HCL Technologies has announced results for Q1 FY23, for the period ending June 30, 2022.

Q1 FY23:

• Revenues were $3,024.9m, up 11.2% y/y, up 15.6% in CC
• Operating income (EBIT) was $515.0m, a margin of 17.0%, down 257 bps y/y.

Q1 FY23 revenue share by service line (with revenues and y/y growth in US$) is:

• IT and Business Services 72.7% ($2,201m; +13.0%) +18.1% in CC
• Engineering and R&D services 16.6% ($503m, +20.7%) +23.0% in CC.
• Products & Platforms 10.6% ($334m; +11.7%) -6.5% in CC

Q1 FY23 revenue share by region (with NelsonHall estimates of revenue) is:

• Americas 64.2% ($1,942m) +17.5% in CC 
• Europe 27.8% ($841m), +22.5%  in CC
• RoW 8.0% ($242m), +18.2% in CC

Q1 FY23 revenue share by sector (with estimated revenue) is:

• Financial Services 22.1% ($638m) +16.4% in CC 
• Manufacturing 18.3% ($554m) +19.1% in CC 
• Technology & Services 16.3% ($496m) +34.2% in CC 
• Retail & CPG 10.2% ($309m) +5.8% in CC 
• Telecom, Media, Publishing & Entertainment 9.4% ($284m) +15.7% in CC 
• Life Sciences & Healthcare 15.4% ($466m) +29.2% in CC 
• Public sector 9.2% ($278m) +15.2%. in CC 

LTM key client contribution to revenue (and at end Q4 FY22) was:

• Top 5: 11.2% (11.6%)
• Top 10: 19.4% (19.8 %)
• Top 20: 28.9% (29.1% ).

HCL signed 7 large services deals and 9 significant product deals across the life sciencesand healthcare, technology, manufacturing, and financial services.

Total headcount at end March 2021 was 210,966, a net increase of 2,089 during the quarter, and a growth of 19.5% y/y. 

LTM attrition in IT services was 23.8%, up from 21.9% in Q4 FY22.