HCLTech AGM2024

July 22, 2024
The General Manager The Manager

BSE Limited National Stock Exchange of India Limited
Corporate Relationship Department Listing Department
Phiroze Jeejeebhoy Towers Exchange Plaza
Dalal Street 5th Floor, Plot No. C-1, Block-G
Mumbai- 400 001 Bandra-Kurla Complex, Bandra(E)
Mumbai-400 051
BSE Scrip Code: 532281 NSE Scrip Code: HCLTECH
Sub.: Notice of the 32nd Annual General Meeting and Annual Report (FY 2023-24)
Dear Sirs,
The 32nd Annual General Meeting (“AGM”) of the Company will be held on Tuesday,
August 13, 2024 at 11:00 A.M. (IST) through Video Conferencing or Other Audio-Visual
Means.
Pursuant to the Regulation 34(1) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, we are enclosing herewith the Notice of the AGM
along with the Annual Report of the Company for the financial year ended March 31,
2024.
The Notice of the AGM and the Annual Report (FY 2023-24) have also been uploaded
on the Company’s website at www.hcltech.com.
This is for your information and records.
Thanking you,
For HCL Technologies Limited
Manish Digitally signed
by Manish Anand
Anand Date: 2024.07.22

18:04:36 +05'30'
Manish Anand
Company Secretary
Encl: a/a
Technology Hub, Special Economic Zone Corporate Identity Number: L74140DL1991PLC046369

Plot No. 3A, Sector 126, NOIDA– 201304, UP, India Registered Office:
t: +91 0120 61205000 f: +91 120 4680330 806 Siddharth, 96, Nehru Place, New Delhi -110009, India
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; E-mail ID: [email protected]
Telephone: + 91 11 26436336 Fax: + 91 120 4680330
NOTICE
NOTICE is hereby given that the 32nd Annual General Meeting (‘AGM’) of the members of HCL Technologies
Limited (‘Company’) will be held on Tuesday, 13th day of August 2024 at 11:00 A.M. (IST) through Video
Conferencing (‘VC’) or Other Audio-Visual Means (‘OAVM’) to transact the following businesses:
ORDINARY BUSINESS:
Item No. 1 - Adoption of Audited Financial Statements along with the Reports of the Board of Directors and of
the Statutory Auditors thereon
To receive, consider and adopt the Audited Financial Statements (including Audited Consolidated Financial
Statements) of the Company for the financial year ended March 31, 2024, together with the Reports of the Board
of Directors and of the Statutory Auditors thereon, and in this regard, if thought fit, to pass the following
resolution as an Ordinary Resolution:
“RESOLVED THAT the Audited Financial Statements (including Audited Consolidated Financial Statements) of
the Company for the financial year ended March 31, 2024, together with the Reports of the Board of Directors
and of the Statutory Auditors thereon be and are hereby received, considered, and adopted.”
Item No. 2 - Re-appointment of Mr. C. Vijayakumar (DIN - 09244485) as a Director liable to retire by rotation
To re-appoint Mr. C. Vijayakumar (DIN - 09244485) as Director, who retires by rotation and being eligible, has
offered himself for re-appointment, and in this regard, to consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 152 and other applicable provisions of the Companies
Act, 2013 and the Rules made thereunder, (including any statutory modification(s) or re-enactment(s) thereof,
for the time being in force), Mr. C. Vijayakumar (DIN - 09244485), who retires by rotation at this Annual General
Meeting and being eligible has offered himself for re-appointment as a Director, be and is hereby re-appointed
as a Director of the Company, liable to retire by rotation.”
Item No. 3 – Re-appointment of Statutory Auditors of the Company
To re-appoint M/s. B S R & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 101248W/W-100022) as
Statutory Auditors of the Company to hold office for a period of five consecutive years from the conclusion of
this Annual General Meeting until the conclusion of the 37th Annual General Meeting of the Company and to fix
their remuneration.
To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 139, 141, 142 and all other applicable provisions of the
Companies Act, 2013 read with the Companies(Audit and Auditors) Rules, 2024 and other applicable rules made
thereunder, (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force) and
pursuant to the recommendations of the Audit Committee and the Board of Directors of the Company,
M/s. B S R & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 101248W/W-100022) be and are hereby
re-appointed as the Statutory Auditors of the Company for a second term to hold office for a period of five
consecutive years from the conclusion of this Annual General Meeting (‘AGM”) till the conclusion of the 37 th
AGM of the Company to be held in the year 2029.”
1 AGM Notice
“RESOLVED FURTHER THAT the Board of Directors of the Company (or any Committee thereof) be and is hereby
authorized to fix remuneration of the Statutory Auditors and to do all such acts, deeds, matters and things as
may be necessary, proper or expedient to give effect to this resolution.”
SPECIAL BUSINESSES:
Item No. 4 - Payment of commission to Non-Executive Directors of the Company
To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Section 197 and any other applicable provisions of the
Companies Act, 2013 (‘Act’) and the Rules made thereunder, (including any statutory modification(s) or
re-enactment(s) thereof, for the time being in force) and Regulation 17(6) of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with the Articles of
Association of the Company, an amount not exceeding one percent per annum of the net profits of the
Company computed in accordance with the provisions of Section 198 of the Act, be paid as commission to the
Non-Executive Directors of the Company for each financial year commencing from April 1, 2024, and the
amount, proportion and manner of the said commission be decided by the Board of Directors (or any Committee
thereof) of the Company.”
Item No. 5 – Re-appointment of Mr. Simon John England (DIN-08664595) as an Independent Director of the
Company
To consider and, if thought fit, to pass the following resolution as a Special Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152, Schedule IV and all other applicable
provisions, if any, of the Companies Act, 2013 (‘Act’), the Companies (Appointment and Qualification of
Directors) Rules, 2014, applicable provisions of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), (including any statutory modification(s)
or re-enactment(s) thereof for the time being in force), and the Articles of Association of the Company and on
the basis of the recommendations of the Nomination and Remuneration Committee and the Board of Directors
(‘Board’) of the Company, Mr. Simon John England (DIN - 08664595), who is currently serving as an Independent
Director of the Company till January 15, 2025, and who has submitted a declaration that he meets the criteria
of independence as required under Section 149(6) of the Act and Regulations 16(1)(b) & 25(8) of the Listing
Regulations and in respect of whom the Company has received a notice in writing in terms of Section 160(1) of
the Act proposing his candidature as an Independent Director, and who is eligible for re-appointment as a
Non-Executive Independent Director, be and is hereby re-appointed as a Non-Executive Independent Director
of the Company for a second term of five consecutive years commencing from January 16, 2025 to January 15,
2030 (both days inclusive), and he will not be liable to retire by rotation.”
“RESOLVED FURTHER THAT the Board of Directors (or any Committee thereof), be and is hereby authorized to
do all such acts, deeds, matters and things as may be necessary, proper and expedient to give effect to this
resolution.”
Date: July 19, 2024 By Order of the Board of Directors

Place: Noida, U.P. For HCL Technologies Limited
Sd/-
Manish Anand
Company Secretary
Corporate Office Address: Membership No: F-5022
Plot No.: 3A, Sector 126,
Noida - 201 304, U.P., India
NOTES:
2 AGM Notice
1. The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013 (‘Act’) setting out material
facts and reasons in respect of the Special Businesses under Item Nos. 4 and 5 along with the explanation
provided on voluntarily basis for Item Nos. 2 & 3 as set out above, is annexed hereto and forms part of the
Notice. Further, the relevant details with respect to Item Nos. 2 and 5 pursuant to Regulation 36(3) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) and
Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India, in
respect of Directors seeking re-appointment at this AGM are also annexed.
2. Pursuant to the General Circular No. 09/2023 dated September 25, 2023 and other circulars issued by the
Ministry of Corporate Affairs (‘MCA Circulars’), companies are allowed to convene their AGMs through VC
/ OAVM, without the physical presence of the members at a common venue. Hence, in compliance with
the MCA Circulars, the AGM of the Company is being held through VC / OAVM.
The MCA Circulars read with the Securities and Exchange Board of India (‘SEBI’) Circular no.
SEBI/HO/CFD/CFD-PoD-2/P/CIR/2023/167 dated October 7, 2023 (‘SEBI Circular’), has dispensed with the
requirement of sending the physical copies of the AGM Notice, Proxy Form and Annual Report to the
members. Accordingly, the Notice of the AGM, Proxy Form and the Annual Report (FY 2023-24) of the
Company are being sent only through electronic mode to those members whose e-mail addresses are
registered with the Company / Depositories.
Members may note that the copies of the Notice of the AGM and the Annual Report (2023-24) are also
available on the website of the Company at https://www.hcltech.com, websites of the Stock Exchanges,
BSE Limited (‘BSE’) and National Stock Exchange of India Limited (‘NSE’) at https://www.bseindia.com and
https://www.nseindia.com, respectively, and website of National Securities Depository Limited (‘NSDL’) at
https://www.evoting.nsdl.com, the agency appointed for facilitating e-voting (including remote e-voting)
for the AGM. Members who wish to obtain physical copies of the AGM Notice and the Annual Report (2023-
24), may write to us at [email protected].
3. In compliance with the provisions of Section 108 of the Act and Rule 20 of the Companies (Management
and Administration) Rules, 2014 and Regulation 44 of the Listing Regulations and the circulars issued by
the MCA, the Company is providing the facility of e-voting (including remote e-voting) to its members in
respect of the businesses to be transacted at the AGM. For this purpose, the Company has entered into
an agreement with NSDL for facilitating voting through electronic means, as the authorized agency. The
facility of casting votes by a member using remote e-voting system during the remote e-voting period as
well as e-voting during the AGM will be provided by NSDL.
4. In accordance with the SEBI Circular and the MCA Circulars, the facility to appoint a proxy to attend and
cast votes for the members is not available for this AGM. However, Institutional / Corporate members (i.e.
other than individuals / HUF, NRI, etc.) are required to send a scanned copy of its board or governing body
resolution / authorization, etc., for authorizing their representatives to attend the AGM through VC / OAVM
on their behalf and to cast vote through e-voting (including remote e-voting). The said resolution/
authorization shall be sent to the Scrutinizer by e-mail at its registered e-mail address at
[email protected] with a copy marked to NSDL at [email protected].
5. Members of the Company under the category of Institutional Investors are encouraged to attend and vote
at the AGM through VC / OAVM.
6. Members can join the AGM through VC /OAVM mode 30 minutes before the scheduled time of the
commencement of the meeting by following the procedure mentioned in the AGM Notice. The facility of
participation in the AGM through VC / OAVM will be made available on a first- come first- served basis.
7. Members attending the AGM through VC / OAVM shall be counted for the purpose of reckoning the
quorum under Section 103 of the Act.
3 AGM Notice
8. The recorded transcript of the AGM shall also be made available on the website of the Company at
www.hcltech.com as soon as possible after the conclusion of the AGM.
9. For members who have not registered their e-mail addresses, may register the same as under:
For shares held in Physical form The members holding shares in physical form would need to
send the Form ISR-1 duly signed by the registered member(s)
along with the requisite documents mentioned in the Form to
our Registrar and Share Transfer Agent at:
Link Intime India Pvt. Ltd.

Unit: HCL Technologies Limited
C-101, 247 Park, L.B.S. Marg,
Vikhroli (W), Mumbai- 400 083.
For shares held in Dematerialized The members holding shares in electronic mode are requested
form to register/update their e-mail address, PAN and Bank Account
details with the Depository Participant where their respective
dematerialized accounts are maintained.
10. As the AGM will be held through VC / OAVM, the route map, proxy form and attendance slip are not
required and accordingly, not attached to this Notice.
11. Brief profile of the Directors to be re-appointed including nature of their expertise, names of
companies in which they hold directorships and committee memberships in other companies,
shareholding in the Company and relationships with other directors, etc., are provided in Annexure A &
Annexure B of this Notice.
12. The Register of Directors and Key Managerial Personnel and their shareholding maintained under
Section 170 of the Act, and the Register of Contracts or Arrangements in which the Directors are
interested maintained under Section 189 of the Act, will be available electronically for inspection during
the AGM at NSDL e-voting system at www.evoting.nsdl.com. The members may inspect these records
by using their secure login credentials. All other documents referred to in this Notice will also be
available for inspection in an electronic mode without any fee by the members from the date of
circulation of this Notice till the date of the AGM. Members seeking to inspect such documents can
send an e-mail to [email protected].
13. Members are requested to note that as per Section 124 of the Act, the dividend remaining
unclaimed/unpaid for a period of seven years from the date of transfer to the Company’s Unpaid
Dividend Account shall be transferred to the Investor Education and Protection Fund (‘IEPF’). In
addition, as per Section 124(6) of the Act read with the Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘IEPF Rules’) as amended from time to
time, all shares in respect of which dividend has not been paid or claimed for seven consecutive years
or more shall be transferred by the Company to the IEPF Authority within such period as may be
prescribed by the MCA.
In the event of transfer of shares and the unclaimed dividend to IEPF, members are entitled to claim
the same from the IEPF Authority by submitting an online application in the prescribed Form IEPF-5
available on the website www.iepf.gov.in and sending a physical copy of the same duly signed to the
Company along with the requisite documents enumerated in Form IEPF-5.
4 AGM Notice
14. The status of dividends remaining unpaid / unclaimed along with the respective due dates of transfer
to IEPF is provided in the Annual Report.
15. SEBI has mandated the submission of a Permanent Account Number (“PAN”) by every participant in the
securities market. Members holding shares in demat form are therefore, requested to submit PAN
details to the Depository Participant(s) with whom they have demat accounts. Members holding shares
in physical form can submit their PAN details to M/s. Link Intime India Private Limited or to the
Secretarial Department of the Company.
16. As per Regulation 40(1) of the Listing Regulations, as amended and read with SEBI Master Circular no.
SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 07, 2024, all requests for transfer, transmission and
transposition of securities, issue of duplicate share certificates, claim from unclaimed suspense
account, renewal/ exchange of securities certificates etc. shall be processed only in dematerialized
form. In view of the above we urge the members holding shares in physical form to have their shares
dematerialized.
17. The members of the Company, whose names appear in the Register of Members / List of Beneficial
Owners as on Tuesday, August 06, 2024 (“Cut-off date”) and who are otherwise not barred to cast their
vote, are entitled to vote electronically either through remote e-voting or e-voting during AGM, on the
Resolutions set forth in this Notice. A person who is not a member on the Cut-off date should treat this
notice for information purpose only.
Facility to exercise voting rights through electronic means will be available during the following period:
Commencement of e-voting: From 09:00 a.m. (IST) on Friday, August 09, 2024
End of e-voting: At 05:00 p.m. (IST) on Monday, August 12, 2024
The e-voting module shall be disabled by NSDL for voting thereafter. Once the vote on the resolutions is
cast by the member, the member shall not be allowed to change it subsequently or cast the vote again.
However, those members who will be present in the AGM through VC / OAVM facility and have not cast
their vote on the resolutions during the remote e-voting period and are otherwise not barred from doing
so, shall be eligible to vote through e-voting system during the AGM.
18. The voting rights of the members shall be reckoned in proportion to the paid-up equity shares registered
in the name of the member / beneficial owner as on the Cut-off date.
19. Any person holding shares in physical form, and non-individual members, who acquire shares of the
Company and become member of the Company after the Notice is sent through e-mail and holding
shares as on the Cut-off date, may obtain the login ID and password by sending a request at
[email protected]. However, if the member is already registered with NSDL for remote e-voting, then he/
she can use his/her existing User ID and password to cast the vote. In case the password is forgotten, it
can be reset by using ‘Forgot User Details/Password’ or ‘Physical User Reset Password’ option available
on www.evoting.nsdl.com or call at 022- 48867000.
In case of Individual members holding securities in demat mode who acquire shares of the Company and
become a member of the Company after sending of the Notice and holding shares as on the Cut-off date
may follow steps mentioned in the Notice of the AGM under ‘Access to NSDL e-voting system’.
5 AGM Notice
20. In case of joint holders attending the AGM, only such joint holder who is higher in the order of names as
per the Register of Members of the Company, will be entitled to attend and / or vote at the AGM.
21. Effective April 1, 2024, SEBI has mandated that the members, who hold shares in physical mode and whose
folios are not updated with any of the KYC details viz. (i) PAN (ii) Contact Details (iii) Mobile Number (iv)
Bank Account Details and (v) Signature, shall be eligible to get dividend only in electronic mode after
furnishing of all the aforesaid details in entirety.
If a security holder updates the above details after payment of dividend(s), then the dividend(s) so not
paid would be released automatically once the said details are updated
The formats for Nomination and updation of KYC details viz; Forms ISR-1, ISR-2, ISR-3, SH-13, SH-14 and
the SEBI Circulars are available in the investors section of the website of the Company at,
www.hcltech.com, and the same are also available on the website of the Registrar & Share Transfer Agent
(‘RTA’) of Company at: https://www.linkintime.co.in -> Resources -> Downloads- ->KYC->Formats for
KYC.
22. INSTRUCTIONS TO MEMBERS FOR REMOTE E-VOTING AND JOINING THE AGM VIRTUALLY ARE
AS UNDER:
The way to vote electronically on NSDL e-Voting system and joining virtual AGM consists of ‘Two Steps’
which are mentioned below:
Step 1: Access to NSDL remote e-voting system
A) Login method for remote e-voting and joining virtual AGM for Individual members holding securities in
demat mode
In terms of SEBI circular dated December 9, 2020 on remote e-voting facility provided by Listed Companies,
Individual members holding securities in demat mode are allowed to vote through their demat account
maintained with Depository Participants. Shareholders are advised to update their mobile number and e-
mail ID in their demat accounts in order to access remote e-voting facility.
Login method for Individual members holding securities in demat mode is given below:
Type of members Login Method
Individual members A. NSDL IDeAS facility

holding securities in
demat mode with NSDL. 1. Existing IDeAS user can visit the e-Services website of NSDL viz.
https://eservices.nsdl.com either on a personal computer or on a
mobile. On the e-Services home page click on the ‘Beneficial Owner’
icon under ‘Login’ which is available under ‘IDeAS’ section, this will
prompt you to enter your existing User ID and Password. After
successful authentication, you will be able to see remote e-voting
services under Value added services. Click on ‘Access to e-voting’
under e-voting services and you will be able to see e-voting page.
Click on Company name or e-voting service provider i.e. NSDL and
you will be re-directed to remote e-voting website of NSDL for
casting your votes during the remote e-voting period.
6 AGM Notice
2. If you are not registered for IDeAS e-Services, option to register is
available at https://eservices.nsdl.com. Select ‘Register Online for
IDeAS Portal’ or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
B. Remote E-voting website of NSDL
3. Visit the remote e-voting website of NSDL. Open web browser by

typing the following URL: https://www.evoting.nsdl.com/ either on a
personal computer or on a mobile. Once the home page of remote
e-voting system is launched, click on the icon ‘Login’ which is
available under ‘Shareholder/Member’ section. A new screen will
open. You will have to enter your User ID (i.e. your sixteen-digit
demat account number held with NSDL), Password/OTP and a
Verification Code as shown on the screen. After successful
authentication, you will be redirected to NSDL Depository site
wherein you can see e-voting page. Click on Company name or e-
voting service provider i.e. NSDL and you will be redirected to
remote e-voting website of NSDL for casting your votes during the
remote e-voting period.
4. Members can also download NSDL Mobile App ‘NSDL Speede’ facility
by scanning the QR code mentioned below for seamless voting
experience.
Individual members 1. Users who have opted for CDSL Easi/Easiest facility, can login
holding securities in through their existing User ID and Password. Option will be made
demat mode with CDSL available to reach for the remote e-voting page without any further
authentication. The users to login Easi/Easiest are requested to visit
CDSL website www.cdslindia.com and click on login icon & New
System Myeasi Tab and then use your existing Myeasi Username &
Password.
2. After successful login the Easi/Easiest user will be able to see the
remote e-voting option for eligible companies where the remote e-
voting is in progress as per the information provided by the Company.
On clicking the remote e-voting option, the user will be able to see
remote e-voting page of the remote e-voting service provider for
casting votes during the remote e-voting period. Additionally, there
are also links provided to access the system of all remote e-voting
7 AGM Notice
service providers, so that the user can visit the remote e-voting
service providers’ website directly.
3. If the user is not registered for Easi/Easiest, option to register is

available at CDSL website www.cdslindia.com and click on Login &
New System Myeasi Tab and then click on registration option.
4. Alternatively, the user can directly access remote e-voting page by

providing Demat Account Number and PAN No. from the remote e-
voting link available on www.cdslindia.com home page. The system
will authenticate the user by sending OTP on registered mobile
number & e-mail as recorded in the Demat Account. After successful
authentication, user will be able to see the remote e-voting option
where the remote e-voting is in progress and able to directly access
the system of all remote e-voting Service Providers.
Individual members You can also login using the login credentials of your demat account
(holding securities in through your Depository Participant registered with NSDL/CDSL for
demat mode) login remote e-voting facility. Upon logging in, you will be able to see remote
through their depository e-voting option. Click on remote e-voting option, you will be redirected
participants to NSDL/CDSL Depository site after successful authentication, wherein
you can see remote e-voting feature. Click on Company name or remote
e-voting service provider i.e. NSDL and you will be redirected to e-voting
website of NSDL for casting your votes during the remote e-voting
period.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID
and Forget Password option available at above-mentioned websites.
Helpdesk for Individual members holding securities in demat mode for any technical issues relating to
login through Depositories i.e. NSDL and CDSL.
Login type Helpdesk details
Individual Members holding Members facing any technical issue in login can contact NSDL
securities in demat mode with NSDL helpdesk by sending a request at [email protected] or call at
022 - 4886 7000
Individual Members holding Members facing any technical issue in login can contact CDSL
securities in demat mode with CDSL helpdesk by sending a request at
[email protected] or contact at Toll free no.
1800 22 55 33
8 AGM Notice
B) Login Method for remote e-voting and joining virtual AGM for the members other than Individual
members holding securities in demat mode and members holding securities in physical mode.
How to Log-in to NSDL e-voting website?
1. Visit the e-voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a personal computer or on a mobile.
2. Once the home page of e-voting system is launched, click on the icon ‘Login’ which is
available under ‘Shareholder/Member’ section.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a
Verification Code as shown on the screen.
4. Alternatively, if you are registered for NSDL eservices i.e. IDeAS, you can log-in at
https://eservices.nsdl.com/ with your existing IDeAS login. Once you log-in to NSDL eservices
after using your log-in credentials, click on e-voting and you can proceed to Step 2 i.e. Cast
your votes electronically.
5. Your User ID details are given below:
Manner of holding shares i.e. Demat (NSDL Your User ID is:

or CDSL) or Physical
a) For members who hold shares in demat 8 Character DP ID followed by 8 Digit Client ID
account with NSDL.
For example if your DP ID is IN300*** and
Client ID is 12****** then your User ID is
IN300***12******.
b) For members who hold shares in demat 16 Digit Beneficiary ID

account with CDSL.
For example if your Beneficiary ID is
12************** then your User ID is
12**************
c) For members holding shares in Physical EVEN Number followed by Folio Number
Form. registered with the Company
For example if folio number is 001*** and

