Signals, Powered By EquityPandit
HCL Technologies (HCL) today announced it is issuing a one-time special bonus worth Rs 700 crore to employees around the world, in recognition of its recent milestone of crossing the $10 billion mark in revenue for 2020. All employees with one year of service or greater will receive a bonus, the equivalent of ten days’ salary.
As of December 31, 2020, HCL’s full-time employee headcount stood at 159,682. HCL Tech’s revenue had crossed $10 billion milestones in the calendar year 2020, delivering 3.6% YoY growth in constant currency. Achieving this historic milestone– just twenty years since HCL Technologies’ IPO – is a testament to the passionate efforts and consistent achievements of its employees, HCL Tech said in a statement.
“Our employees are our most valuable asset. Despite an unrelenting pandemic, each and every member of our HCL family has demonstrated immense commitment and passion, contributing to the growth of the organization,” said Apparao VV, Chief Human Resources Officer, HCL Technologies.
“The $10 billion revenue milestone is a testament of our remarkable resilience as an organization and the entrepreneurial spirit of our 159,000+ employees. With this gesture, we want to sincerely express our gratitude to our employees and their families for all their support.”
The special bonus will be paid to employees in February 2021, amounting to approximately $90 million-plus payroll taxes in some countries, the impact of which is excluded from the FY21 EBIT guidance provided by the company last month, HCL Tech said.
In the recent December quarter, HCL Tech’s revenue rose to Rs 19,302 crores, up 3.8 per cent QoQ and up 6.4 per cent YoY, while profit jumped to Rs 3,982 crore, up 26.7 per cent QoQ and up 31.1 per cent YoY
Revenue expected to grow QoQ between 2 per cent to 3 per cent in constant currency for Q4, FY’21, including DWS contribution. Margin expected to be between 21.0 per cent and 21.5 per cent for FY21. HCL Tech’s shares have surged 60% in the past year and many analysts remain bullish on the stock.
Stock Covered in the news
