Shares of HCLTech slumped 9.4% to ₹1,798.40 apiece on the BSE today after the Noida-based IT major released its October-December 2024 quarter results yesterday. The company posted a 5.1% year-on-year (YoY) increase in net revenue, reaching ₹29,890 crore in Q3, while net income grew 5.5% YoY to ₹4,591 crore, reflecting an 8.4% sequential rise.

At the time of reporting, shares were down 8.63%, hitting an intraday low of ₹1,813.95 on Tuesday. The company’s market capitalisation stood at ₹4,92,245.28 crore.

HCLTech has revised its revenue growth guidance for FY25, raising the lower end by 100 basis points in constant currency (CC) terms. The company now expects revenue growth of 4.5-5% YoY in CC, up from the previous estimate of 3.5-5%. Additionally, services revenue growth is projected to be in the same 4.5-5% YoY range.

Despite positive commentary on Total Contract Value (TCV) conversion to revenue and discretionary spending, Jefferies noted that the revised guidance suggested a weaker Q4 performance.

The IT major secured $2.1 billion in total commercial bookings through new deal wins.

HCLTech’s workforce stood at 220,755 as of December 31, 2024, with a net addition of 2,134 employees during the quarter, including 2,014 freshers. The company’s last-12-month (LTM) attrition rate was 13.2%, compared to 12.8% in the same quarter of the previous year.

The company's EBIT (Earnings Before Interest and Taxes) rose 3.7% to ₹5,821 crore. HCLTech declared a dividend of ₹18 per share, including ₹6 per share to mark 25 years of its public listing. This marks the company’s 88th consecutive quarter of dividend payouts.

Highlighting the company’s strong Q3 performance, CEO & MD C Vijayakumar said, "This growth is powered by broad-based performance across business lines, as our clients across verticals and geographies reaffirm their confidence in our Digital and AI offerings. Our new deal bookings remained strong at $2.1 billion, with wins across services and software. We are positioning ourselves for a transformative future, with AI empowering businesses and employees."