EVEN is 101456 then User ID is 101456001***
6. Password details for members other than Individual members are given below:
a) If you are already registered for e-voting, then you can use your existing Password to login
and cast your votes.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial
password’ which was communicated to you. Once you retrieve your ‘initial password’, you
need to enter the ‘initial password’ and the system will force you to change your Password.
c) How to retrieve your ‘initial password’?
(i) If your e-mail ID is registered in your demat account or with the Company, your ‘initial
password’ is communicated to you on your e-mail ID. Trace the e-mail sent to you from
NSDL from your mailbox. Open the e-mail and open the attachment i.e. a .pdf file. The
9 AGM Notice
Password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of
client ID for CDSL account or folio number for shares held in physical form. The .pdf file
contains your ‘User ID’ and your ‘initial password’.
(ii) If your e-mail ID is not registered, please follow steps mentioned below in process for
those members whose e-mail IDs are not registered
7. If you are unable to retrieve or have not received the ‘initial password’ or have forgotten your
Password:
a) Click on ‘Forgot User Details/Password?’ (If you are holding shares in your demat
account with NSDL or CDSL) option available on www.evoting.nsdl.com.
b) ‘Physical User Reset Password?’ (If you are holding shares in physical mode) option
available on www.evoting.nsdl.com.
c) If you are still unable to get the Password by aforesaid two options, you can send a
request at [email protected] mentioning your demat account number/folio number,
your PAN, your name and your registered address etc.
d) Members can also use the OTP (One Time Password) based login for casting the votes
on the e-Voting system of NSDL.
8. After entering your Password, tick on Agree to ‘Terms and Conditions’ by selecting on the
check box.
9. Now, you will have to click on ‘Login’ button.
10. After you click on the ‘Login’ button, Home page of e-voting will open.
Step 2: Cast your votes electronically on NSDL e-voting system.
How to cast your votes electronically on NSDL e-voting system?
1. After successful login at Step 1, you will be able to see all the companies ‘EVEN’ in which you are
holding shares and whose voting cycle is in active status.
2. Select ‘EVEN’ of Company for which you wish to cast your votes during the remote e-voting period.
3. Now you are ready for e-voting as the voting page opens.
4. Cast your votes by selecting appropriate options i.e. assent or dissent, verify/modify the number of
shares for which you wish to cast your votes and click on ‘Submit’ and also ‘Confirm’ when prompted.
5. Upon confirmation, the message ‘Vote cast successfully’ will be displayed.
6. You can also take the printout of the votes cast by you by clicking on the print option on the
confirmation page.
7. Once you confirm your votes on the resolution, you will not be allowed to modify your votes.
10 AGM Notice
General Guidelines for members
1. Institutional members (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy
(PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen
signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail
to [email protected] with a copy marked to [email protected]. Institutional members (i.e. other
than individuals, HUF, NRI etc.) can also upload their Board Resolution / Power of Attorney / Authority
Letter etc. by clicking on ‘Upload Board Resolution / Authority Letter’ displayed under ‘e-voting’ tab in
their login.
2. It is strongly recommended not to share your Password with any other person and take utmost care to
keep your Password confidential. Login to the remote e-voting website will be disabled upon five
unsuccessful attempts to key in the correct Password. In such an event, you will need to go through the
‘Forgot User Details/Password?’ or ‘Physical User Reset Password?’ option available on
www.evoting.nsdl.com to reset the Password.
3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for members and remote
e-voting user manual for members available at the download section of www.evoting.nsdl.com or call
on : 022 - 4886 7000 or send a request to [email protected].
Process for those members whose e-mail IDs are not registered with the depositories for procuring User
ID and Password and registration of e-mail IDs for remote e-voting for the resolutions set out in the Notice:
i. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned
copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card),
AADHAR (self-attested scanned copy of Aadhar Card) by e-mail to [email protected].
ii. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit
beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self-
attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) to
[email protected]. If you are an Individual shareholder holding securities in demat mode, you
are requested to refer to the login method explained at Step 1 (A) i.e. Login method for e-voting for
Individual shareholders holding securities in demat mode.
iii. Alternatively, the members may send a request to [email protected] for procuring User ID and
Password for e-voting by providing above mentioned documents.
23. The Company has appointed M/s. Nityanand Singh & Co., Company Secretaries as the Scrutinizer to
scrutinize the remote e-voting process and e-voting during the AGM, in a fair and transparent manner.
24. The Scrutinizer shall after the conclusion of voting at the AGM, first count the votes cast during the
AGM, thereafter, unblock the votes cast through remote e-voting in the presence of at least two
witnesses not in the employment of the Company. The Scrutinizer shall after the conclusion of the
AGM submit a consolidated Scrutinizer’s Report of the total votes cast in favor of or against the
resolutions, to the Chairperson of the Company (or to such other person /authorized by the
Chairperson in writing) on or before Friday, August 16, 2024.
25. The results of remote e-voting and e-voting during the AGM, on the resolutions shall be aggregated
and declared after the receipt of scrutinizer’s report by the Chairperson or any other person authorised
by the Chairperson and the resolutions will be deemed to be passed on the date of the AGM, subject
to receipt of the requisite number of votes in favour of the resolutions.
11 AGM Notice
26. The results of the voting along with the Scrutinizer’s report shall be placed on the Company’s website
at www.hcltech.com and on the website of the NSDL at www.evoting.nsdl.com immediately after their
declaration. The results shall also be immediately communicated to BSE and NSE. The results of the
voting will also be displayed on the notice board of the Company at its Registered Office and its
Corporate Office.
I. INSTRUCTIONS FOR MEMBERS FOR E-VOTING ON THE DAY OF THE AGM ARE AS UNDER: -
The procedure for e-voting on the day of the AGM is the same as the instructions mentioned at point no.
22 above for remote e-voting. Only those members who will be present in the AGM through VC / OAVM
facility and have not cast their vote on the resolutions through remote e-voting and are otherwise not
barred from doing so, shall be eligible to vote through e-voting system during the AGM. The Members
who have cast their vote by remote e-voting prior to the AGM may also attend the AGM but shall not be
entitled to cast their vote again.
The details of the person who may be contacted for any grievances connected with the facility for e-
voting on the day of the AGM shall be the same person mentioned for remote e-voting.
II. INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC / OAVM ARE AS UNDER -
1. Member will be provided with a facility to attend the AGM through VC / OAVM through the NSDL e-
Voting system. Members may access by following the steps mentioned above for Access to NSDL e-
Voting system. After successful login, you can see ‘VC / OAVM link’ placed under ‘Join General meeting’
menu against the Company name. You are requested to click on VC / OAVM link placed under Join
General Meeting menu. The link for VC / OAVM will be available in Shareholder/Member login where the
EVEN of the Company will be displayed. Please note that the members who do not have the User ID and
Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following
the remote e-Voting instructions mentioned in the Notice to avoid last minute rush.
Further, members can also use the OTP based login for logging into the e-voting system of NSDL.
2. Members are encouraged to join the AGM through laptops / desktops with high-speed internet
connectivity for better experience. Participants connecting from mobile devices or tablets or through
laptops via mobile hotspot may experience audio / video loss due to fluctuation in their respective
networks. It is therefore recommended to use stable Wi-Fi or LAN connection to mitigate any kind of
aforesaid glitches.
3. Members will be required to turn-on their camera while speaking at the AGM.
4. Members who would like to express their views /ask questions as a speaker during the AGM may pre-
register themselves by sending their questions in advance along with their name, demat account
number/folio number, e-mail ID and mobile number, from their registered e-mail address, at
[email protected] before Monday, August 5, 2024 (5:00 p.m. IST).
5. Members who have registered themselves as a speaker will only be allowed to express their views / ask
questions during the AGM. The Company reserves the right to restrict the number of speakers depending
on the availability of time during the AGM.
12 AGM Notice
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
Item No. 2 - Re-appointment of Mr. C. Vijayakumar as a Director liable to retire by rotation.
This Explanatory Statement for Item No. 2 is provided though strictly not required as per Section 102 of the
Companies Act, 2013 (‘Act’).
The members of the Company in its Annual General Meeting (‘AGM’) held on August 21, 2021 had approved
the appointment of Mr. C. Vijayakumar as Director of the Company, liable to retire by rotation. He was also
appointed as the Managing Director of the Company with the designation of Chief Executive Officer and
Managing Director (‘CEO & Managing Director’) for a period of five years with effect from July 20, 2021 to July
19, 2026.
In accordance with the provisions of Section 152 of the Act, not less than two-third of the Non-Independent
Directors shall be liable to retire by rotation. Out of which one-third should retire every year at the Annual
General Meeting and they are eligible for re-appointment.
Mr. C. Vijayakumar, being longest in office shall retire at the forthcoming AGM and being eligible, has offered
himself for re-appointment as Director of the Company. He has confirmed that he has not been debarred or
disqualified by SEBI / Ministry of Corporate Affairs or any such statutory authority from being appointed or
continuing as director of companies.
Based on the performance evaluation and the recommendation of the Nomination and Remuneration
Committee, the Board of Directors in its meeting held on April 25-26, 2024, considered and approved the
re-appointment of Mr. C. Vijayakumar as a Director liable to retire by rotation and recommended the same
to the members for their approval.
His position as the CEO & Managing Director till July 19, 2026 would continue, subject to his re-appointment
as Director of the Company.
None of the Directors or Key Managerial Personnel of the Company and their relatives are in any way
concerned or interested, financially or otherwise, in this resolution except Mr. C. Vijayakumar and his
relatives.
The Board of Directors recommends the resolution as set out at Item No. 2 for approval of the Members to
be passed as an Ordinary Resolution
Brief Profile of Mr. C. Vijayakumar
C Vijayakumar (‘CVK’ or ‘Vijay’) is the CEO & Managing Director of HCLTech, a $13.4 billion global technology
company. Led by 219,000+ professionals working across 60 countries around the globe, HCLTech helps
forward looking enterprises re-imagine their businesses through transformative technology solutions,
services and products.
CVK has spearheaded HCLTech’s strategy to leverage disruptive forces like Digitalization, Cloud, Internet of
Things, Cybersecurity and Artificial Intelligence to create a growth blueprint which has made HCLTech one
of the fastest growing companies in its chosen markets. He has also played a pivotal role in incubating and
building new products and platforms portfolio for the company, which is a billion-dollar business unit today.
Vijay joined HCL nearly three decades back as a member of the core team that designed and implemented
India’s first fully automated trading network at the National Stock Exchange of India Limited. Previously, as
President of HCLTech’s Infrastructure Services Business, he led its exponential growth and market
dominance over the years. As part of the founding team of its wholly owned subsidiary HCL Comnet Ltd., he
and the team are widely credited with having founded the Remote Infrastructure Management proposition,
which is today a multi-billion-dollar global industry.
13 AGM Notice
Over the years, Vijay has held several technology, business and operational leadership positions at HCLTech
and is widely recognized in the industry for his strategic thinking and impeccable execution. He is currently
member of the World Economic Forum’s IT Governor’s Community, a Board Member of the US-India Business
Council, a member of WSJ’s CEO Council and a UN Women HeForShe Champion.
Vijay is deeply invested in accelerating HCLTech’s ESG agenda, efforts around which have resulted in the
company being recognized as an ESG leader in software and services industry in the MSCI ESG ratings.
HCLTech is also part of the coveted S&P Global Sustainability Yearbook 2024 and 2023 editions. According
to Brand Finance’s 2024 Brand Guardianship Index, Vijay is the top-ranked Sustainability Champion in the
global IT Services sector.
Vijay’s personal leadership on this journey has been lauded across the spectrum. He was ranked #1 in the
Best CEO category (overall and sell-side segments) in Institutional Investor’s Asia Executive Team Survey
2024. Business Today has ranked Vijay as the ‘Best CEO of the Year’ in IT/ITES Industry and he has been
included in the list of ‘Top 10 Disruptive CEOs’ by industry analyst group HfS.
Known for his hands-on approach, Vijay’s leadership style has been commended in the business bestseller
‘Blueprint to a billion: 7 essentials to achieve exponential growth’ by management guru David G. Thomson.
Vijay is a graduate in Electrical & Electronics Engineering from P.S.G. College of Technology, Tamil Nadu,
India.
Additional information in respect of Mr. C. Vijayakumar, pursuant to the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, and the Secretarial Standard on General meetings issued by The
Institute of Company Secretaries of India (SS-2), is given at Annexure A to this Notice.
Item No. 3 – Re-appointment of Statutory Auditors of the Company
This Explanatory Statement for Item No. 3 is provided in terms of Regulation 36(5) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, (‘Listing Regulations’) however, the same is
strictly not required as per Section 102 of the Companies Act, 2013 (‘Act’).
In terms of the provisions of Section 139 of the Act, M/s. B S R & Co. LLP, Chartered Accountants (ICAI Firm
Registration No. 101248W/W-100022) (‘BSR & Co.’) were appointed as the Statutory Auditors of the Company
at the Annual General Meeting (AGM) held in the year 2019 for a period of five years to hold office up to the
conclusion of the ensuing AGM. Accordingly, the first term of BSR & Co. will end at the conclusion of the
ensuing AGM.
The Board of Directors, after evaluating various factors such as independence, industry experience,
competency of the audit team, efficiency in conduct of audit, their geographical presence and capability to
serve the Company & its subsidiaries across multiple locations, etc., and based on the recommendations of
the Audit Committee, has recommended the re-appointment of BSR & Co. as the Statutory Auditors of the
Company, for a second term of five consecutive years to hold office from the ensuing AGM till the conclusion
of the 37th AGM of the Company to be held in the year 2029, for approval by the members of the Company.
BSR & Co. has provided its consent for re-appointment as the Statutory Auditors of the Company and
confirmed that the appointment, if made, would be within the limits specified under Section 141 of the Act.
They have further confirmed that they are not disqualified to be appointed as the Statutory Auditors as per
the provisions of Section 139 and Section 141 of the Act and the Companies (Audit and Auditors) Rules, 2014,
as applicable. BSR & Co. would audit the financial statements of the Company on a standalone and
consolidated basis under Ind AS and would also audit the financial statements of certain subsidiaries. The
domestic and global network firms of BSR & Co. would audit the consolidated financial statements as per
International Financial Reporting Standards and the financial statements of certain subsidiaries.
14 AGM Notice
The proposed fee to be paid to BSR & Co., including its associate firms worldwide for the audit of accounts
of subsidiaries outside India, would be around Rs. 22.08 crores, plus expenses and taxes, as applicable, for
the financial year 2024-25.
It is proposed to authorise the Board of Directors, including relevant Committee(s) thereof, to finalise the
fee, expenses & other terms, and to approve incremental fee from time to time during their tenure.
Pursuant to the provisions of Sections 139, 141, 142 and all other applicable provisions, if any, of the Act and
the rules made thereunder, approval of the members of the Company be and is hereby sought for re-
appointment of BSR & Co. as the Statutory Auditors of the Company, for a second term to hold office for a
period of five consecutive years from the conclusion of the ensuing AGM till the conclusion of the 37th AGM
of the Company to be held in the year 2029.
None of the Directors or Key Managerial Personnel of the Company and their relatives are in any way
concerned or interested, financially or otherwise, in this resolution.
Brief Profile of M/s. B S R & Co. LLP (‘B S R & Co.’)
B S R & Co. was constituted on March 27, 1990 as a partnership firm having firm registration no. as 101248W.
It was converted into limited liability partnership i.e. B S R & Co. LLP on October 14, 2013 thereby having a
new firm registration no. 101248W/W-100022. Their registered office is at 14th Floor, Central B Wing and North
C Wing, Nesco IT Park 4, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai- 400063.
B S R & Co. is a member entity of B S R & Affiliates, a network registered with the Institute of Chartered
Accountants of India. It is registered in Mumbai, Gurgaon, Bangalore, Kolkata, Hyderabad, Pune, Chennai,
Chandigarh, Ahmedabad, Vadodara, Noida, Jaipur, Gandhinagar and Kochi. It has over 4,000 staff, 140+
Partners. B S R & Co. audits various companies listed on the stock exchanges in India including companies in
the technology sector.
Item No. 4 - Payment of remuneration by way of commission to Non-Executive Directors
The Non-Executive Directors can be paid remuneration only by way of commission apart from payment of
sitting fees.
In terms of the provision of Section 197 of the Companies Act, 2013 (‘Act’) commission can be paid to the
Non-Executive Directors by the approval of the members in a general meeting by way of an ordinary
resolution. Further, Regulation 17(6) of the SEBI (Listing Obligations and Disclosures requirements) 2015
(‘Listing Regulations’) authorizes the Board of Directors to recommend the compensation to Non-Executive
Directors including Independent Directors, and the same shall require the approval of the members in
general meeting.
Accordingly, remuneration not exceeding one percent per annum of the net profits of the Company
computed in accordance with the provisions of the Act will be distributed amongst the Non-Executive
Directors as approved by the Board on the recommendations of the Nomination & Remuneration Committee
(“NRC”). The payment of commission would be in addition to the sitting fees for attending the meetings of
the Board and the Committees as may be fixed by the Board.
The members of the Company in the Annual General Meeting held on August 6, 2019 had approved the
payment of commission up to one percent of the net profits of the Company computed as per Section 198
of the Act to the Non-Executive Directors for a period of five years up to the financial year ended as on March
31, 2024.
15 AGM Notice
The Company’s Non-Executive Directors are professionals with high level of expertise and rich experience in
respective functional areas. Considering their experience and expertise brought into the Board, their time
commitment, guidance and oversight provided by them, it is proposed to continue with the payment of
remuneration by way of commission to the Non-Executive Directors of the Company in accordance with the
recommendations of the NRC and approval by the Board of Directors of the Company for each financial year
commencing from April 01, 2024.
All the Non-Executive Directors of the Company and their relatives are deemed to be concerned or
interested financially in this Resolution to the extent of the remuneration by way of commission that may be
received by each of them.
The CEO & Managing Director and other Key Managerial Personnel of the Company and their relatives are
not in any way concerned or interested, financially or otherwise, in this resolution.
Item No. 5 – Re-appointment of Mr. Simon John England (DIN- 08664595) as an Independent Director of
the Company
Mr. Simon John England (DIN - 08664595) was appointed as an Independent Director on the Board of the
Company on January 16, 2020 for a period of five years to hold office till January 15, 2025. The same was
approved by the members in the Annual General Meeting (‘AGM’) held on September 29, 2020.
As per the provisions of Section 149 of the Act, an Independent Director may hold office for two terms of up
to 5 consecutive years each. Accordingly, the first term of five years of Mr. Simon John England, as a Non-
Executive Independent Director of the Company shall end on January 15, 2025.
The Nomination & Remuneration Committee (‘NRC’) recommended the re-appointment of Mr. Simon John
England as an Independent Director for a second term of five consecutive years effective from January 16,
2025 after considering his performance evaluation.
The performance evaluation of Mr. Simon John England included the following aspects:
a) His active engagement in the deliberations of Board and Committee meetings and regularity in
attending the meetings.
b) His valuable guidance and insights provided to the Board, Committees and Senior Management on
various aspects including Business Strategy & Planning, Sustainability, Diversity & Governance.
c) His skills and expertise in leading operational transformation & performance improvement
programmes.
The Board of Directors, after considering the NRC recommendations and performance evaluation, in its
meeting held on July 12, 2024 has recommended the re-appointment of Mr. Simon John England as an
Independent Director. In the opinion of the Board, he is a person of integrity and considering his skills and
relevant experience in the technology sector, his re-appointment would be in the interest of the Company.
He fulfils the conditions specified in the Act, the Companies (Appointment and Qualification of Directors)
Rules, 2014 (‘Appointment Rules’) and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (‘Listing Regulations’) for his re-appointment as an Independent Director and he is
independent of the management.
In view of the above, it is proposed to re-appoint Mr. Simon John England as an Independent Director on the
Board of the Company for a second term of five consecutive years, not liable to retire by rotation,
commencing from January 16, 2025 to January 15, 2030 (both days inclusive).
16 AGM Notice
In terms of the provisions of Section 160(1) of the Act, the Company has received a notice in writing proposing
his candidature for re-appointment as an Independent Director of the Company.
The Company has received from Mr. Simon John England (i) consent in writing to act as an Independent
Director in Form DIR-2 pursuant to the Appointment Rules, (ii) intimation in Form DIR-8 pursuant to the
Appointment Rules, to the effect that he is not disqualified under Section 164(1) and 164(2) of the Act, and
(iii) a declaration that he meets the criteria of independence as provided under Section 149(6) of the Act and
Regulations 16(1)(b) & 25(8) of the Listing Regulations. He has confirmed that he has not been debarred or
disqualified by SEBI / Ministry of Corporate Affairs or any such statutory authority from being appointed or
continuing as director of companies. He has also confirmed that he is in compliance with Rule 6(1) and 6(2)
of Appointment Rules with respect to the registration with the data bank of Independent Directors
maintained by the Indian Institute of Corporate Affairs.
The draft terms and conditions of his appointment are available on the website of the Company.
None of the Directors or Key Managerial Personnel of the Company and their relatives, except Mr. Simon
John England and his relatives, are in any way concerned or interested, financially or otherwise in this
Resolution.
be passed as a Special Resolution.
Brief Profile of Mr. Simon John England
Mr. Simon John England, aged 58 years, has a degree in Engineering from the University of Durham and has
over 30 years of experience of leading, transforming, and growing organisations across the public and private
sector. He has spent much of his career working with UK and Global Insurers, Healthcare providers and with
the UK Government. He is a partner in the specialist advisory firm, Garwood Solutions, where he provides
independent strategic and business advice to clients in the Professional Services, Financial Services, Health
and Technology sectors.
He spent 27 years with Accenture and led several of Accenture’s largest businesses and global client
relationships, including Managing Director of Accenture’s UK and Ireland Insurance business and, prior to
that, the UK Healthcare business. He was the Managing Director of Primary Care Support England for Capita
where he led the recovery and turnaround of this large, complex, and high-profile outsourced operation for
NHS England. He is accomplished in applying technology to achieve business results - creating digital
operations, shaping, planning, and leading operational transformation and performance improvement
programmes and technology enabled business change at scale, and is experienced in leading outsourced
operations. He is an expert in complex stakeholder and commercial management, and organisation
turnaround.
He was involved in the UK Arts sector and led Accenture’s relationship with the Bright Ideas Trust – helping
nurture new entrepreneurs from disadvantaged communities. He also worked closely with Whizz-Kidz – an
energetic charity that transforms the delivery and management of wheelchair services for children across
UK.
Mr. Simon John England is a member of the Nomination & Remuneration Committee as well as a member of
the ESG & Diversity Equity Inclusion Committee of the Company.
Additional information in respect of Mr. Simon John England, pursuant to the Listing Regulations and the
Secretarial Standard on General Meetings (SS-2) issued by the Institute of Company Secretaries of India, is
given at Annexure B to this Notice.
17 AGM Notice
Annexure A
DETAILS OF DIRECTORS RECOMMENDED FOR RE-APPOINTMENT AS REQUIRED UNDER THE SEBI

(LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AND SECRETARIAL
STANDARD-2 ISSUED BY THE INSTITUTE OF COMPANY SECRETARIES OF INDIA
Name of Director Mr. C. Vijayakumar

Date of Birth 11-May-1968
Age 56 Years
Date of first Appointment on the Board 20-July-2021
Qualifications Graduate in Electrical & Electronics Engineering from P.S.G.
College of Technology, Tamil Nadu, India.
Nature of expertise, experience in specific Expertise in Technology, Business & Operational leadership
functional area matters. He is widely recognized in the industry for his
strategic thinking and impeccable execution.
Past Remuneration Details have been provided in the Corporate Governance
Report which forms part of the Annual Report 2023-24.
Terms and conditions of appointment / Re-appointment as a Director, liable to retire by rotation.

re-appointment including Remuneration to be
paid In terms of the approval granted by the shareholders in the
Annual General Meeting (‘AGM’) held on August 27, 2021,
Mr. C. Vijayakumar was appointed as the Managing Director
of the Company (with designation as CEO & Managing
Director) to hold office till July 19, 2026. There is no change
in the terms & conditions including his remuneration as
approved by the shareholders in the said AGM.
Number of shares held in the Company including 764,423 equity shares of 2/- each
shares held as a Beneficial Owner as on March 31,
2024
Relationship with other Directors / KMPs None
Directorships / Committee Membership and He is Director on the Board of HCL America Inc., HCL
Chairmanship held in other Companies America Solutions Inc., HCL Latin America Holdings LLC.,
Geometric Americas Inc., and HCL Canada Inc., all wholly
owned subsidiaries of the Company, incorporated outside
India.
He does not hold any Committee Memberships in other

Companies.
Resignation from Listed entities in the past three None

years
No. of Board Meetings of the Company attended 4 Board Meetings were held during the Financial Year 2023
during the Financial year 2023-24 - 24. All these meetings were attended by him.
18 AGM Notice
Annexure B
Name of Director Mr. Simon John England

Date of Birth 23-Dec-1965
Age 58 Years
Date of first Appointment on the Board 16-Jan-2020
Qualifications Degree in Engineering from University of Durham, UK
Nature of expertise, experience in specific Expertise in creating digital operations and leading technology-
functional area enabled business change, proficiency in complex stakeholder
and commercial management, and organization turnaround.
Past Remuneration Details have been provided in the Corporate Governance
Report which forms part of the Annual Report 2023-24.
Terms and conditions of appointment / Re-appointment as an Independent Director for a second term
re-appointment including Remuneration to be of five consecutive years with effect from January 16, 2025, not
paid liable to retire by rotation.
He will be paid sitting fee for attending the Board/ Committee

meetings, as approved by the Board.
He would also be paid commission, as may be approved by the

Board, in terms of the provisions of the Act.
Number of shares held in the Company including

shares held as a Beneficial Owner as on March 31,
2024 Nil
Relationship with other Directors / KMPs None
Directorships / Committee Membership and He is a Director on the Board of HCL Technologies Holding UK
Chairmanship held in other Companies Limited, a wholly owned subsidiary of the Company
incorporated in the UK.
He also holds directorships in Garwood Solutions Ltd. and
Asphero Ltd., companies incorporated outside India.
He does not hold any Committee Memberships in other
Companies.
Resignation from Listed entities in the past three None
years
No. of Board Meetings of the Company attended 4 Board Meetings were held during the Financial Year 2023 -
during the Financial 24. All these meetings were attended by him.
year 2023-24
The skills and capabilities required for the role Refer Explanatory Statement
and the manner in which the proposed
Independent Director meets such requirements
including summary of the performance
evaluation
Date: July 19, 2024 By Order of the Board of Directors

Place: Noida, U.P. For HCL Technologies Limited
Sd/-
Manish Anand
Corporate Office Address:
Company Secretary
Plot No.: 3A, Sector 126,
Membership No: F-5022
Noida - 201 304, U.P., India
19 AGM Notice
Information at a Glance
Sr. Particulars Details
1. Day, Date and Time of AGM Tuesday, August 13, 2024 at 11:00 A.M. (IST)
2. Mode Video Conferencing (VC) or Other Audio-Visual
Means (OAVM)
3. Participation through Video-Conferencing Members can join AGM through VC/ OAVM mode
30 minutes before the commencement of meeting
4. Helpline Number for VC Participation +91 22 48867000
5. Speaker Registration before AGM Members who would like to express their views /ask
questions as a speaker during the AGM may
pre-register themselves by sending their questions
in advance along with their name, demat account
number/folio number, e-mail ID and mobile number,
from their registered e-mail address,
at [email protected] before Monday, 5, August,
2024 (5:00 p.m. IST).
6. Webcast and transcripts Recorded transcript will be made available on
website of Company at www.hcltech.com
7. Cut-off date for e-voting Wednesday, August 07, 2024
8. E-voting start time and date 09:00 A.M. (IST) on Friday, August 09, 2024
9. E-voting end time and date 05:00 P.M. (IST) on Monday, August 12, 2024
10. E-voting website of NSDL www.evoting.nsdl.com
11. Name, address and contact details of e- National Securities Depository Limited
voting service provider
Trade World, ‘A’ Wing, 4th Floor, Kamala Mills
Compound, Senapati Bapat Marg, Lower Parel,
Mumbai- 400013
Contact Details:
Ms. Pallavi Mhatre
Senior Manager- NSDL
E-mail address: [email protected]
Telephone no.: +91 22 - 4886 7000.
12. Name, address and contact details of Link Intime India Pvt. Ltd.
Registrar and Share Transfer Agent Unit: HCL Technologies Limited
C-101, 247 Park, L.B.S. Marg,
Vikhroli (W), Mumbai – 400083
Contact Details:
E-mail address: [email protected]
Telephone no: 1800 1020 878
20 AGM Notice
FY24 was a year of
industry-leading growth at
HCLTech as we continued to
bring together the best of
technology and our people
to supercharge progress.
Our full-stack portfolio,

underpinned by a strong
engineering heritage, is enabling
global enterprises to unlock the
true potential of digital
technologies.
As we engineer the digital future

for our clients, we remain
grounded in the “art of possible”
to innovate solutions that are
relevant and deliver value in
the real world.
And we do it all sustainably,

responsibly and ethically.
Contents
Corporate Overview 02 IT and Business Services (ITBS) 24
Message from the Chairperson 02 Digital Business Services 25
Message from the CEO & Managing Director 04 Digital Foundation Services 28
Founder and Board of Directors 07 Digital Process Operations 30
Leadership Team 08 HCLTech Career Shaper™ 32
Supercharging Progress with AI 10 CloudSMART 34
A Year of Industry-Leading Growth 12 Ecosystems 35
Our Global Footprint 14 HCLTech-Verizon Business
Strategic Partnership 36
Awards and Recognitions 16
AI and GenAI 38
Supercharging Progress for our Clients 20 HCLSoftware 41
Engineering and R&D Services (ERS) 21
Supercharging Progress for our People 44 Business Responsibility &
Sustainability Report (BRSR) 178
Supercharging Progress for our Communities 49
Financial Performance
Supercharging Progress for our Planet 55 Standalone Financial Statements 215
Management Discussion and Analysis (MDA) 59 Consolidated Financial Statements 278
Statement under Section 129 354
Directors’ Report 117
Corporate Governance Report 145
CEO and CFO Certificates 177

Message from
the Chairperson
Roshni Nadar Malhotra
Dear Shareholder,
I am happy to share with you that HCLTech delivered yet We have always prioritized doing business in a sustainable
another year of healthy growth and market performance. In and responsible way. We are making good progress on our
FY24 we recorded revenue of ₹109,913 crore, up 8.3% YoY, and sustainability goals and commitment to being net-zero by
net income of ₹15,702 crore, up 5.7% YoY. Our industry-leading 2040 through a range of initiatives. We have reduced our
performance reflects the strength of our portfolio across Scope 1 and 2 emissions by 25% from FY20. In FY24, we
digital, engineering, cloud, AI and software that enables us to replenished 32 times the water we consumed across our India
bring differentiated technology solutions to our clients. operations while 98% of our owned office buildings are rated
Platinum by the Green Buildings Council. Our sustainability
The demand environment for IT services remained efforts were once again recognized by global institutions
challenging as macro-economic headwinds persisted in such as MSCI and S&P in FY24.
key markets and clients deferred discretionary technology
spends to focus largely on core technology programs. The year marked a major milestone for HCLTech’s global
We are beginning to see some green shoots but remain corporate social responsibility (CSR) initiatives as we
cautiously optimistic in the short-term. However, the medium launched the HCLTech Grant Americas with a commitment
to long-term prospects for the industry look promising as of $5 million to support innovative programs that help fight
new technologies offer massive opportunities to technology climate change across Americas. It is a demonstration of
partners like HCLTech. our ability to take our India CSR “source code” to make a
meaningful impact in global geographies where we
The technology landscape today is perhaps the most exciting operate. Our CSR interventions in India through the award
in over a decade. Generative AI (GenAI) is beginning to make winning HCLFoundation continue to scale up. HCLTech’s
an impact and we are beginning to see use cases moving out cumulative CSR investments in India crossed ₹1,400 crores
of innovation labs to real business environments. Last year, this year, which helped transform over 6.5 million lives across
HCLTech built and implemented cutting-edge GenAI use the country.
cases to address several business problems across industries.
With our comprehensive portfolio, strong engineering HCLTech was also recognized by Ethisphere as one of the
heritage and ecosystem of partners, we are well equipped World’s Most Ethical Companies 2024. This is a testimony
to help clients thrive as GenAI begins to touch almost every to HCLTech’s deep commitment to corporate governance,
aspect of business. ethics and transparency that are part of the values enshrined
in the company by our Chairman Emeritus Shiv Nadar.
“
We remain focused on the five strategic objectives outlined
to steer growth and create value for all stakeholders in the
The technology landscape today is medium-term.
perhaps the most exciting in over a • Leadership through differentiated services and products
decade... With our comprehensive • Employer of choice in professional services across all our
key geographies
portfolio, strong engineering heritage • Preferred Digital partner for Global 2000 enterprises in
and ecosystem of partners, we are chosen markets
well equipped to help clients thrive as • Weave ESG (Environmental, Social and Governance) goals
into business strategy
GenAI begins to touch almost every • Deliver top quartile TSR (Total Shareholder Return) over the
aspect of business.” medium term
HCLTech continues to be an employer of choice and our On behalf of the Board of HCLTech, I would like to thank you
global team represents 159 nationalities across 60 countries. for your continued support.
We were certified as Top Employer in 26 countries and ranked
no.1 in 15 of these. This is a validation of our diverse and
inclusive organizational culture that lets people find their Regards,
spark and invests in their growth and well-being.
Upskilling our people has become more important than

ever as GenAI-led technology transformation takes shape.
HCLTech is investing in training programs in AI, GenAI and
allied technologies for employees through highly advanced
and familiarization programs being provided based on
role requirements. We are also embracing GenAI within Roshni Nadar Malhotra
the company to drive better employee experience and
productivity across business functions.
Corporate Overview 3
Message from
fromCEO
the CEO&&
Managing Director
C Vijayakumar
Dear Shareholder,
HCLTech’s industry-leading performance is also reflected
FY24 was a year of industry-leading growth at HCLTech in the wide range of market recognitions we’ve received.
despite the global macroeconomic and geopolitical We won six ISG Star of Excellence Awards 2023, the
headwinds. Our differentiated portfolio across services and highest in the industry, based on feedback from over
products allowed us to sustain the growth momentum by 2,250 unique customer evaluations. HCLTech had an
being a digital partner of choice for global enterprises in impressive CX score of 82.3 vs industry average of 68.9
our chosen markets of operations. as per the customer evaluation. Clients across regions,
industries and business roles expressed significantly higher
We closed the year with revenue of $13.3 billion, up 5.4% levels of satisfaction with HCLTech’s services than other
YoY. Our revenue growth rate was the highest among the top providers.
tier 1 global IT services companies and our EBIT margin
for the year was 18.2%. Our free cashflow continued to In addition, HCLTech was rated as the fastest-growing IT
be healthy at $2.6 billion, a growth of 27.7% YoY. It is a services brand among the top 10 IT companies globally,
testament to the depth and breadth of our offerings as as per the 2024 Brand Finance Global 500 and IT Services
well as strong and impactful execution as we continue to Top 25 Report. This is a validation of the success of our
focus sharply on always being relevant to our clients. brand transformation with the unique positioning of
Supercharging Progress.
Our services business saw good growth of 5.4% YoY in
“
constant currency, led by 12.1% YoY growth in Financial
Services and 9.8% YoY increase in the Manufacturing
verticals. Digital revenue in constant currency grew by 5.3% Our revenue growth rate was the
and now contributes 37.3% of the overall services revenue.
Cloud and Cybersecurity were key contributors to the highest among the tier 1 global IT
healthy growth in digital revenue. We added three clients services companies and our EBIT
in the $100M+ category, six in the $20M+ category, 25 in
the $10M+ category and 20 in the $5M+ category during margin for the year was 18.2%. Our
the year. Our software revenue grew by 2.3% in constant
currency as the business sustained its $1 billion+ annual
free cashflow continued to be healthy
run rate, driven by subscription and support revenue, which at $2.6 billion, a growth of 27.7% YoY.
grew 400 basis points YoY. We have already recovered 90%
of our investment in the software business and remain
It is a testament to the depth and
bullish on the growth prospects ahead. breadth of our offerings as well as
Our deal pipeline continues to be healthy and diversified. strong and impactful execution as we
During FY24, the total contract value of new deals won
(excluding renewals) was at an all-time high of $9.8 billion,
continue to focus sharply on always
representing a growth of 10% YoY. We won 73 new large being relevant to our clients.”
deals — 36 in services and 37 in software. The highlight
of the year was our strategic partnership with Verizon Our people are the biggest enablers of our performance,
Business, which brings together Verizon’s networking and we continue to double down on our objective of being
power, solutioning and scale with HCLTech’s market- the employer of choice in professional services across
leading managed services capabilities to serve global key geographies. We closed FY24 with 227,481 people,
businesses. The Verizon deal win marked a major an increase of 1,537 while onboarding 12,141 freshers. Our
milestone as the largest services deal in HCLTech’s employee attrition rate came in at 12.4%, which is among
history and underscored our ability to engineer the lowest in the industry. It is also pertinent to note that
solutions and execute at scale. HCLTech has had the most stable leadership team among
its peers and it is something our clients value.
We are a global leader in engineering services, and in FY24
we added to our capabilities with the acquisition of ASAP Driven by innovative people policies, HCLTech was
Group, a Germany-based automotive engineering services certified as a Top Employer in 26 countries, with a
provider. With the addition of technology and talent, ASAP number one ranking in 15 countries. Our employee value
will strengthen HCLTech’s presence in the autonomous proposition “Find Your Spark” is helping us establish a
driving, e-mobility and connectivity segments. clear differentiation by offering our people a vibrant and
inclusive work culture and opportunities to learn and
We continue to stay focused on our objective of delivering grow on a global scale. We made significant investments
top quartile Total Shareholder Return. On the back of this in training and upskilling of employees that resulted in
well-rounded performance, the company paid a full-year 160,000+ unique employees trained and certified across
dividend of ₹52 per share. This represented a payout ratio a variety of in-demand skills.
of 89.6% for the full year in line with our stated capital
allocation policy. The company’s market capitalization We remain steadfast in our commitment to grow our
crossed the $50 billion mark during the year. business sustainably and responsibly. During FY24,
“
we replenished 32 times more water than we consumed
across our India operations. HCLTech received A-
leadership rating for climate change initiatives from CDP, HCLTech’s full-stack technology play
a global non-profit organization. We received AA rating
in the MSCI ESG Index, and we were included in the S&P
and core engineering DNA positions
Sustainability Yearbook for the second year in a row. us uniquely to help clients unlock the
We continue to transform communities through a full potential of GenAI. Our approach
wide range of initiatives. In India, HCLFoundation has to GenAI is grounded in the “art of
impacted over 6.2 million lives since its inception
through interventions across environment, education possible” to enable clients to deploy
and healthcare. It has planted 2.1 million saplings and
harvested 81 billion liters of water to support communities
practical technology solutions.”
and the environment. This year, we significantly scaled up
our community initiatives beyond India with the launch We have invested aggressively in GenAI capabilities,
of HCLTech Grant Americas, committing $5 million over innovation labs and are partnering with top hyperscalers to
five years to support non-profit organizations focused on build solutions. Over 200 proofs of concept have already
combating climate change and restoring ecosystems and been delivered to clients. We’ve launched HCLTech AI
biodiversity across the Americas. ForceTM, an innovative GenAI platform that accelerates
time-to-value by transforming the software development
HCLTech has always set high standards of corporate and engineering lifecycle. Importantly, we are upskilling
governance and believes in doing business the right our people in GenAI through a range of advanced learning
way. It was a proud moment for us as Ethisphere programs. In FY25, we aim to upskill 50,000+ employees in
recognized HCLTech as one of the World’s Most Ethical GenAI and adjacent capabilities. This technology capability
Companies 2024. is backed by a robust global delivery model as we continue
to scale up our Nearshore and New Vistas locations.
“
We remain steadfast in our
To conclude, we remain optimistic and committed
to our purpose of bringing together the best of
technology and our people to supercharge progress.
commitment to grow our business In the aforementioned ISG survey, a leading global
sustainably and responsibly. During company said, “HCLTech is really a business partner for
us, thinking together, finding adequate solutions to any
FY24, we replenished 32 times more challenges or changes we might encounter.” We remain
water than we consumed across our obsessed with staying relevant to our clients in any
business environment.
India operations. HCLTech received A-
I would like to thank our Board of Directors for their
leadership rating for climate change invaluable guidance and mentorship and look forward to
initiatives from CDP, a global non- your continued support.
profit organization.”
Looking at the year ahead Regards,
We expect the demand environment for IT services to
remain unchanged, with discretionary spends by clients
staying soft. But equally, there are opportunities for growth
led by emerging technologies such as GenAI and surround
areas such as cloud, data and cybersecurity. With our
comprehensive portfolio across digital, engineering,
cloud, AI and software, we are well placed to leverage C Vijayakumar
the market opportunities.
When it comes to GenAI, we see the market moving

toward real-world B2C and B2B use cases being deployed
at scale. HCLTech’s full-stack technology play and core
engineering DNA positions us uniquely to help clients
unlock the full potential of GenAI. Our approach to GenAI
is grounded in the “art of possible” to enable clients to
deploy practical technology solutions.
6 HCLTech Annual Report 2023-24

