed Deposits	235	355
Investments in Affiliates	27	35
Other Assets	3,768	4,910
Total Assets	48,435	55,804
Liabilities & Stockholders Equity
Current Liabilities	9,914	10,501
Borrowings	437	3,888
Other Liabilities	1,267	1,482
Total Liabilities	11,618	15,871
Redeemable Non-Controlling Interests	-	426
Total Stockholders Equity	36,817	39,506
Total liabilities, redeemable non-controlling interests and equity	48,435	55,804

HCL Technologies (HCL) is a leading global technology company that helps global enterprises re–imagine and transform their businesses through Digital technology transformation. HCL operates out of 44 countries and has consolidated revenues of US$ 8.4 billion, for 12 Months ended 31 st December, 2018. HCL focuses on providing an integrated portfolio of services underlined by its Mode 1–2–3 growth strategy. Mode 1 encompasses the core services in the areas of Applications, Infrastructure, BPO and Engineering & R&D services, leveraging DRYiCETM Autonomics to transform clients' business and IT landscape, making them 'lean' and 'agile'. Mode 2 focuses on experience–centric and outcome–oriented integrated offerings of Digital & Analytics, IoT WoRKS™, Cloud Native Services and Cybersecurity & GRC services to drive business outcomes and enable enterprise digitalization. Mode 3 strategy is ecosystem–driven, creating innovative IP–partnerships to build products and platforms business.

HCL leverages its global network of integrated co-innovation labs and global delivery capabilities to provide holistic multi–service delivery in key industry verticals including Financial Services, Manufacturing, Telecommunications, Media, Publishing, Entertainment, Retail & CPG, Life Sciences & Healthcare, Oil & Gas, Energy & Utilities, Travel, Transportation & Logistics and Government. With 132,328 professionals from diverse nationalities, HCL focuses on creating real value for customers by taking 'Relationships Beyond the Contract'. For more information, please visit www.hcltech.com

Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes', 'strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Sanjay Mendiratta sanjay.mendiratta@hcl.com +91-120-6126335

Nikhil Gupta, CFA nikhil-gu@hcl.com +91-120-6126461

INVESTOR RELATIONS CORPORATE COMMUNICATIONS

Ravi Kathuria ravi.kathuria@hcl.com +91-120-6126000

HCL Technologies Ltd., Technology Hub, SEZ, Plot No. 3A, Sec-126, Noida - 201304, India. www.hcltech.com