HCL Tech declares one-time bonus worth over Rs 700 cr

HCL Technologies on Monday announced a special one-time bonus worth over Rs 700 crore for its employees, as the IT giant marked $10 billion (about Rs 72,800 crore) revenue milestone.

The special bonus will be paid to employees in February 2021, amounting to nearly $90 million plus payroll taxes in some countries, the impact of which is excluded from FY21 EBIT (earnings before interest and taxes) guidance provided by the company last month, HCL Tech said in a statement.

HCL Technologies said it is "issuing a one-time special bonus to employees around the world" worth over Rs 700 crore in recognition of its recent milestone of crossing the $10 billion mark in revenue for 2020.

"In celebration and gratitude all employees with one year of service or greater will receive a bonus, the equivalent of ten days' salary," the statement said.

Despite an unrelenting pandemic, each and every member of HCL family demonstrated strong commitment and passion, contributing to the growth of the organisation, HCL Technologies' Chief Human Resources Officer Apparao V V said.

"The $10 billion revenue milestone is a testament of our remarkable resilience as an organisation and the entrepreneurial spirit of our 159,000 plus employees,"  Apparao added.

HCL Tech said achieving this historic milestone in technology, business and engineering services and software, in just 20 years since its IPO, reflects efforts and consistent achievements of employees, deep relationships with leading companies across industries and a strong network of partners and stakeholders.

The IT services company had posted a 31.1 per cent rise in its December quarter net profit at Rs 3,982 crore, riding on strong momentum in its digital, products and platform segments. It had exuded confidence of clocking further acceleration in bookings in the coming quarters.

HCL Tech's revenue grew 6.4 per cent to Rs 19,302 crore in the quarter under review, from Rs 18,135 crore in the year-ago period, as per US GAAP.

The company had recorded revenue growth at 3.5 per cent quarter-on-quarter in constant currency, beating its own estimate of 1.5-2.5 per cent growth for the December quarter.

HCL Tech had revised its sequential revenue growth guidance to 2-3 per cent in constant currency terms from its previous estimate of 1.5-2.5 per cent increase quarter-on-quarter for the three months to March 2021.

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