Founder Board of Directors
Shiv Nadar Roshni Nadar Malhotra C Vijayakumar Shikhar Malhotra

Founder, HCL Group; Chairperson, Chief Executive Officer Director, Non-Executive,
Chairman Emeritus and Non-Executive, and Managing Director Non-Independent
Strategic Advisor to the Non-Independent
Board C
Non-Executive, Independent Directors
Bhavani Deepak Kapoor Lee Fang Chew S Madhavan

Balasubramanian Director Director Director C C C C
Director
Dr. Mohan Chellappa Nishi Vasudeva Robin Ann Abrams Dr. Sosale Shankara
Director Director Director C Sastry
Director
Simon John England R Srinivasan Thomas Sieber Vanitha Narayanan

Director Director Director Director C
Key to Audit Committee

Corporate Social Responsibility Committee
Stakeholders’ Relationship Committee
Risk Management Committee
board committee Nomination and Remuneration Committee ESG and Diversity Equity Inclusion Committee
membership Finance Committee C Respective Chair of each Committee
Leadership Team
C Vijayakumar
Chief Executive Officer
and Managing Director
Ajay Bahl Ajit Kumar Anil Ganjoo Ashish Kumar Gupta

Chief Growth Officer, Chief Information Officer Chief Growth Officer, Chief Growth Officer,
Americas, Americas, TMT and Europe and Africa,
Mega Industries RCPG Industries Diversified Industries
Hari Sadarahalli Jagadeshwar Gattu Jill Kouri Kalyan Kumar

Corporate Vice President President, Chief Marketing Officer Chief Product Officer,
and Global Head, Digital Foundation HCLSoftware
Engineering and Services
R&D Services
Kevin McGee Nidhi Pundhir Pawan Vadapalli Prateek Aggarwal

Corporate Vice President, Vice President and Corporate Vice President Chief Financial Officer
Risk and Compliance Global Head, CSR and Global Head,
Digital Business Services

Raghu Kidambi Raghu Raman Rahul Mohta Rahul Singh
Corporate Vice President Lakshmanan Executive Vice President Chief Operating Officer,
and Global Head, General Counsel and Head, Enterprise Corporate Functions
Digital Process Operations Performance Office
Raj Ramachandran Rajiv Shesh Ramachandran Santhosh Jayaram

Senior Executive Vice Chief Revenue Officer, Sundararajan Global Head,
President, Chief of Staff to HCLSoftware Chief People Officer Sustainability
the CEO & MD
Shrikanth Shetty Srimathi Shivashankar Srinivasan Seshadri Sriram Hariharan

Chief Growth Officer, Corporate Vice President Chief Growth Officer Executive Vice President,
Americas, Life Sciences and Global Head, and Global Head, Strategy, Corporate
and Healthcare Industries EdTech Business Financial Services Development and
Business Enablement
Swapan Johri Vijay Guntur

President, Chief Technology Officer
Growth Markets and Head of Ecosystems
Supercharging Progress with AI:
HCLTech’s Full-Stack Portfolio
With our full-stack GenAI portfolio and proven track record of driving successful AI
transformations for large enterprises, we are uniquely positioned to empower businesses
in their AI and GenAI adoption journeys.
Our strengths lie across the stack, right from chip Our AI and GenAI operating model revolves around
design for GenAI, data center, compilers for performance, strategic ecosystem partnerships with leading
LLM Ops with prebuilt models and customized models organizations in the AI and GenAI domain. For example,
trained on customer data, and finally, apps and business HCLTech AI ForceTM is built on Microsoft's Azure OpenAI
processes. Our GenAI offerings take a comprehensive and is capable of integration with GitHub Copilot, Google
approach across industries and business functions. Gemini and AWS Anthropic Claude 3 Haiku in AWS
We prioritize innovation while adhering to a responsible Bedrock. HCLTech Enterprise AI Foundry has gone live for
and ethical AI framework, ensuring privacy, protecting AWS, Google Cloud and Microsoft, enabling GenAI-led
intellectual property rights, promoting fairness and transformation utilizing, with Microsoft for example,
verifying accuracy. Microsoft Fabric Copilot, Azure AI Studio, Azure OpenAI
We create AI solutions that do not live in isolation but Service and Cognitive Services.
benefit from the best-of-breed data engineering and data The HCLTech GenAI CoEs include Microsoft’s Azure
science work that has cemented our reputation as one of OpenAI Service, Google Gemini and the IBM watsonx™ AI
the world’s leading providers of high-complexity Data and and data platform, and we have recently expanded our
AI services. While we focus on individual solutions, our Microsoft Cloud GenAI CoE with the addition of the
perspective is that of comprehensive, end-to-end Microsoft Copilot CoE.
transformation – often in direct collaboration with a
powerful ecosystem of industry partners.
AI and Full-stack AI solutions

Cloud Native that span from ideation
that enable to engineering to scale
AI Labs
Velocity Enterprise Transformation
Business Processes
Productivity AI ForceTM
Applications,
Products & Platforms
Quality
LLM/SLM
Business
Outcomes
Enterprise AI Foundry
Data & AI
Cognitive Infrastructure
Semiconductor Design
Partners Speak
“
GenAI holds immense potential to revolutionize
business processes and transform entire
“
Gemini for Google Cloud can enhance many areas of enterprise
work, such as helping developers build applications more
industries. Together with partners like HCLTech, quickly and improving how financial analysts report on their
we can leverage the GenAI capabilities of SAP businesses. By enabling 25,000 engineers on Google Cloud’s
Business Technology Platform to create latest GenAI technology, HCLTech can provide the expertise and
AI-enabled solutions and tools for business technical skills that clients need to successfully deploy and
that are relevant, reliable and responsible, and manage GenAI projects at scale.”
will empower customers to swiftly adopt and
create innovations that deliver actual business Thomas Kurian, CEO, Google Cloud
outcomes.”
Juergen Mueller, Chief Technology Officer and
“
Member of the Executive Board of SAP SE
Partnering with HCLTech to develop AI solutions for our
post-release sentiment program was beneficial. Their rapid
“
prototyping and tool development was great. We've seen
tangible benefits and measurable ROI, marking the beginning of
HCLTech's deep understanding of the Microsoft an exciting journey. I am looking forward to the evolution of our
cloud, AI platforms and service offerings enables partnership and the innovations that it will bring.”
them to deliver platform synergy, and their
proficiency working with Microsoft Copilots, Qumar Jamil, Director, Xbox Certifications, Microsoft
coupled with their custom development, using
client data, helps them to democratize GenAI
benefits for customers. In addition, HCLTech is
“
using Azure AI Studio to create new specialized
AI applications, and is infusing existing
applications with cutting-edge GenAI services. With a diffusion rate surpassing that of any previous technology,
HCLTech is creating innovative role-based GenAI represents not just a technological advancement but a
business copilots for key sectors and is using global opportunity transcending industries and communities.
GitHub Copilot and AI ForceTM to boost developer The ITES sector in India stands poised to capitalize on these
productivity throughout the software lifecycle.” new AI developments. We're inspired by the rapid adoption of
GenAI and Microsoft 365 Copilot by HCLTech to revolutionize
Stephen Boyle, VP and Global Lead, GSI & employee experience and streamline business processes across
Advisory, Microsoft sales, service, finance and delivery functions. The integration of
their AI ForceTM platform with GitHub Copilot is a testament to
our shared commitment to boosting developer productivity and
efficiency. By harnessing the power of Copilot for M365, Copilot
“
Studio, GitHub Copilot and other Azure AI Services, HCLTech is
poised to create industry-specific and persona-driven solutions.
Driving adoption of responsible GenAI solutions is These innovations will not only enrich the Microsoft
an important component of our collaboration with Marketplace but also strengthen our co-sell endeavors.”
service partners like HCLTech. Through this Center
of Excellence, we plan to empower our joint clients Puneet Chandok, President, Microsoft India and South Asia
to rapidly explore, experiment and engineer GenAI
solutions with watsonx that are designed to meet
their current business challenges.”
Stephen Smith, General Manager, Service Partners,

IBM Ecosystem
A Year of Industry-Leading Growth
$13.3B ₹ 109,913 Cr
Revenue (up 5.4% YoY) (up 8.3% YoY)
₹ 20,027Cr ₹ 15,702Cr
Earnings before other income, Profit after tax (PAT)
tax and finance cost (attributable to owners of the company)
(8.4% increase YoY) (5.7% increase YoY)
₹ 22,448Cr 2.2x
Operating cash flow Total increase in $100M+
4-year CAGR: 13.9% clients over five FYs
73
New large deals signed
$ 9.8 B
New deal total contract value (TCV)
(up 10% YoY)
OCF/NI ratio and dividend payout ratio

Operating cash flow (OCF) (₹ Cr) Net income (NI) (₹ Cr) Dividend (on declared basis) (₹ Cr)
22,448
19,618
18,009
16,900
15,702
14,851
13,359 13,499 14,076
12,994
11,920
11,057 11,145
7,054
1,850
FY20 FY21 FY22 FY23 FY24
OCF/NI 121% 176% 125% 121% 143%
Dividend
Payout Ratio
16.7% 63.3% 88.3% 87.5% 89.6%

Earnings before other income,
Revenue from operations (₹ Cr) tax and finance cost (₹ Cr)
FY24
FY23
FY22
109,913
101,456
85,651
11.7%
CAGR (CC)*
FY24
FY23
FY22
20,027
18,483
16,204
9.5%
CAGR*
FY21 75,379 FY21 15,437
FY20 70,676 FY20 13,911
Profit after tax (PAT)

(attributable to owners of the company) (₹ Cr) Diluted EPS (₹)
FY24
FY23
FY22
15,702
14,851
13,499
9.2%
CAGR*
FY24
FY23
FY22
57.86
54.79
49.77
9.2%
CAGR*
FY21 11,145 FY21 41.07
FY20 11,057 FY20 40.75
Employee metrics (Headcount) Segment revenue** (₹ Cr)
FY24 227,481
81,148
FY23 225,944 IT and Business Services
FY22 208,877
FY21 168,977
17,581 11,692
Engineering and HCLSoftware
FY20 150,423 R&D Services
22
Client category (Number of clients)
19
16
15 15
46 46
43
35 254 $100M+
30 229
208 $50M+
178 $10M+
171 395
375
349 $5M+
308 318
939 951 $1M+
882
809
791
FY20 FY21 FY22 FY23 FY24
*4-year CAGR **Includes inter-segment revenue of ₹508 crores

Our Global Footprint
60 159 227K
Countries Nationalities Employees
200+ 150+
Delivery Centers Innovation Labs

Countries
Angola Czech Republic Ireland Oman Spain
Argentina Denmark Israel Panama Sri Lanka
Australia Egypt Italy Peru Sweden
Austria Estonia Japan Philippines Switzerland
Belgium Finland Lithuania Poland Taiwan
Brazil France Luxembourg Portugal Thailand
Bulgaria Germany Malaysia Romania Turkey
Canada Guatemala Mexico Saudi Arabia UAE
Chile Hongkong Morocco Singapore United Kingdom
China Hungary Netherlands Slovakia United States
Colombia India New Zealand South Africa Vietnam
Costa Rica Indonesia Norway South Korea
Awards and Recognitions
Executive Recognitions
HCLTech Chairperson
• Named among The World’s Most
Powerful Women by Forbes
• Recognized as one of the Most
Powerful Women in Business 2023 by
Fortune India
• Won Business Today Most Powerful
Women in Business Award 2023
• Included in India Today’s “The She List”,
covering the top 100 women achievers
of India
• Won the Legacy Entrepreneur Award at
the Express Awards for Women
Entrepreneurs 2024
Kiran Nadar receiving Amrit Ratna Award on behalf of Shiv Nadar
• Won the Emerging Women Business
Leader award at the Moneycontrol
Indian Family Business Awards 2022
Shiv Nadar, Chairman Emeritus and Strategic Advisor to the Board of
HCLTech, was conferred the Amrit Ratna Award 2023 by News18 India for his HCLTech CFO Prateek Aggarwal
contribution to business and philanthropy. received the Group CFO of the Year -
Large Enterprise award at the ETCFO
Shiv Nadar, Chairman Emeritus and Strategic Advisor to the Board of
Awards 2024.
HCLTech, retained “India’s most generous” title for the third time in five
years in Edelgive Hurun India Philanthropy List 2023.
Corporate Recognitions
HCLTech recognized by Rated A- by global environment

Ethisphere as one of the World’s non-profit CDP for climate
Most Ethical Companies 2024 change initiatives
Gold rating from EcoVadis,

a globally renowned ESG
rating platform
Fastest-growing IT services brand among the top 10
IT companies globally, as per the 2024 Brand Finance
Global 500 and IT Services Top 25 Report
Gold at the 3rd ICAI International Sustainability
Reporting Awards for Climate Action Reporting
Included in the S&P Global Ranked among the Top 10 Most Sustainable
Sustainability Yearbook 2024 Companies in India in a study by Businessworld and
for the second year in a row Sustain Labs, Paris

Employer Recognitions
HCLTech has been certified as Top Employer in 26 countries, with No. 1 ranking in 15
countries. Also received regional Top Employer certification in three key geographies
of its operations: Top Employer North America 2024 (ranked No. 1), Top Employer Asia
Pacific 2024 (ranked No. 1) and Top Employer Europe 2024 (ranked No. 2).
HCLTech employees in the US (left) and APAC (right) celebrating the Top Employer recognition
• Highest ranked India-headquartered IT company in • Silver at the ET Human Capital Award 2024 for the Aspire
the Forbes Best Employers List 2023; Ranked seventh program under the category “Excellence in Creating a
globally in the Professional Services category Culture of Continuous Learning and Upskilling”
• Gold at the 2023 Brandon Hall Group HCM Excellence • Rated as Silver Employer under the India Workplace
Awards™ under “Best Advance in Competencies and Skill Equality Index (IWEI)
Development” and “Best Unique or Innovative Learning • Recognized as the global runner-up for HCLTech’s
and Development Program” categories; Won Gold in communication strategy toward its employees and
the Talent Acquisition category for “Rise at HCLTech” stakeholder ecosystem during the pandemic at the Duty
program of Care Awards 2023, hosted by International SoS
• Gold at the O’Reilly Awards 2023 in the “Best in Skill • Recognized among World’s Best Companies Changing
Transformation” category; recognized for fostering the World; Featured in the debut ranking by TIME
talent, driving innovation and advancing skill Magazine and Statista
development to support clients in their
• Positioned as a Leader for the third consecutive year
digital transformation
in Avasant’s Digital Talent Capability RadarViewTM,
• Gold at the ETHRWorld Future Skills Awards in the 2023–2024
“Excellence in the Learning Impact Measurement”
• Positioned as a Leader and a Star Performer in Everest
category
Group’s Talent Readiness for Next-Generation IT Services
• ETHREX Award for Exceptional Employee Experiences in PEAK Matrix® Assessment 2023
the Large Enterprise category
Business Recognitions
• Three awards at Google Cloud Next’24: Global Talent • Trailblazers of 2023 Award at the IBM Think Partner
Development Partner of the Year Award, Industry Excellence Awards in Mumbai; only GSI to have won in
Solution Services Partner of the Year Award for the cloud business category
Telecommunications, and Cloud Migration Specialization • 2024 Intel EPIC Outstanding Supplier Award
Partner of the Year Award
• Winner of AWS EMEA Financial Services Innovation
• Dell Technologies 2023 Global Partner of the Year Challenge on Sustainability
Awards in three categories: Excellence in New Business
• System Integrator of the Year by Hewlett Packard
Development – Global, Excellence in Expansion –
Enterprise
EMEA, and Excellence in New Business
Development – Americas
• Commvault Pioneering GSI Partner of the • Recognitions for cybersecurity solutions: Fortinet (OT
Year 2023 Partner of the Year – North America), Microsoft Security
• Excellence in Expansion and Optimization award for SAP (Identity Trailblazer – Finalist), BeyondTrust (Trifecta
Concur and the Adoption Champion award for SAP Ariba Award) and CyberArk (Global MSP Partner of the Year)
at the SAP India Spend Connect • Fluid Workplace 2023 SIIA CODiE Award in
• Future Digital Award 2023 in the ‘Best IoT Device Best Emerging Technology Category for Virtuality
Management Platform’ category for HCLTech’s • Fluid Workplace 2023 Globee® Awards for Information
IoT solution Technology under five categories - (1) Customer Service
• NetApp GSI Partner of the Year 2023 (NORDICS) Innovation (2) Business Analytics Services (BAS) (3)
Virtual Reality and Augmented Reality (4) Information
• Keystone Partner of the Year for UK and Ireland
Technology Thought Leadership of The Year (5) Most
by NetApp
Valuable Response by IT Team of the Year (IT or Security)
• Veritas Growth Partner of the Year 2023
Diversity & Inclusion Recognitions

• Included in 100 Best Companies for Women in India list CSR Recognitions
and was recognized as “Exemplar of Inclusion” in Most
• HCLTech won the National Water Award for
Inclusive Companies Index (MICI) 2023 by Avtar
significant efforts in holistic water conservation
and Seramount
and management in India
• Included in NASSCOM’s DEI Champions List - Jury
• HCLFoundation won India Sanitation Coalition–
Special Mention
FICCI award in the Best Communication in
• The Most Innovative Diversity Award from Synchrony Sanitation category for its campaigns rolled out
• Gold at the 2023 Brandon Hall Group HCM Excellence under Samuday in Hardoi, Uttar Pradesh
Awards™ for “Best Advance in Leadership Development • HCLFoundation received a certificate
for Women” and “Best Advance in Employee Recognition of appreciation for its development of
Program”; also won Silver for “Best Learning Program infrastructure facilities in government schools
for Unconscious Bias Awareness” and “Best Advance in under Operation Kayakalp program of the Uttar
Employee Engagement” Pradesh government
HCLTech Chairperson Roshni Nadar Malhotra was the co-chair of the B20 Digital Transformation
Taskforce during India’s G20 presidency

Key Analyst Recognitions
HCLTech has received 300+ leadership rankings across horizontals and verticals for FY 2024 which we believe further
strengthen our credentials to be a partner of choice for large enterprises in their cloud and digital transformation journey.
HCLTech positioned as a Leader in

• Gartner® Magic Quadrant™ for Data Center Outsourcing
and Hybrid Infrastructure Managed Services, Worldwide*
• Gartner® Magic Quadrant™ for Public Cloud IT
Transformation Services*
• Gartner® Magic Quadrant™ for Outsourced Digital Won the highest number of awards (6) at the
Workplace Services, March 2024* ISG Star of Excellence Award, 2023
• Gartner® Magic Quadrant™ for Managed Mobility for customer service (CX) excellence
Services, Global*
• Gartner® Magic Quadrant™ for Managed Network Services* Overall Star of Excellence winner among
• HCLTech recognized by its customer with the Gartner 150+ service providers
Peer Insights Customers’ Choice distinction in Voice of
the Customer for Data Center Outsourcing and Hybrid HCLTech’s CX score at 82.3 against
Infrastructure Managed Services, Worldwide* industry average of 68.9
• IDC MarketScape: Canadian Managed MulticloudServices
2024 Vendor Assessment (doc # CA50302123,
February 2024)
• IDC MarketScape: Worldwide Software Engineering HCLTech positioned as a Leader in
Services 2023 Vendor Assessment (doc # US51330523, • IDC MarketScape: Worldwide Application Modernization
Nov 2023) Services 2023 Vendor Assessment
• IDC MarketScape: Worldwide Smart Manufacturing (doc # US51146923, Sept 2023)
Asset Management Service Providers 2023-2024 • Everest Group’s Healthcare Data and Analytics Services
Vendor Assessment (doc # US49760023, Dec 2023) PEAK Matrix® Assessment 2023
• Everest Group’s Microsoft Dynamics 365 Services PEAK • Everest Group’s Medical Devices Digital Services PEAK
Matrix® Assessment 2023
• Everest Group’s 5G Engineering Services PEAK
Matrix® Assessment 2023: The Next Frontier in the • Everest Group’s Asset and Wealth Management IT
Hyperconnected Era Services PEAK Matrix® Assessment 2023
• Everest Group’s ACES Automotive Engineering Services • Everest Group’s Supply Chain IT Transformation Services
PEAK Matrix® Assessment 2023: Navigating the Future of for Retail and CPG PEAK Matrix® Assessment 2023
Automotive Landscape • Everest Group’s Cloud Services in Insurance PEAK
• Everest Group’s Digital Twin Services PEAK Matrix® Matrix® Assessment 2023
Assessment 2023 • Avasant’s High-Tech Industry Digital Services 2023–
• Everest Group’s Identity and Access Management (IAM) 2024 RadarView™
Services PEAK Matrix® Assessment 2023
• Avasant’s Aerospace & Defence Digital Services 2023-
• Everest Group’s Talent Readiness for Next-generation IT
2024 RadarView™
• Everest Group’s Cloud Security Services PEAK Matrix® • ISG Provider Lens™ Power and Utilities - Services and
Assessment 2023 Solutions - Next-Gen IT Services – Europe, North
America, Australia 2023
• Everest Group’s Software Product Engineering Services
PEAK Matrix® Assessment 2024 • HFS Horizons: Travel, Hospitality, and Logistics Service
Providers, 2023
• Everest Group’s Application Transformation Services PEAK
Matrix® Assessment 2024 – North America & Europe For the full list of analyst recognitions,
• Avasant’s Tech-enabled Sustainability Services visit www.hcltech.com/analyst-recognitions
2023–2024 RadarView™
* Gartner, Magic Quadrant for Public Cloud IT Transformation Services, August 2023. * Gartner, Magic Quadrant for Managed Mobility Services, Global, July 2023. * Gartner,
Magic Quadrant for Managed Network Services, November 2023. * Gartner, Voice of the Customer for Data Center Outsourcing and Hybrid Infrastructure Managed Services,
Worldwide, November 2023. * Gartner, Magic Quadrant for Outsourced Digital Workplace Services, March 2024. * Gartner and Magic Quadrant are registered trademarks and
service marks of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its
research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist
of the opinions of Gartner’s research organization and should not be construed as statements off act. Gartner disclaims all warranties, expressed or implied, with respect to
this research, including any warranties of merchantability or fitness for a particular purpose. * Gartner Peer Insights content consists of the opinions of individual end users
based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any
vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including
any warranties of merchantability or fitness for a particular purpose. * The Gartner content described herein (the “Gartner Content”) represent(s) research opinion or viewpoints
published, as part of a syndicated subscription service, by Gartner, Inc. (“Gartner”),and are not representations of fact. Gartner Content speaks as of its original publication date
(and not as of the date of this Quarterly report), and the opinions expressed in the Gartner Content are subject to change without notice.
Supercharging
Progress for
our Clients
Engineering and R&D Services (ERS)
We are a globally recognized leader in engineering services with expertise in both traditional
and digital engineering, coupled with investments in emerging technologies. We help global
enterprises across the world increase profitability, create new revenue streams and foster
cross-industry collaboration with comprehensive offerings in product engineering, platform
engineering, network engineering and manufacturing operations.
Key Highlights
No.1 400+ 2,200+ 110+ $110B+

Recognized as the top Enterprises that Patents filed on Engineering labs Addressable
engineering services trust us for their behalf of clients, accelerating market
provider* engineering driving innovation time-to-market opportunity**
programs
*Everest Group’s 2023 PEAK Matrix **Zinnov Zones Digital
Provider of the Year™ Awards Engineering Report 2022
Accelerating Engineering Innovation Across Industries

As new-age technologies continue to expand the frontiers clients across a wide spectrum of industries, including
of engineering and innovation, ERS draws from decades ISVs, consumer electronics, semiconductor, telecom and
of diverse industry experience to supercharge some of the networking, medical, manufacturing and transportation.
world’s biggest businesses with their digital engineering, We understand the challenges, opportunities and needs
product and platform engineering and cleantech goals. for each of these industries and help our clients establish
the digital bedrock for their product innovation and
Our deep-rooted expertise in product and platform engineering to deliver transformative digital experiences
engineering translates to end-to-end solutions for our to thrive in this era of disruption.
Our Differentiators
• Strategic blend of traditional and digital engineering • Best practices from multiple industries working
to provide greater certainty of outcomes for clients with top R&D spenders across 10 verticals and 40
• Outcome-based approach that focuses on going micro-verticals
beyond efficiency • Customer-centric innovations and patents to help
• Investments in 110+ engineering labs, 65+ solution enterprises stay ahead of competition
accelerators and 20+ CoEs focused on nurturing • Systematically orchestrated ecosystems to
emerging technologies create special value for our clients and innovate
for the future
Key Areas of Focus
GenAI
HCLTech helps organizations identify AI opportunities, HCLTech is developing targeted solutions and value
develop strategies and create roadmaps for implementing propositions that directly address their unique challenges
diverse AI solutions. From GenAI to automation to and help unlock their full potential. This focus ensures that
quantum computing and 5G, we are ahead of technology we deliver the most impactful results and remain at the
cycles to ensure that our clients make the right business forefront of industry evolution.
choices at the right time.
Seamless Experience
We offer a full-stack approach, from chip design and data Leveraging our expertise in engineering digital platforms,
engineering to large language models and AI-powered we are passionate about crafting interactions beyond
applications. This breadth, combined with over a decade physical spaces that empower consumers to connect with
of AI expertise and partnerships with top innovators in the world around them effortlessly. From the passenger
the space, allows us to unlock the disruptive potential of journey in a car to navigating an elevator, to cutting-edge
GenAI across diverse domains like IT services, software retail platforms, we engineer seamless digital experiences
development, semiconductor and medtech. across various touchpoints.
The recently launched HCLTech AI ForceTM is a dynamic
IT-OT Convergence
suite of GenAI-powered solutions, designed to deliver
engineering lifecycle transformation, amplified enterprise Manufacturing is becoming more diversified following
efficiency and accelerated time to market. HCLTech AI geo-political uncertainties and organizations are building
ForceTM injects intelligence into every facet of the software high-tech and high-value manufacturing facilities. This
and engineering workflows, from software development presents a tremendous opportunity for organizations to
and testing to support and maintenance. break down silos between the IT and OT stack to unlock
real-time data insights and optimized operations across
Building Intelligent Solutions the board. Our unique experience across infrastructure,
With our core engineering capabilities and years of applications, engineering and digital technologies puts
experience in AI, our approach to GenAI remains practical us in a great position to deliver significant value and
focusing on secure and responsible deployment: guide the journey toward a more integrated and
intelligent future.
• Copilot Apps for Enterprises: Applications built on top
of GenAI and LLM building blocks for on-prem/cloud Cleantech
deployment to assistor enhance any existing operations HCLTech is spearheading the charge toward a sustainable
and workflow at enterprise level. future by prioritizing clean technologies throughout
• Human-like Conversation Experiences: Immersive the engineering lifecycle. Our focus is on designing and
conversational applications with responsible AI engineering products that are inherently clean and green,
integration and voice support incorporated smoothly minimizing environmental impact from the outset.
into enterprise information systems. We are actively involved in developing cleaner
manufacturing methods, fostering energy efficiency in
• NLP and Computer Vision Solutions: Tailored natural
projects and crafting intelligent systems for responsible
language processing (NLP) and computer vision
resource management.
solutions, encompassing custom AI models, MLOps
pipeline implementation and seamless integration with Accelerated Push for Automotive Dominance
enterprise applications for optimal performance.
HCLTech is rapidly expanding its footprint in the
• Custom LLM-based Solutions: Applications built by automotive industry, aiming to become a major player
finetuning large language model (LLM) on enterprise/ with solutions spanning the entire vehicle development
domain-specific self-instruct data. We can leverage lifecycle, from chip to cloud. The recent acquisition of
Open Source Commercial LLMs (e.g., Llama2, Falcon, ASAP Group, a leading German engineering services
MPT, StarCoder, etc.) as foundational models. provider with deep automotive expertise, signifies a
strategic step in this direction.
For more details on our GenAI strategy, see our AI and
GenAI section on page 39. By merging HCLTech’s global reach and digital capabilities
with ASAP’s established reputation and automotive
Vertical Focus domain knowledge, the company is now strongly
positioned to deliver comprehensive solutions across the
ERS is sharpening its focus and strategically targeting
CASE (connected, autonomous, shared and sustainable,
high-growth verticals such as automotive, technology,
electric) domains. This strategic move positions HCLTech
semiconductors and manufacturing, which are undergoing
as a strong partner for driving innovation in the future of
transformative shifts and embracing game-changing
mobility and strengthens our presence in the German
technologies. By aligning with these pioneering sectors,
market, a key hub for automotive innovation.

HCLTech’s comprehensive suite of services covers the solutions. Our capabilities extend beyond these specific
entire automotive engineering lifecycle. This includes areas, encompassing chip design, embedded systems,
expertise in crucial areas for modern cars, such as software development and cloud integration, ensuring a
Advanced Driver Assistance Systems (ADAS), electric holistic approach to vehicle development.
vehicle powertrain technologies and connected car
Engineering advanced validation services for the automotive industry at our ASAP high-voltage lab in Ingolstadt, Germany
Analysts Speak
HCLTech recognized as a Leader in IDC MarketScape: HCLTech ranked as No. 1 engineering services provider
Worldwide Software Engineering Services 2023 Vendor by Everest Group
“
Assessment
“
HCLTech enables seamless adoption of software
engineering initiatives, highlighting bespoke frameworks
We are pleased to recognize HCLTech as a top performer
in our Engineering Services PEAK Matrix Provider of the
Year Awards. HCLTech has performed consistently well
in key use cases to unlock inherent value for their clients. across multiple important engineering segments such as
HCLTech’s commitment to customized frameworks helps software products, digital products, digital twins, industry
clients gain confidence and accelerates adoption. The 4.0 and connected medical devices as evaluated under
synergy between their software engineering services team multiple PEAK Matrix® assessments conducted in CY23.
and internal research, CoE teams, ecosystem partners and It stood out for its investments in upskilling talent, building
clients ensure a collaborative approach to identify and CoEs and forging strategic partnerships with multiple
co-create solutions.” hardware and software vendors.”
Mukesh Dialani, Research Vice President, Digital Akshat Vaid, Partner, Everest Group
Engineering and Operational Technology Services, IDC
HCLTech commended for engineering services and PLM capabilities
“
PLM is an essential component of large digital transformation programs and companies are investing heavily in digital
thread and digital twin initiatives to ensure end-to-end digital continuity. HCLTech, with its strong Engineering Services
heritage and extensive PLM capabilities, is well equipped to help clients achieve their business objectives by embracing
a product-centric approach.”
Peter Bilello, President & Chief Executive Officer, CIMdata
IT and Business Services (ITBS)
ITBS offers a comprehensive suite of digital transformation solutions in applications, AI,
infrastructure, cloud and digital process operations to support the evolving requirements of
global enterprises.
75+ of Fortune 200 $1.5T*

Addressable market
• Leadership in cloud transformation
• Pioneer in integrating and transforming
application and infrastructure services $9.8B
• Differentiated Challenger in apps and FY24 revenue
data modernization
• GenAI starting to serve as a growth
catalyst for data, cloud services, 6.2%
cybersecurity and the SaaS market FY24 growth in constant currency (YoY)
*Gartner (April 2024)
Building the Resilient Digital Enterprise
Employees Partners Clients Communities
Digital Operations
Light Gradient Autonomics and Unified Service Management
Integrated IT Operations | Security Operations | Process Operations
Digital Business
Digital Consulting | Custom Applications | Commercial Applications
Data and AI | Application Management
Digital Foundation
Hybrid Cloud | Digital Workplace | Networks | Cybersecurity and GRC
AI Experience Cloud Talent

Digital Business Services (DBS)
To stay agile in a rapidly changing business environment, enterprises need to reimagine technology, business architecture,
operations, skills, talent and culture. HCLTech’s DBS unit helps enterprises challenge the status quo by transforming their
operating models, by identifying and rethinking the right experiences, enabling them with composable platforms and
optimizing them with data-driven insights, all while ensuring sustainable value creation and impact.
Our Offerings
Digital Business Services help clients transform their value
chains through five focus areas:
• Digital Consulting helps enterprises reimagine their value

chains with experiences at the core to deliver innovative
solutions. We offer experience design, industry capability
definition, agile delivery transformation and organizational
agility, empowering clients to reimagine their enterprise value
chains.
• Custom Application Services help clients redesign and
modernize their applications and platforms via composable
architectures, microservices and cloud-based application
consumption.
• Commercial Application Services focus on enterprise
products and platforms, software as a service, customer
engagement platforms and business integration services.
These services generate intrinsic value for clients through
significant ROI and business outcomes across the enterprise.
• Data and AI Services facilitate the enterprise to modernize
data, simplify insights and scale AI to reduce tech debt,
enhance data velocity and trust, deliver actionable insights
and provide personalized experiences to transform human
experiences and operations with AI.
• Application Management Services with our digital
execution framework FENIX and ASM 2.0 proposition
focused on next-gen operating model transformation
across global enterprises.
Our Differentiators
Integrated Digital Business Hyperautomation Innovation: Our 60+ Innovation
Services: Full portfolio of offerings capabilities: This helps Labs and Scale Delivery centers
— Digital Consulting, Commercial clients shorten the app help us co-innovate solutions
Apps, Custom Apps Engineering, development lifecycle, save at scale for clients.
Data and AI collaborate — to deliver costs and drive efficiencies.
value to clients.
Investment in next-gen Industry-leading frameworks Integrated Application

technology: This helps us and solution IPs: FENIX, ASM Development (AD) and
deepen and build capabilities 2.0 and Nexus frameworks Application Service Management
in next-gen technologies like have revolutionized how we (ASM) execution: Expanded FENIX
GenAI, blockchain, web 3.0 and strategize, execute and monitor digital execution framework with
metaverse, and engage with apps. Our Digital 360 Advantage ASM 2.0 proposition that focuses
clients to co-create new and suite of solution IPs have on next-gen operating model and
innovative products and platforms enabled rich, data-oriented platform for execution of ASM
with faster time-to-value. customer experiences. engagements.
Key Highlights
152 400+ 36
Patents powering 75+ solution Global enterprises that Partners achieving breakthroughs
offerings and IPs to drive trust us for their digital through collaboration
innovation for our clients transformation programs with HCLTech
Clients Speak Analysts Speak
“
IDC MarketScape Worldwide Application Modernization
Services 2023 Vendor Assessment
HCLTech helped us not only improve business processes
“
and onboard new divisions but also reduce the technical
debt. This allowed Stanley Black & Decker to simplify the
Against IDC’s public cloud certification category,
application use with an intuitive UI and increase service
HCLTech exceeded industry benchmarks for talent
levels to our clients.”
certified on IBM and Alibaba, as well as AWS, GCP, Azure
Stephen Mascola, Senior Director IT - CRM, and Oracle. Against IDC’s ISV skills and talent category,
Stanley Black & Decker HCLTech exceeded benchmarks for the percentage of
modernization staff dedicated to modernizing Microsoft,
“
SAP and Oracle applications. Client feedback revealed
that HCLTech’s strengths centered on providing strong
This strategically important project will allow Oriola to teams that were well connected within enterprise
better respond to future customer and business needs, modernization efforts and possessed institutional
strengthen collaboration across the company, improve knowledge of legacy environments. Clients also
transparency and support managing the business in added that HCLTech was professional, had superb
a cross-market operating model. Through a common communication skills and possessed a deep body of
system, we will strengthen our processes and have access previous experience in modernization that the clients
to common data, both of which will support us in serving could leverage.”
our customers better.”
Peter Marston, Research Director, Worldwide Intelligent
Mikael Nurmi, Chief Digital Officer, Oriola Application Services, IDC
“
Microsoft Dynamics 365 Services PEAK Matrix®
Assessment 2023
Engagement with our fans and community is of the utmost
“
importance for Cricket Australia. We are focused on
keeping people engaged in the sport from the moment HCLTech has showcased strong domain knowledge in
they first pick up a bat and ball or watch a game. HCLTech BFSI and public sector for Dynamics 365 services. Also,
has already supported us in transforming our tech stack it has invested in developing a wide array of horizontal
and improving Australian Cricket’s participant and fan and vertical-specific IPs and solutions leveraging next-
digital experiences. The extension of this partnership and generation capabilities. Clients have appreciated its
the world-class technology it provides will help cricket balanced onshore and offshore resource mix. Collectively,
maintain and improve its place as the leading sport in the these capabilities have helped position HCLTech as
country.” a Leader on Everest Group’s Microsoft Dynamics 365
Donald Elliott, General Manager, Australian Cricket Services PEAK Matrix® Assessment 2023.”
Technology AS Yamohiadeen, Practice Director, Everest Group
ISG Provider Lens™ Salesforce Ecosystem Partners - Managed

Application Services for Large Enterprises - US 2023
“
HCLTech is an excellent Salesforce implementation
partner with remarkable growth in the US.”
Rainer Suletzki, Lead Analyst, ISG

Partners Speak
“
The synergy of the CloudSMART program with the RISE
with SAP offering will help customers maximize business
“
Success stories like these really signify the essence of
our partnership and the value that we can unlock for our
value while leveraging cloud innovations on their journey clients while working together.”
to an intelligent enterprise. We look forward to the
continued strategic partnership with HCLTech.” Tony Sanders, Senior Director, Americas Partner Sales,
Adobe
Harald Martin, Senior Vice President, Services Partner
Business Development, Cloud Success Services, SAP SE
“
“
The combination of the Databricks Data Intelligence
Platform, built on the lakehouse architecture, and
The collaboration between HCLTech and Pega creates HCLTech’s capabilities in business consulting, data
a terrific combination of technological expertise and engineering and data science capacities, have been
innovative solutions to supercharge remarkable business instrumental in helping our joint customers achieve their
transformations for our clients.” strategic data plus AI transformation objectives. HCLTech
has proven to be a powerful business partner, combining
Alan Trefler, Founder & CEO, Pegasystems technical and data capabilities, industry experience, IP and
innovation to deliver business value.”
Jason McIntyre, Vice President, Partnership Development,

Databricks
Our Partners
Vision for FY25

Our vision is to help our clients leverage the latest As part of our strategy, we have infused GenAI
technologies to accelerate their digital transformation. into every aspect of our business. From operations
We are committed to strengthening our capabilities to development, testing and beyond, we are
in new-age technologies and domains, reimagining committed to driving GenAI adoption at scale.
core processes in digital business and fostering talent GenAI will empower us to optimize processes,
and skill transformation at an accelerated pace. With enhance efficiency and unlock new opportunities
a focus on incubating industry-specific products and for innovation across the organization. By embracing
platforms, we aim to create innovative solutions that GenAI as a foundational element of our propositions,
drive tangible value for our customers. we are poised to deliver exceptional value and stay at
the forefront of the digital business landscape.
Digital Foundation Services (DFS)
DFS forms the bedrock of digital transformation journeys, offering next-gen AI and hyper automation-led infrastructure
services and digital solutions. We are the only service provider globally to be recognized as a Leader in all Gartner Magic
Quadrant™ reports related to DF services for 2022 and 2023.
Our Offerings
• Hybrid and Multicloud Services: Services in private/ • Cybersecurity Services: Services in next-gen security
hybrid cloud, cloud-native, multicloud deployments, areas, including managed detection and response (MDR),
edge computing and data center solutions. AI and GenAI, identity and access management (IAM)
• Digital Workplace Services: Highly personalized, and data security and services to enable clients to meet
experience-led and resilient end-user services, including their compliance and regulatory environment.
next-gen smart service desk, to our clients. • Unified Service Management and Intelligent Operations:
• Networks Services: We enable large enterprises We deliver efficiency and greater supplier management
and telcos to modernize and manage their network synergy, facilitating the assessment of the right service
infrastructure with solutions like SDWAN and private 5G. integration and management model for clients.
Our Differentiators
• Focus on hyperautomation and outcomes. • Platform-centric delivery instead of
Hyperautomated infrastructure services and people-centric delivery
digital solutions by HCLTech, proven automation • Hyper-personalized experience for end users
and delivery platforms powered by comprehensive suite of Fluid workplace
• Resilient and secure services based on robust solutions
cybersecurity frameworks like Zero-Trust and • A global talent workforce with new-age skills and
Digital Identity experience of embracing latest industry-leading
solutions and operating models.
Partners Speak
“
Our partnership with HCLTech helps our clients transform
their offices through cost-effective managed services
“
HCLTech offers a wealth of ServiceNow expertise to the
world’s leading businesses. It is an honor to extend our
that support the ongoing evolution of workspaces. As we partnership to the co-creation of industry-specific GenAI
reimagine the modern office, we are making it easier to solutions that will ignite our customers´ growth engines
support collaboration and productivity among workers, with transformative experiences.”
whether they are in the office or elsewhere.”
Bill McDermott, Chairman and CEO, ServiceNow
Alexandra Zagury, Vice President of Partner Managed and
as-a-Service Sales, Cisco
“ Client Speak
“
Organizations across the globe select the AI-native
Falcon platform to transform and consolidate their
cybersecurity. Our partnership with HCLTech extends In HCLTech, we found a partner who can help us
the reach of the Falcon platform to new customers and innovate and scale effortlessly on a strong cloud
markets, expediting spend consolidation and improving foundation, strengthen our agility and competitiveness
operational efficiencies. We are proud of the success that and help us maximize business value from our cloud
we’re experiencing with HCLTech and are excited about transformation initiatives.”
the opportunity ahead – jointly on a mission to secure the
world’s largest enterprises on cybersecurity’s Anne Hadler, Head of IT Governance and Cross Functional
winning platform.” Services, Siemens AG
Daniel Bernard, Chief Business Officer, CrowdStrike

Our Partners Analysts Speak
ISG Provider Lens™ Cybersecurity -
Solutions and Services - Strategic
Security Services
“
HCLTech takes a phased approach
to delivering SSS. It develops a clear
understanding of client needs and
evolving market dynamics and trends
to deliver a scalable strategy that
includes a resilient security posture
by design.”
Gowtham Kumar Sampath, Assistant

Director and Principal Analyst, ISG
IDC MarketScape: European

Human-First Digital Workplace
Services 2023 Vendor Assessment
“
HCLTech has successfully
strengthened its workplace
consultancy capabilities with a focus
on experience design and formalized
its commitment to an XLA-based
approach through contractual
commitments with most of its
customers. Extensive investment in
human-first focused IP points to an
ongoing commitment to future-proof
its DWS offer.”
Meike Escherich, Associate Research

Director, European Future of Work, IDC
ISG Provider Lens™ ServiceNow

Ecosystem Partners - ServiceNow
Consulting Services - U.S. 2023
“
In-depth industry know-how and
strong technology delivery models
are the major differentiators of
HCLTech in the U.S. market.”
Dr. Tapati Bandopadhyay,

Lead Analyst, ISG
Vision for FY25

Our vision is to provide a digital foundation that serves as the bedrock for our clients’ digital transformation by delivering
scalable, next-generation solutions that build business resiliency, maximize efficiency and drive transformative growth.
Digital Process Operations (DPO)
DPO delivers next-generation operating models that can sustain high levels of speed, agility, efficiency and transformation
within enterprises. We help our clients revolutionize customer experiences, modernize the business value chain end-to-
end, unlock business capital and stay ahead of competition by leveraging our domain expertise, engineering, AI and GenAI
capabilities and best-in-breed partner ecosystem.
HCLTech’s integrated technology-led digital operations model reimagines client’s operations across three broad digital
stacks: digital workforce, digital process and digital technology.
Digital Digital Digital

Workforce Process Technology
The digitalCOLLEAGUE (dC) is HCLTech deploys its ReOPS HCLTech leverages its
HCLTech’s domain-intensive, framework to drive transformation Enterprise Function as a
role-based, single-UI platform and re-engineering in business Service (EFaaS) model to
that works in collaboration processes. This framework enables provide on-cloud solutions
with the human workforce. the identification, simplification, for enterprises seeking cost
The platform, powered by standardization and automation of reduction through business
emerging transformation processes through a data-driven process optimization,
technologies, fosters a truly approach. With our proprietary application platform
digital workforce where 3-Lever Business Process Modeling standardization/modernization
human-machine collaboration approach, AI-powered tools and and utility-based models.
enhances business operations, comprehensive process blueprints, With EFaaS, we implement
improving top line growth, we help enterprises create digital top technologies, deliver
cost efficiency, customer target operating models for operational services and
satisfaction and return on effective process discovery ensure integrated SLAs in
asset investment. and orchestration. a flexible cost model.
HCLTech’s value engineering approach, powered by AI Vision for FY25

and GenAI, infuses digital capabilities into its products
Building on our strong growth over the years, we will focus
and services using enterprise-grade orchestration,
on the following:
engineering platforms and robust partner ecosystem. Our
AI Center of Excellence prioritizes high-impact, high-value • Develop differentiated verticalized value propositions
use cases across verticals and service lines and defines through strategic investments in IPs, CoEs and partner
the spirit and framework for ethical and responsible ecosystem to offer superior client value: i360 order-to-
GenAI. Our dedicated team of GenAI experts, use case cash offering for manufacturing and oil and gas clients.
library and solutions redefine customer experience and
deliver enhanced business productivity. Some of our • Technology-led, AI-enabled innovation with customer
key engagements include developing automated KYC experience at the core: We will continue to invest in new
verification process via facial recognition for a leading age technologies such as AI and GenAI, data analytics,
bank, automated invoice validation through anomaly CX labs, cloud and platform-based services. A significant
detection for a top oil and gas major and establishing part of this investment would also focus on training our
a hyper-personalized customer experience center for a employees on these new technologies.
leading education company. • Continue creating custom target operating models and
engagement constructs, driving the right balance of
With state-of-the-art delivery centers across US, Europe, control, cost, flexibility and risk: HCLTech has executed
Latin America, India and Asia Pacific, DPO leverages its varied engagement constructs ranging from joint
Integrated Global Delivery Model (IGDM) to provide clients venture, carve-out, build-operate-transfer, assisted
with the best ‘rightshore’ delivery model. Our dedicated captive, hybrid, pure-play third-party outsourcing and
team of hyperautomation experts leverages robotic co-sourcing models in vested contracts for higher skin-
process automation (RPA), AI and GenAI, design principles in-the-game to deliver financial and business outcomes.
and intelligent analytics to solve industry leading problems
of our clients seamlessly.

HCLTechies designing DPO solutions for clients
Analysts Speak
Intelligent Document Processing Products PEAK Matrix® Everest Group Banking Operations – Services PEAK
Assessment 2023 Matrix® Assessment 2023
“
HCLTech’s IDP platform EXACTO™, offers robust
digitization, classification and extraction capabilities
“
HCLTech continues to strengthen its position in
established geographies like North America, the UK and
for semi-structured and unstructured documents. The Continental Europe, while making strategic inroads into
interactive assessment generator capability iKnow, which emerging markets like the MEA region. With new client
creates training questionnaires from eBooks and manuals, wins in lending, payments, retail banking and trade
along with capabilities such as generating text summaries finance, HCLTech demonstrates its capabilities in catering
and comparing legal contracts, are key differentiators to diverse financial domains.”
for its IDP solution. The rich domain ontologies in trade
processing, medical document triage and KYC, ability to Sahil Chaudhary, Practice Director, Everest Group
generate synthetic data for improving model performance
and the native web-crawling capability, have been
instrumental for HCLTech to emerge as a Leader on Partner Speak
Everest Group’s Unstructured Document Processing PEAK
“
Matrix® Assessment 2023.”
Vaibhav Bansal, Vice President, Everest Group HCLTech and Automation Anywhere enjoy a strong
partnership to help organizations globally transform
their business by streamlining their complex enterprise
Avasant Banking Process Transformation 2023 RadarViewTM processes and workflows with AI-powered automation to
drive massive productivity gains and cost savings.”
“
Rising competition from fintechs and significant
regulatory pressure require banks to transform processes
Mihir Shukla, CEO and Co-founder, Automation Anywhere
in order to stay in tune with emerging service delivery

models. HCLTech differentiates itself from its competitors
through its deep domain expertise and continued
investments in building extensive partnerships.”
Shwetank Saini, Associate Research Director, Avasant
HCLTech Career Shaper™
HCLTech Career Shaper™ is the cornerstone of our EdTech Business Services and is dedicated to advancing talent
acquisition, transformation and mobility for enterprises, talent development organizations and government skills
initiatives. This dynamic platform serves as both a learning and assessment hub, providing a comprehensive array of
products and solutions.
Career Shaper™ leverages HCLTech’s extensive expertise in IT and engineering services. This comprehensive suite
includes role-based learning programs, an assessment center featuring proctored assessments and hiring tests, a learning
management system, immersive labs, domain-infused Capstones (Capstones are tech projects wherein learners can
solve real world problems and challenges by applying the knowledge and skills they have acquired), intelligent deductive
reports (that include score cards, proficiency reports, user attempt reports, etc.) and customizable learning pathways. These
features are designed to facilitate talent readiness for existing and emerging roles, empowering individuals to adapt and
excel in dynamic environments.
Our Offerings
1 Platform and Products

We offer robust, secure and compliance-driven
technology platform solutions compatible
4 University and Higher Education Solutions
We offer competency-based and industry-
aligned learning programs in engineering,
with existing human resource management IT, data, cyber, cloud, AI , data center
systems or learning management systems. management and networking and other
Our customizable platform delivers curated solutions that include learning products and
job-specific learning, assessments, immersive labs to universities and higher education
labs with over 25,000 practice tests, near-live institutions.
environment Capstones and custom reports.
2 Learning Solutions
Our domain-infused tech-learning-by-doing
5 Talent Advisory Services
Our team crafts and executes a holistic
talent transformation strategy encompassing
approach fosters a low-penalty, safe learning recruitment, skilling and repurposing initiatives
environment, amplifying talent productivity and at scale. We ensure seamless alignment with
learning effectiveness. With our technology our clients’ business visions to drive sustained
role-based learning programs spanning AI, growth and success.
cloud, cyber, data, digital, engineering and more,
individuals are empowered to swiftly adapt to
new roles or enhance existing skills. We bring
in industry practitioners and academicians to
6 Integrated Services/Managed Services
We provide comprehensive support including
platform assistance, cloud management,
facilitate instructor-led skilling sessions. dedicated program managers, coaches,
3
mentors and customized content and reports.
Assessment Solutions
Our assessment platform enables over
150 job-specific assessments, including
hackathons and code jams, tailored for
technology and engineering roles and has
a vast inventory of over 320,000 evaluations
in the bank. We specialize in curating
customized competency-based evaluations
designed for skills-gap analysis, assessing job
readiness and providing personalized career
pathway recommendations.

Our Differentiators Key Highlights
150+ 20+
• Omni-channel program delivery, seamlessly
integrating a mobile platform to supplement or
complement the web-based learning experience, Tech role-based Organizations in
facilitating enhanced candidate engagement. learning programs G2000 and equivalent
• Expertise from all service lines in HCLTech and assessments companies as clients
to drive continuous innovation, ensuring the
delivery of relevant learning and assessment
programs that meet the evolving needs of 8K+ 3K+
our clients. Concurrency for Concurrent learners
• Domain-infused learning content and multi- hiring tests
disciplinary programs, setting us apart from
the competition.
• Programs spanning entry-level jobs, early Some of our Fortune 500 and Global 2000 clients in
careers, return-to-work, upskilling for continuity, engineering, gaming, publishing, BFSI, healthcare and
cross-skilling for inclusivity and for those who talent advisory have chosen HCLTech’s Career Shaper™ for
want to stay relevant in the digital world. scaling entry-level tech skilling, upskilling for talent mobility,
• Global experience in setting up IT operations, setting up strategic delivery units, etc. Additionally, we have
focusing on localized talent development for established partnerships across key regions including North
global career success. America, EMEA and APAC. Our involvement in government
initiatives to develop local talent, skilling sectorial councils
and large organizations underscores our commitment to
shaping talent transformation strategies.
Collaborations with NCVET and NSDC
HCLTech has been granted the Dual

Awarding Body status by National Council
of Vocational Education and Training
(NCVET), under the Ministry of Skill
Development and Entrepreneurship. We
are the first non-government institution
in India to receive this recognition. We
will serve as both an awarding body
and an assessment agency for our
approved and adopted qualifications
listed on the National Qualifications
Register (NQR). The first set of approved
qualifications include Data Engineering
(L to R) HCLTech Corporate Vice President and Global Head, EdTech
with Analytics and Visualization, Full
Business Srimathi Shivashankar with Dr. NS Kalsi (M), Chairperson,
National Council of Vocational Education and Training Stack Java Developer with AI and Java
Web Development with AI.
HCLTech and the National Skill Development Corporation (NSDC) inked a strategic partnership to jointly provide solutions
in the areas of skilling and assessments for educational institutions, enterprises, job aspirants as well as for companies
in the learning and development space. The focus of the partnership is to facilitate adoption of competency-based job
skilling and assessments by all 36+ sectors through standard frameworks approved by the National Council for Vocational
Education and Training (NCVET).
CloudSMART
HCLTech CloudSMART, a consulting and ecosystem-led strategy, transforms the ways
HCLTech engages with clients to optimize the value of their cloud investments. HCLTech
CloudSMART provides core capabilities to govern, secure and connect clouds while
accelerating the modernization of applications and data to power business transformation.
Our Solutions and Services
Historically, companies were attracted to cloud’s favorable cost models. This cost-based value proposition is being
replaced by positioning cloud as a strategic business enabler. Cloud provides a resilient, agile business platform, enabling
organizations to operationalize technologies like GenAI.
CloudSMART established an expanding base of global clients in the last fiscal year. The consistent growth of our cloud
revenue is driven by investments made in CloudSMART Industry Solutions and CloudSMART Industrialized Services.
Industry Solutions Industrialized Services

CloudSMART Industry Solutions feature GenAI capabilities CloudSMART Industrialized Services enable highly
and assets developed for emerging industry requirements. automated, repeatable services that accelerate delivery of
The solutions accelerate transformations across industries, core HCLTech capabilities including application migration
including manufacturing, financial services, healthcare, and modernization, cloud native development, data
retail and telecommunications. HCLTech Industry Cloud modernization (which is critical to implementing new
combines industrialized processes and improves on the GenAI solutions), infrastructure operations and packaged
cloud platform capabilities provided by hyperscalers, applications like SAP, Oracle and Microsoft Dynamics 365.
HCLTech Ecosystem Partners. Using validated architectures, factory-based execution
and service unit-based commercial models, these services
CloudSMART Industry Solutions accelerate time- deliver faster business outcomes.
to-market for clients and provide relationships with
hyperscalers. This has led to increased visibility for As multicloud has become the standard for most
HCLTech and broader adoption of HCLTech capabilities. enterprises, our holistic Industrialized Services are
Adoption of these solutions provides growth opportunities optimizing the financial value of cloud to business
across all HCLTech business segments, including Digital outcomes and accelerate the development and
Foundation Services, Digital Business Services and implementation of enterprise solutions, which showcase
Engineering and R&D Services. HCLTech’s engineering expertise and HCLTech IP. These
services provide predictable outcomes in shorter
timeframes, decreasing time-to-value for the client and
improving margins for HCLTech. Industrialized Services
are preferred by businesses focused on implementing
production quality GenAI solutions.
Siki Giunta (C), EVP and Head, CloudSMART and Google Cloud Ecosystem at HCLTech, briefing visiting delegates at
AWS re:Invent 2023

Ecosystems
The interplay of consumer demands, technological progress and data-informed approaches
is reshaping the business landscape. HCLTech partners with leading technology companies
to form a robust ecosystem to help enterprises navigate this dynamic and complex
environment more efficiently. We harness the power of cloud, GenAI, IoT, blockchain,
cybersecurity, DevOps, data science, edge computing and quantum computing to drive
innovation and sustainable growth for our clients.
Strategic Alliance Partner Ecosystem Startup Ecosystem

We prioritize emerging technologies through partnerships We have a distinctive and innovative ecosystem that
with leading technology companies, facilitating the unites startups, venture capitalists and trade missions
creation of innovative IPs and solutions. Through extensive globally. Through our startup accelerator and innovation
cooperation with our ecosystem partners, we develop initiative, Startup Ecosystem Innovation Platform
sophisticated solutions that help our clients accelerate and Program (eSTiPTM), we facilitate the co-creation of
their digital transformation journeys and stay competitive. technology solutions via an open innovation model.
Our CloudSMART strategy ensures adaptability and Governed by HCLTech’s Enterprise Technology Office,
success for all stakeholders — clients, partners and eSTiPTM operationalizes innovation and fosters extensive
HCLTech — in dynamic business environments. collaboration among diverse stakeholders. Employing
a systematic and scalable approach to idea funnel
management, prototyping, deployment and
commercialization of these technology solutions,
eSTiPTM helps accelerate the creation of innovative
solutions that offer tangible benefits to clients.
Ecosystem Units 360 Degree (Sell-To) Industry Ecosystem

Full-stack aligned by Services OEM/Products We remain actively engaged with leading industry forums
each ecosystem and foundations. Our partnerships include prominent
organizations such as the World Economic Forum (WEF),
The Open Group, Cloud Native Computing Foundation
(CNCF) and Cloud Foundry Foundation (CFF),
among others.
Cloud Native Labs/ Joint Go-To-Market

FinOps/Cloud Consulting Geographies and
Enabling cross-ecosystem industries
collaboration
Global Strategic Partnership
to Bring Next-Gen Managed
Network Services to Customers
As we were looking where This is a strategic partnership. On day
we’d want to go with this, one, it helps us service a very large
we decided we wanted to number of Fortune 500 clients for the
bring a partner in who has managed network services through
really deep expertise on Verizon Business. We leverage the
more of the IT side. extensive power and market presence
We wanted to partner of Verizon Business and the telecom
with the best in the world. capabilities they have. It is really bringing
If you look anywhere, you Kyle Malady, CEO, together the best of networking power C Vijayakumar,
will see that HCLTech is Verizon Business and service capabilities that we can CEO & Managing
up there.” offer to our clients.” Director, HCLTech
Transforming Managed Network Services Together

HCLTech and Verizon Business announced their strategic partnership
in August 2023, bringing together two global leaders in enterprise
networking as managed network services (MNS) collaborators
for global enterprise network deployments. Verizon Business will
continue to lead all customer acquisition, sales, solutioning, and
overall planning and development with its customers. HCLTech will
lead post-sales implementation and ongoing support.
Customers will benefit from a best-in-class MNS portfolio, a highly

digitized experience with data-driven service models, enhanced
efficiency and lifecycle management with frictionless interface,
a broad end-to-end partner ecosystem and joint innovation on
an integrated platform.
Over the last several years, the managed network services

landscape has changed significantly due to technology
advancements requiring more automation, AIOps, predictive
analytics and tighter integration with IT service management
platforms. There is also an enhanced need for real-time visibility
to improve operational efficiency and customer experiences for
organizations across industries. The two companies have come
together to address these evolving needs of the managed network
services market with their joint capabilities.
Creating Value for Customers Beyond Managed
This partnership will enable HCLTech and Verizon Business to Network Services
serve their customers and provide flexible solutions to address The HCLTech and Verizon Business partnership
their business needs. Some of the key benefits include: started with managed network services, but it has
already begun to blossom into a more comprehensive
1 High-quality commitments, service quality
and data security
portfolio with newer offerings that leverage the
companies’ respective strengths and capabilities.
Launched during Mobile World Congress 2024,
2 Single ownership for service quality and
business outcomes
Flexspace 5G is aimed at transforming digital
workplace services. The mantra for both organizations
is to recognize the best each has to offer and use that
3 Innovative network solutions with improved
software tools, automation and AI-enabled
expertise to drive innovation and bring best-in-class
solutions to market, faster.
capabilities
Verizon Business Team Visits HCLTech Campuses in India
Verizon Business leadership team led by CEO Kyle Malady (R)

inaugurating a delivery center in Chennai, India along with Ivan Berg, Vice President at Verizon Business,
HCLTech CEO & Managing Director C Vijayakumar lighting a ceremonial lamp at our Chennai office
Verizon Business leadership team with children from HCLFoundation’s Sports for Change program in Chennai
AI and GenAI
AI and GenAI technologies
are rapidly changing the face
of enterprises, public institutions,
consumers and society at large.
Analysts and experts estimate the
global AI and GenAI market to be worth
$1.8 trillion and $1.3 trillion, respectively,
by 2030. The innovations that AI and GenAI
technologies could ignite for businesses of all
sizes and levels of technological proficiency in the
years ahead are indeed exciting and enormous.
Global AI Market Global GenAI Market
2024 $270B 2030 $1.8T 2024 $66B* 2032 $1.3T**

Source: Draup CAGR: 37.3% Source: *Statista **Bloomberg
Our full-stack proposition addresses the entirety of an enterprise’s GenAI needs, covering business transformation, business
processes, products, applications, platforms, data, cognitive infrastructure and semiconductor design.
These full-stack capabilities are unparalleled in the market right now, and our flagship offerings of AI ForceTM and Enterprise
AI Foundry, along with our global network of AI labs, are bringing them to life for our clients across the globe.
Our Three Key Offerings

AI ForceTM: It offers a highly customizable suite of GenAI- consulting services. All our labs include a Microsoft GHC
based solutions that inject intelligence into every aspect CoE and are designed to enable:
of software development and engineering workflows to
improve efficiency and quality. Through our accelerator- • Early strategy discussions with clients on their GenAI
supported, consulting-driven approach, our solutions are vision and exploration of the “art of possible” with a
highly tailored and able to accommodate the most unique global showcase of use cases and implementations
of our clients’ needs, while benefiting from a more cost- • Hands-on acceleration across engineering, design
effective price point and a faster delivery experience. AI and operations
ForceTM is integrated with all the leading LLMs including • Reskilling and learning workshops for building modern
Google Gemini, Microsoft GitHub Copilot (GHC), IBM AI skills and practices
watsonX, Amazon Claude 3 and OpenAI.
Enterprise AI Foundry: This is an integrated suite of Our Strategic Focus Areas

assets combining data engineering and AI with cognitive
infrastructure to accelerate GenAI-led transformation Our comprehensive and full-stack approach prioritizes
across enterprise value chains. innovation while upholding ethical AI standards for privacy,
intellectual property, fairness and accuracy.
AI Labs: These provide a collaborative space for our
HCLTech has successfully implemented specialized chips
clients to build GenAI POCs and take them to scale
designed specifically to run AI workloads efficiently for
production at a swift space. These labs, set up to power
faster throughput and power efficiencies. We are also
innovation and build industry MVPs, have hosted over
helping our semiconductor chip customers go to market
1,400 customer engagements and have been engaged
faster by using AI for processes such as design, layout,
in over 200 projects for GenAI advisory, engineering and
porting, etc.

In addition, we empower businesses with a wide range • ROIC Model for Data Centers: The model helps
of services around Cognitive Infrastructure. We deliver clients make informed decisions on the Cognitive
solutions around high-performance compute, storage, Infrastructure needed for their AI journey. Our AI labs
network infrastructure optimization and security. In terms have the infrastructure in place to enable clients to
of software engineering, we build powerful and intelligent deploy their models and test them to assess their return
solutions such as GenAI Copilots, human-like conversation on invested capital.
bots, NLP and computer vision applications and products, • Copilot Apps for Enterprises: Applications built on top
which are designed to revolutionize processes, workflows of GenAI and LLM building blocks for on-prem/cloud
and operations. The solutions are built on the foundation deployment to assist or enhance any existing operations
of advanced GenAI and LLM technologies, ensuring and workflows at the enterprise level.
seamless on-prem/cloud deployment for enhanced
• Human-like Conversation Experiences: Immersive
efficiency and platform independence.
conversational applications with responsible AI
Our solutions are also ecosystem-driven having been integration, voice support and incorporated smoothly
built in collaboration with hyperscalers, semiconductor into enterprise information systems.
chip and tech OEMs coupled with a vertical-aligned • NLP and Computer Vision Solutions: Tailored NLP/
approach, leveraging custom language models to tailor Computer Vision solutions, encompassing custom AI
solutions for industries. We prioritize capability building models, MLOps pipeline implementation and seamless
through partnerships with academia, consulting and integration with enterprise applications for optimal
industry, while offering horizontal solutions to address performance.
diverse business needs • Custom LLM-based Solutions: Applications built by
fine-tuning LLM on enterprise/domain specific self-
Our Innovations instruct data using open-source commercial LLMs as
foundational models.
Breakthrough innovation in silicon as the foundation
for GenAI: We will continue to use our engineering depth to create
new GenAI-enabled solutions that deliver superior value
• Custom chips developed with hardware accelerators to our clients, achieve powerful outcomes and enable
like Transformers, Variational AutoEncoders (VAEs) HCLTech to offer differentiated and relevant solution
and Deep Convolutional GAN (DCGAN) significantly offerings.
improve the performance of specific AI models and
hyper-local AI models with guaranteed low-latency and
high-performance/watts compared to COTS CPU/GPUs.
These chips improve the compute efficiency and deliver
the performance needed to handle demanding GenAI
workloads, enabling the processing of massive datasets
for superior content and context understanding.
They are designed with the most efficient architecture
that will facilitate a variety of newer and better
user experiences.
• Extreme compression technology for deep learning
to offer near-edge AI solutions in IoT and consumer
markets on their existing low MCU devices with 256 KB.
Breakthrough innovation in silicon lifecycle development

through GenAI:
• GenAI-assisted pre- and post-silicon and platform

validation
• Porting of implementation across foundries and
technology nodes
• Code Generator: Productivity improvements for auto
code generation, such as for log parsing, file system
creation for the cloud performance benchmarking
projects which delivers around 25% productivity
improvement
• Meta Mate (Llama 2) Integration: For test documentation
and code review
• Smart Migration and WorkSmart: Adoption of GenAI for
derivative and technology migration
Our Investments
Fueling our momentum in the AI and GenAI market is our
solid investment in people, places and partnerships:
People: HCLTech understands the critical need for

skilled GenAI talent. We are committed to comprehensive
training dedicated to developing both our internal solution
developers and our clients’ implementation teams.
Partnering with top-tier technology companies, the
HCLTech global GenAI academy equips our teams with
cutting-edge expertise in GenAI. This ensures everyone
involved stays ahead of the curve and maximizes the
transformative potential of this powerful technology. We Value Creation for Clients
have made an incremental commitment of training 50,000
Here are some examples of the business impact we have
additional HCLTechies on AI and GenAI skills during this
created for clients through our AI and GenAI offerings:
fiscal year. Our focus is on Data/AI/GenAI developer skilling
across the stack with a special focus on creating a cohort • A leading technology company collaborated with us
of Data /AI principals. to innovate their workflow processes using GenAI,
leading to remarkable improvements in automated data
Places: We have opened AI labs in UK, US and India and handling, operational efficiency, resource management
a GenAI-dedicated data center in Austin, Texas. We have and accelerated service delivery, culminating in a more
also recently announced a new collaboration to establish a insightful gaming user experience.
GenAI CoE based on the IBM watsonx™ AI and data platform.
• A leading healthcare provider partnered with us to
Partnerships: Our expansive ecosystem of partners develop an LLM-powered medical conversational agent,
continues to be our bedrock of growth in this market. We significantly saving healthcare workers’ time by over
have strategic partnerships with all the leading hyperscalers, 40% and enhancing patient care through swift, accurate
ISVs and systems OEMs that keep us at the forefront of the responses.
key innovations happening in this space. • Collaborating with a semiconductor leader, we played a
crucial role in the development of a high-performance
edge inference chip by utilizing in-memory compute
architecture and leveraging our expertise in system-on-
chip (SoC) design, packaging and validation.
• A major European bank partnered with us to develop
a cognitive banking helpdesk solution which not only
improved customer service efficiency by over 20%
but also enabled service customization and language
versatility, promoting a seamless banking experience.
• A leading medical technology company leveraged our
innovative voice recognition platform to transform their
medical procedures with the help of touch-free control
for endoscopes, enhancing procedural efficiency and
safety.
• A global automotive leader partnered with us to
revolutionize design optimization and predictive
performance analysis through the development of a no-
code AI software solution, marking a significant milestone
in automotive engineering. The collaboration included
streamlining engineering designs, anticipating workflows
through 3D deep learning and implementing uncertainty
quantification for scenario-based model behavior
analysis.
• We established a GenAI lab for a pharmaceutical
company dedicated to enabling pioneering research
and development. We focused on building a cognitively-
equipped infrastructure and creating evidence-based
solutions for complex challenges, thereby accelerating
drug discovery while adhering to responsible AI guidelines.

HCLSoftware
HCLSoftware offers software products and cloud-based solutions across Total Experience
(TX), Business Applications and Industry Software, Data and Analytics (Actian), Intelligent
Operations (IO) and Security and Compliance, along with a bucket of Specialized Products,
to make organizations more competitive while providing strategic insights and technologies
needed to succeed in an increasingly hyperconnected world.
HCLSoftware is driven by purpose with an element of passion, sense of pride and orientation toward results, delivering
sustainable growth for partners, customers and society.
Our purpose is fueled by empathetic and value-centric approach to customer requirements, thereby rendering best
technology choices that are driven by strategic flexibility. This is what makes us different.
Business Application Intelligent Total Data & Security & Specialized

& Industry Software Operations Experience Analytics Compliance Software Products
Key Highlights
HCLSoftware empowers 65 of the Fortune 100 and 220 Fortune 500 companies worldwide. Our world-class team and
an unmatched portfolio of innovative, comprehensive software products and solutions drive success as they bring our
business partners and customers into the digital+ economy.
130+ 75+ Our products help:
Countries where Products

we have clients
Secure and manage Save 50% in application
100 million endpoints development costs
Process $200 billion

20,000+ 1,185 Achieve 98% faster
vulnerability remediation in online sales transactions
Clients globally Business partners annually
Reduce static app Generate 2 million
7,400+ 19 security testing false

positives by 98%
conversational AI
interactions per month
Employees Innovation centers
Clients Speak
“
HCL Digital Experience will further reduce the cost of
ownership while allowing us to keep the software up to
“
HCL DRYiCE is incredible at mimicking human interactions,
and when combined with Generative AI, it creates a whole
date with the latest HCLSoftware has to offer. We are new level of interactive excellence for our employees
excited for what the future holds and look forward to internally! DRYiCE’s AI expertise enabled self-guided issue
advancing and improving everyday life.” resolution and enhanced analytics, leading to informed
decisions and increased productivity.”
Rick Fryar, IT Architect, 3M
Geoffrey Wright, Global Solutions Owner, Employee
Experience, Mondelez
Analyst Speak
The Forrester Wave™: Unified Endpoint Management, Q4 2023
“
HCL BigFix Workspace is the newest enhancement to the HCL BigFix product line; it provides comprehensive management
over workstations, laptops, mobile devices and servers. HCL BigFix has a fantastic reputation for solving real customer
problems, which contributes to the company’s market-leading NPS, client retention and net-revenue retention numbers.”
Andrew Hewitt, Principal Analyst, Forrester
The Forrester Wave™: Static Application Security Testing, IDC MarketScape: Worldwide Omnichannel Marketing
Q3 2023 Platforms for B2B Enterprises 2023 Vendor Assessment
“
HCL AppScan has the largest coverage of languages and
frameworks, including Rust, Dart, and ABAP. In addition,
“Scalability and global reach make the platform well
suited for businesses with large customer bases or global
HCL AppScan’s “bring your own language” feature meets operations. The company has the capabilities to handle
any customer need. Many out-of-the-box policies, rules complex omni-channel marketing initiatives and provide
and customizations are possible. Users can choose scan localized support across different regions.”
speed versus coverage when creating a scan.”
Gerry Murray, Roger Beharry Lall,
Janet Worthington, Senior Analyst, Forrester Research Director, Research Director,
Marketing and Sales Advertising Technologies
Technology, IDC and SMB Marketing
Applications, IDC
Our Partners
Hyperscalers
Channel Partners
Tech Partners

Davos Dialogues
Tech-led Disruptions and Trust

During the World Economic Forum’s Annual Summit in Davos
in 2024, Kalyan Kumar, Chief Product Officer, HCLSoftware,
participated in a panel discussion with technology and business
leaders from Volvo Group and Honeywell to discuss technology-
led disruption, opportunities and impact. He talked about how
bringing the right data together, building new use cases using AI
and contextualizing AI will help enterprises extract maximum value
from their data and investments in AI rather than using a broad-
based approach. He highlighted HCLTech’s Startup Ecosystem
Innovation Platform & Program (eSTiP™) that is helping establish
strategic co-pilots with our customers’ global business lines to
meaningfully implement AI and GenAI use cases.
Outlook for FY25

Technology is sprinting ahead, fueled by giant trends like Adoption Trends: To address the increasing demand for
big data, cloud and GenAI. The digital+ economy is not just cloud-based solutions, we will continue to advance our
growing — it’s booming. At HCLSoftware, we do not just cloud solution strategy:
keep pace; we are leading the charge. Our portfolio and
teams have undergone a transformation, purpose-built to
empower our business partners and customers to master Business Cloud, combining multi-source data,
this historic shift. integrations and simplicity with speed and efficiency
Technology Trends: HCLSoftware will put its AI philosophy

into practice — adopting, embedding, plugging in and Total Experience Cloud, offering packaged
infusing AI from its products into cloud and XaaS solutions. capabilities along with the power to build low-code
HCLSoftware will continue to enrich its products with key or multi-channel, multi-experience applications
GenAI capabilities to bring new productivity and efficiency
benefits to its customers.
Market Growth Opportunities: HCLSoftware will continue Hybrid Data Cloud, with a range of data platforms,
to expand its footprint in high-growth markets across approaches and capabilities to choose from
Africa, the Middle East and India. We are targeting
opportunities to support high-growth market potential by
partnering with businesses and governments to further Intelligent Operations Cloud, melding all of our
nurture the global technology ecosystem. automation assets into globally scalable, AI-enabled
secure cloud solutions
Knowledge and Innovation Investment: HCLSoftware
has made substantial investments in India and offers
numerous built-in-India software solutions from which
customers benefit worldwide. Through the Make in India Security and Compliance Cloud, enabling
initiative, HCLSoftware continues to accelerate its focus observability, remediation and analytics across
on knowledge and innovation. security and compliance
Boasting a dynamic array of software solutions that have consistently delivered success for our clients, our partners and
ourselves, HCLSoftware has emerged as a market leader. Looking ahead, we are armed with cutting-edge technology,
unmatched human talent and robust business partnerships, all strategically aligned to thrive in the flourishing digital+
economy through strategic investments in its most promising frontiers.
Supercharging
Progress for
our People
Enabling Our People to Find Their Spark
Our 227,000+ people propel our progress everyday through their passion and commitment.
They help us create differentiation in the market. We are focused on attracting the best
talent and helping them find their spark by providing them with empowering and inclusive
workplace experiences.
Tenets of Our Employee Value Proposition ‘Find Your Spark’
Embracing next-gen work environment Providing exciting employee experiences

and culture • ESG/CSR focus
• Freedom to experiment in your role; for those • Truly international culture
ready and so inclined, it’s also the flexibility to pivot • Diverse and inclusive environment
industries or change roles
• Ideapreneurship — the ingrained belief that anyone,
• Skill-based learning opportunities at all levels no matter what level, can produce an idea, and if
• TalentXchange and MentorMe initiatives proven successful, is given the support to scale it
for employees • Recognition programs
• Hybrid operating model • Employee engagement driven by ERGs
• Early-career programs (i.e., sponsored tuition • Wellbeing and work-life integration
assistance and apprenticeship post-HS, etc.)
Creating job enriching experiences Delivering employment that fuels confidence

• Ability to make the world’s biggest and best brands • Frequently awarded best employer
work better • Global scale you can rely on
• Industry-leading work, often the first of its kind • Fastest-growing large tech company
• Focus on next-gen capabilities and talent
• Full spectrum of work across digital, engineering,
cloud, Al and enterprise software
Our People-centric Culture

We are a global top employer
We offer our people an inclusive work
culture and empower them to undertake
exciting opportunities to collaborate with
some of the biggest global brands. We
focus on next-gen capabilities and talents
and provide learning opportunities at all
levels. We give our people the freedom and
flexibility to find their spark and grow in their
own unique ways.
HCLTechies during Christmas celebrations in India
Our Talent Strategy in the AI Era
Our Efforts in Skill Development The companies best suited to achieve success put
upskilling and training at the core their agenda. This is
26,100+ 27,400+ also in line with employee expectations. At HCLTech, we

have taken concrete steps to expand our ability to upskill
Employees trained Employees benefitted our people. We have democratized upskilling to enable
in digital skills from behavioral and employees:
leadership skill
development courses • To find and match their mentors with specific skills they
93%
are seeking to gain
• To openly leverage internal talent exchange platforms
Employee trained in
core skills 8M+ for job rotations and for wider global experience that can
help build new skills
Total person-hours
• To start their career early (for some as early as high
invested in training
school) to stay ahead of the curve and develop skills in
line with what industry demands
Key Programs
Certified People Manager Program TalentXchange
Launched in April 2023, this certification program equips TalentXchange is HCLTech’s talent mobility program. It’s
people managers with an effective mindset, skillset and an AI-powered talent marketplace that helps employees
toolset to foster inclusive leadership and do meaningful, search and apply for new roles and opportunities within
development-focused performance conversations. By the company. The program offers internal growth
effectively conducting daily interactions, managers can and mobility opportunities based on evolving career
set clear goals, exhibit care, recognize performance and aspirations.
increase engagement levels. The program has three levels:
Foundation, Intermediate and Advanced certification. Over the past year, the platform has facilitated the
submission of applications for career transfers by 36,000
In FY24, 5,100+ managers completed Foundation level individuals.
while 2,000+ are enrolled in the Intermediate level and
are progressing toward certification. At HCLTech, we believe that we must focus on both
upskilling and reskilling our employees to meet the needs
MentorMe of processes refactored by GenAI.
HCLTech’s MentorMe is a platform where employees,
Aspire
managers and leaders come together to share knowledge
and experience for mutual enrichment and development. Aspire learning paths offer organization-wide digital
MentorMe connects colleagues to share their expertise and emerging technology self-learning courses to help
while building interdepartmental networks and creating employees become digitally savvy. These technologies
a supportive team culture. Through a profile-matching include AI, GenAI, machine learning, cloud computing,
algorithm, mentees can find mentors who can provide data analytics, robotic process automation and more.
expert advice on the subjects and skills they need,
Aspire has a global uptake of ~14,000 employees in last
whether for their current role or next role.
four months.
Aspirational Learning Journey

We are currently running eight Aspirational Learning Journey is a strategic program
that provides an opportunity to employees to develop
mentorship programs through our in-demand skills such as GenAI. It involves aligning
skill-based learning journeys with long-term business
MentorMe platform. Nearly 18,700 objectives, investing in career aspirations and growth
employees, 30% of which are women, of the employees by enabling internal fulfilment and
fostering a culture of learning and upskilling.
are now part of these programs
38,000+ employees have registered in 86 skill-based
across 53 countries. learning journeys.

Expanding to Global Nearshore Regions
We continue to strengthen our global delivery network with the expansion to global nearshore locations. This expansive
network is testimony to our global delivery and service excellence in line with the growing market demand and broadening
talent pool. Our industry-leading localization efforts further strengthen our engagement models, ensuring an inclusive and
diverse set of people and creating unmatched value for our global clients.
HCLTech Chairperson Roshni Nadar Malhotra at the HCLTech CEO & Managing Director C Vijayakumar
inauguration of our Morocco delivery center inaugurating our global delivery center in lasi, Romania
Expansion into New Vistas

Nearshore Delivery Scale Our New Vistas centers allow us to access abundant talent
in upcoming hubs in India while creating local employment
opportunities. HCLTech has state-of-the-art facilities and
70+ 19 strong leadership at its expansive network of New Vistas
Delivery centers in In-demand locations - Lucknow, Madurai, Nagpur and Vijayawada.
nearshore countries languages covered Together these centers employ around 25,000+ people
working across digital, engineering and cloud/AI.
24,000+ 20
People Nearshore countries
500+ 90%+
Clients trust Local talent
HCLTech nearshore
locations
A celebration at our Lucknow office
Investing in the Next Generation of Talent

Our early-career program TechBee offers opportunities to high school students to develop tech skills and pursue full-time
careers. The program is a unique blend of classroom and on-the-job training components. After completing the program,
students can pursue higher education programs at leading educational institutes including Indian Institute of Technology
Guwahati, Birla Institute of Technology Pilani and SASTRA University.
HCLTech recently partnered with the National Skill Development Corporation (NSDC), the principal architect of India’s skill
ecosystem, to expand the program’s accessibility even further. HCLTech will spend the next few years educating high school
children in advanced technologies, preparing them for the constantly changing prospects in the IT industry. NSDC and
HCLTech have jointly certified these programs.
HCLTech’s Employee Resource Groups: Driving Employee-led DEI Progress
Our goal is to nurture groups within our organization that create a deep sense of belonging. Our Employee Resources
Groups (ERGs) give our people a community resource to gain connection, emotional support and strategic and professional
guidance system of interwoven communities that supercharge our global family.
Women Connect Network Black Employee Resource Group

The Women Connect Network is committed to elevating The Black Employees Resource Group (BERG) and their
the voices of women at HCLTech, empowering them and allies are integral to HCLTech’s success. They provide
further recognizing, valuing and celebrating their distinct invaluable support, promote the development of black
identities and achievements. By providing an extra layer of employees and honor important cultural milestones
support, this network enables women to take advantage like Black History Month and Juneteenth. Through their
of opportunities and helps supercharge progress for efforts, they help strengthen an inclusive workplace where
everyone. It provides a forum for women to advance African American employees can thrive, fostering strong
their careers, manage professional development and relationships, expanding knowledge and
have productive conversations about the challenges and advancing careers.
prejudices that exist in the workplace.
Latino Employees and Allies Resources Network
Pride@HCLTech As a beacon of support and advocacy for Latino
Pride@HCLTech embodies the profound significance of employees and their allies, the Latino Employees and
LGBTQ+ pride, affirming the empowerment that comes Allies Resources Network (LEARN) believes in the
from being embraced and celebrated by one’s community. enduring pursuit of knowledge and growth. LEARN
This Employee Resource Group (ERG) is dedicated to hosts events throughout the year to foster a sense of
promoting diversity and fostering an inclusive, safe ‘familia’ by educating HCLTechies about Latino culture
and supportive work environment for all lesbian, gay, and empowering growth and volunteer opportunities in
bisexual, transgender and queer employees and the Latino community. The group is committed to the
their allies at HCLTech. representation, advancement and inclusion of Latino
employees and their allies worldwide.
Ability Connect Network
Asian Network
This community is for individuals with disabilities,
those who support colleagues with disabilities and any Embracing diversity within our ranks, the Asian Network
employee interested in advocating for accessibility. champions the vibrant tapestry of Asian culture at
Through education, advocacy and networking, the ERG HCLTech. The Asian Network and its allies spearhead
strives to guarantee that all employees affected by a initiatives for professional growth and community
disability, either directly or indirectly, have the resources, engagement among Asian employees at HCLTech.
opportunities and support necessary to thrive in their From commemorating Lunar New Year to honoring Asian
careers. In doing so, it contributes to HCLTech’s mission American and Pacific Islander Heritage Month and the
of creating a safer world for all. Autumn Moon Festival, the group hosts a plethora of
events throughout the year, fostering cultural appreciation
and connection.
Featured Programs
24% Inclusion Lab: The focus is to enable our leaders with resources that can help
to incorporate Inclusion into an organization’s values to guide behaviors and
Increase in leadership gender
diversity in the last five years invite senior leaders to embody inclusive leadership that further cascades into
managers and their teams. It establishes accountability framework for non-
inclusive behaviors and integrate inclusive leadership capabilities.
24% Inclusion @ Scale: It highlights the essence of micro-learning nuggets that are
Increase in team members short video modules to ensure continuous education, increased awareness and
with disabilities sustained application of inclusive practices on the go.
Inclusion in Action: Allyship is a virtual instructor-led (VILT) learning

98.7% program to further the DEI agenda by creating DEI Champions who, as Allies,
New moms returning will help address the specific inclusion practice internally and call out non-
after maternity leave inclusive behaviors.

Supercharging
Progress for
our Communities
Corporate Social Responsibility
Our corporate social responsibility (CSR) agenda is aligned to the UN Sustainable
Development Goals (SDGs). We harness our collective power to build a better world to create
lasting positive impact through long-term, sustainable programs.
From addressing economic and social disparities, to bringing quality healthcare and
education to all, to greening the planet and helping all species thrive, we are committed to
building an equitable and sustainable future for all.
Transforming Communities in India Flagship Programs in India

Empowerment has a face, and HCLFoundation’s
cumulative investment of ₹1,400 crores ($170 million)
translates into 6.5 million+ of the country’s most
vulnerable citizens leading happy, healthy and
dignified lives.
We are proud to have empowered more girls to attend Transforming rural communities
school, more women to earn a livelihood and more Samuday, HCLFoundation’s biggest rural development
para-athletes to overcome their disabilities and become program, reflects its commitment to crafting replicable
champions. 35,000+ students reached (49% girls) and and scalable models of transformation.
48 para-athletes have been supported through Sports
for Change initiative since inception. The program has benefitted more than 2.4 million people
across 619 gram panchayats in Hardoi, Uttar Pradesh and
Our efforts translated into flourishing biodiversity — more in Thoothukudi, Tamil Nadu.
trees planted, more water bodies rejuvenated and more
animals treated and saved.
Key Achievements*
72,000+
Acres of land greened and brought under
community management
2M+ 81B+
Saplings planted Liters water harvested
500K+ 13,500+
Tons waste PwDs reached since
managed FY19-20 (35% female)
420K+ Dr. Nidhi Pundhir (C), Vice President and Global Head, CSR,
People reached during disasters (supported basic HCLTech on ground assessing flood situation in Chennai
needs — food, relief material, dignity kits etc.) post cyclone Michaung
*All figures cumulative

Empowering NGOs that transform rural India
HCLTech Grant is transforming rural India through grants of ₹5 crores
each to three winning NGOs in the environment, health and education
categories. The Corbett Foundation (environment), Sangath (health)
and Makkala Jagriti (education) were the winners for FY24. A cumulative
₹146.95 crores ($18 million) has been committed to 49 NGOs so far,
positively impacting lives of 2 million+ individuals. A total of 20 projects
are active across 16 states and 2 Union Territories.
Children participating in a school

infrastructure handover ceremony at a
government school at Iteda, Uttar Pradesh
Environment Health Education
Breaking the cycle of urban poverty

A comprehensive urban CSR program, Uday focuses on
increasing access to quality services, entitlements and
economic assets for the urban ultra-poor in 11 cities.
It aims to improve the educational needs of young

children, provide better access to latest technology,
strengthen health care system, enable young people
acquire skills needed for today’s job market, improve
water, sanitation and hygiene facilities and explore young
children’s hidden talent through sports.
Since inception, Uday has cumulatively reached through A community health worker offering guidance to a new
NGO partners over 1 million participants, of which 57% are mother on child healthcare
female, ~2,200 persons with disability, across 92 slums.
Fostering cleanliness, seeding sustainability

HCLFoundation launched its ambitious municipal
waste management flagship program My Clean City
in 2018. It is committed to improving solid and liquid
waste management system and processes, promoting
Two biogas plants set up at Noida, Uttar Pradesh, environmentally-conscious behavior, beautification,
under My Clean City by HCLFoundation sanitation and sustainable waste management practices
in urban spaces.
With five years of impactful implementation in Noida, Special Initiatives
the program has transformed Noida into the cleanest
city in Uttar Pradesh and 14th overall in India, according
to Swachh Surveksan 2023. Noida also received Water+
certification and 5-star rating in Garbage Free City
category under the survey.
My Clean City has now expanded to Greater Noida city

with the objective of replicating its best practices to a
SFC — Transforming outcomes through sport
larger population.
Harnessing the power of sports, SFC builds life skills to
create transformative change in underserved youth and
children. 35,000+ sportspersons reached so far, 49% were
girls and 48 para-athletes.
Supporting environmental action

Harit aims to conserve, restore and enhance
indigenous environmental systems.
HCLTech Chairperson Roshni Nadar Malhotra felicitating

Sports for Change scholars
A plantation drive involving school children in

Chennai on the occasion of 47th HCL Day
Key Achievements* Crafting quality, providing livelihoods

Dedicated to the upliftment of India’s artisans, My E-Haat
Saplings planted: Ghost net
is enriching the value chain of the handicrafts sector.
retrieved (kg):
822,574
120,352
Water body
rejuvenated (acres): Animal lives
impacted:
3,027
88,816
Mangrove and
shelterbelt saplings Human lives impacted
planted: (Environmental
awareness): Artisans supported under the My E-Haat initiative by
828,100 17,973
HCLFoundation are being trained in making utility products
out of wheatgrass as a means to generate employment and
fight stubble burning
*All figures cumulative

Disaster Risk Reduction
and Management
Enabling our people give back to society This initiative extends beyond immediate
The Power of One volunteering program enabled 4,316 HCLTechies to response. With a strong focus on long-
contribute 13,800+ hours, impacting 26,329 lives in FY24, and allowed term interventions, the focus is on building
83,876 HCLTechies to clock 692,660 volunteering hours cumulatively so far. disaster-resilient communities.
• In the aftermath of cyclone Michaung,

HCLFoundation supported over 8,500
families with dry ration kits in flood-
affected areas.
• During the extreme cold wave in North
A global digital learning platform, Academy by HCLFoundation provides India, HCLFoundation, along with its
quality training and enhanced learning experience for development sector NGO partners and in association with the
professionals. It empowers them with accessible, high-quality learning Police Commissionerate, Gautam Buddha
material explaining field challenges and possible solutions in the area of Nagar, provided over 2,000 blankets and
CSR in India. In FY24, it organised six courses, training 681 professionals. 1,000 tarpaulin sets to the needy.
Scaling Community Initiatives Beyond India

We are focused on taking our India CSR source code to transform communities across our global footprint. We do
this through partnerships with development agencies and charitable organizations as well as employee volunteering
programs. HCLTechies have stepped up to join hands as CSR Council members across 25 locations to ensure employee
volunteering is prioritised and opportunities made available to all.
CSR Initiatives in Americas
Launched in September 2023, the HCLTech Grant

Americas program has committed $5 million in grants
over five years to support not-for-profit organizations
(NPOs) combating climate change across Americas.
Every year, three NPOs will be selected to receive
grants totaling $1 million. Within 19 weeks of its launch,
the program received 238 registrations and 91 eligible
applications from all 10 target countries: Argentina, Non-profit Argilando ignites youth-led environmental
Brazil, Canada, Colombia, Costa Rica, Guatemala, activism across Brazil’s diverse biomes
Mexico, Panama, Peru and the US.
HCLTechies from 14 cities in the Americas region

(Brazil, Canada, Guatemala, Mexico and the
US) collaborated for hunger relief by providing
32,000 meals and nutritious food items to 5,000+
individuals. Further, food and essential packages
were distributed to 700+ families.
HCLTechies from Sacramento, Bay Area,

Seattle, Cary, among others, took part in various
volunteering activities throughout the year.
HCLTechies volunteered at the Community Food Bank of New Jersey
CSR Initiatives in Europe and APAC
UK
Australia
UK
HCLTech UK volunteers came France
together for the London Bridges Australia
Walk, raising funds for the charity HCLTech was sponsor of the Jane
of their choice. France McGrath High Tea for the third
HCLTech’s CSR team in France visited consecutive year to raise funds
HCLTech UK celebrated a decade
the iHOPE Institut d’Hématologie et to support breast cancer victims.
of partnership with the Prince’s Trust.
We work for a better future for the d’Oncologie Pédiatrique, in Lyon to HCLTech Australia formalized
disadvantaged young adults in the make the children smile. The team the endorsement of Innovate
UK through sponsoring the Get distributed gifts among the little Reconciliation Action Plan. This will
Started with Technology Programs ones, bringing them cheer. The gifts now serve to ensure that HCLTech’s
for 200+ young adults. Senior were arranged by the generous future efforts deliver positive
HCLTech executives joined for a donation provided by HCLTech CSR and lasting impacts with and for
walk from Hampton Court Palace France team. Aboriginal and Torres Strait Islander
to Buckingham Palace raising over people and communities.
£2.7K for the Trust. Romania
Key partnerships with Salvati Copii
Sweden lasi, Little People, FEBA (European
HCLTech was a proud partner of the food Bank) in Romania.
Göta Traneberg Club Day for the
third consecutive year, celebrating HCLTech contributes and supports
our enduring commitment to children’s educational journey
Stockholm’s youth ice hockey from kindergarten to high school
club, Göta Traneberg IK Hockey to as well as volunteering with our
empower girls and young women own employees’ knowledge in the
in sports. educational Caravan program and
Semimarathon events that Salvati
Singapore
Poland Copiii Iasi is organizing.
HCLTech employees in Krakow, HCLTech collaborates with Little
Poland participated in the Poland People to create a positive impact APAC
Business Run (PBR), the largest in the little patients’ life at the HCLTech sponsored student groups
charity run in Poland, organized for Oncology Hospitals in Iasi and from Singapore University of
people with physical disabilities. The Bucharest and support through Technology and Design to develop
income from the run is allocated to creating rooms for treatment as innovations and then travel to an
the purchase of prostheses or other well as give the necessary supplies ASEAN destination to implement
orthopaedic supplies, rehabilitation for treatments. these innovations.
and psychological consultations for
the beneficiaries of the run and the HCLTech supports FEBA through HCLTech supported local artistes in
charges of the Poland Business Run donations as well as volunteering Singapore for an exhibition at the
Foundation. HCLTech employees in at food collection events. National Gallery Singapore.
Poland also came together for
a blood donation drive.

Supercharging
Progress for
our Planet
Sustainability
At HCLTech, we are deeply committed to doing business in a purposeful and transformative
manner while ensuring sustainability and social responsibility.
Our approach involves driving rapid and meaningful long-term sustainable growth,
prioritizing the well-being of our employees and fostering innovation and collaboration both
internally and externally.
Our sustainability strategy is defined by three guiding principles: Act. Pact. Impact.
Pact
Act
Our relationships go beyond
We understand that impact a formal contract with our
starts with us. We act in the stakeholders. We are working Impact
most responsible and for a sustainable future,
sustainable manner. in collaboration with our We focus on creating
We ensure we use every clients, partners, employees, sustainable, long-lasting
resource efficiently to communities and all other impact through all our
maximize value. stakeholders. initiatives and activities.
We have prioritized specific environmental, social and governance (ESG) areas of our business and operations to maximize
our contribution to the UN Sustainable Development Goals (SDGs). We support and help activate the communities and
societies we operate in. And we focus on creating sustainable, long-lasting impact through all our activities and initiatives.
Our Sustainability Themes

Unlocking our People Potential: We recognize our people Sustainable Supply Chain: We understand the importance
as our most valuable asset and are dedicated to creating of sustainability across our entire value chain and prioritize
a positive impact on the world through their talent and responsible sourcing practices. Our commitment to
dedication. Our people are the driving force behind our sustainable procurement extends beyond materials
success and the delivery of cutting-edge solutions to and services to driving positive impact throughout our
our customers. supply chain.
Integrating Digital Technology and Sustainability: By Data with Purpose: We uphold rigorous data privacy and
combining technology and human ingenuity, we aim to cybersecurity standards to protect the information of
accelerate progress for our clients, communities and the our clients and stakeholders. Our comprehensive data
planet. Our focus is on developing sustainable digital management program adheres to global cybersecurity
solutions that empower our clients to operate in an eco- frameworks and privacy principles, ensuring the security
friendly manner and advance their sustainability goals. and integrity of data.
Progress for a Better Planet: Addressing climate change is Empowering Communities: Our corporate social
a top priority for us, and we are committed to minimizing responsibility (CSR) initiatives aim to empower and uplift
our ecological footprint through proactive environmental the communities where we operate. Guided by global
initiatives. Our go green efforts focus on energy and CSR policies, we engage in activities that promote socio-
water conservation, reflecting our dedication to making a economic development and environmental advancement,
positive impact on the planet. aligning with our commitment to responsible progress.

Global Compliance Frameworks: In addition to our legal, regulatory and ethical considerations, safeguarding
commitment to sustainability, we uphold stringent global the integrity and reputation of our organization while
compliance measures to ensure that our operations promoting transparency and accountability in all
adhere to all relevant laws, regulations and industry our endeavors.
standards. Our compliance framework encompasses
Key Achievements
32x 19% 98%

Water replenished compared Renewable energy in overall Of our owned office buildings
to water consumed in India energy consumption are rated Platinum by the Green
operations Buildings Council
25% 6.5M+ 15,700+

Reduction in scope 1 and 2 Lives impacted through Hours of employee training
emissions compared to base HCLFoundation, of which 54% through Sustainability School*
year 2020 were female
*between November 2022 and January 2024
Sustainability Goals Governance Goals

• Net zero by 2040 • Strengthen the sustainable supply chain process
• 50% reduction in absolute scope 1 and scope 2 • Integrate ESG into risk management and internal
emissions by 2030, compared to 2020 baseline audit processes
• 80% electricity usage from renewable energy by 2030 • Be recognized among industry leaders for information
• Zero discharge from all owned facilities and achieve security practices and data privacy standards
zero waste to landfill at all owned facilities by 2025
Social Goals
• Improve the ESG knowledge and skills of employees
• Improve gender diversity in workforce, with 40% women
employees by 2030
• Increase gender representation in senior leadership roles
to 30% by 2030
Davos Dialogues
HCLTech Chairperson Roshni Nadar Malhotra joined the discussion with Tharman Shanmugaratnam, President of Singapore, and
other thought leaders at WEF 2024
Out of Balance with Water

Climate changes have played havoc with the global water cycle, resulting in floods and intense droughts. Through its
sustainability-focused policies and practices, HCLTech has been playing an active role in the global effort to prevent
and mitigate such climate-related disasters. At the World Economic Forum’s Annual Summit in Davos in 2024, our
Chairperson Roshni Nadar Malhotra took part in a panel discussion, titled Out of Balance with Water, along with Tharman
Shanmugaratnam, President of Singapore, and other thought leaders from the Global Commission on the Economics of
Water. The HCLTech chairperson emphasized that innovation is key to the future of water management and that supporting
freshwater conservation holds economic value.
HCLTech leaders with Heroes of Progress awardees Santhosh Jayaram (first from right) during the panel
Heroes of Progress Purpose-led Sustainability Agenda

At WEF, HCLTech had the opportunity to honor young, A distinguished panel came together at WEF, Davos to
purpose-driven leaders who are making significant discuss the urgency and benefits of embedding ESG
contributions to the fields of environment, women’s into their purpose-driven strategies. Santhosh Jayaram,
empowerment, art and sustainability. Our Chairperson our Global Head of Sustainability, pointed out that the
Roshni Nadar Malhotra and CEO & Managing Director progress around sustainability is losing momentum
C Vijayakumar participated in celebrating these because many organizations fail to integrate sustainability
“Heroes of Progress” in an exclusive reception. into their goals and targets — a challenge that can be
overcome by building a sustainability-focused skillset to
create economic value and impact.

Management Discussion
and Analysis (MDA)
FY24 Business Highlights 60
State of the Market 63
Our Business 65
Business Strategy 71
Medium-Term Strategic Objectives 73
Risk Management 91
Consolidated Results 102
Standalone Results 112
FY24 Business Highlights
A Year of Robust Business Performance To bring together the best of technology and our people
HCLTech delivered a robust performance amidst to supercharge progress. Our purpose lies at the heart
macroeconomic headwinds, achieving growth across of everything we do and we are proud of what we
all key metrics during the last fiscal year. We recorded a have achieved since the brand transformation. HCLTech
consolidated revenue of ₹109,913 crores, marking an 8.3% emerged as the fastest-growing brand among the global
increase over FY23. We delivered this industry-leading Top 10 IT services companies, according to the 2024 Brand
growth with EBIT at ₹20,027 crores, up 8.4% and Net Finance Report. We are confident that we will continue to
Income (NI) at ₹15,702 crores, up 5.7%. This growth was supercharge progress for our clients, people, communities
driven by both our Services and Software businesses. and the planet.
Our Services revenue grew by 5.4% YoY in constant
currency in FY24. HCLSoftware has made significant Translating Purpose into Action –
strategic progress as seen in a substantial increase Our Strategic Objectives
in subscription and support revenue and consistently
HCLTech pursues the following medium-term strategic
growing Annual Recurring Revenue (ARR). Total new
objectives:
bookings for the year were at an all-time high, enabled
by a mega deal of $2.1 billion. Our four-year revenue • Leadership through differentiated services and products
compound annual growth rate (CAGR) of 11.7% reflects
• Employer of choice in professional services across all
our sustained success.
our key geographies
Unlocking Potential, • Preferred Digital partner for Global 2000 enterprises in
chosen markets
Supercharging Progress
• Weave ESG (Environmental, Social and Governance)
It has been more than a year since we launched the goals into business strategy
refreshed HCLTech brand to capture the company’s
ambition, energy and acceleration. Central to this brand • Deliver top quartile TSR (Total Shareholder Return) over
transformation was our statement of purpose: the medium term
The HCLTech pavilion at the Mobile World Congress 2024 in Barcelona

Growing Our Services and
Product Leadership
We continue to innovate and create sustainable
differentiators, by focusing on our key thematic areas of
Digital, Engineering, Cloud and AI as well as our industry-
leading technology services and software portfolio. ISG
has conferred on HCLTech the prestigious 2023 Star of
Excellence AwardTM for customer service excellence based
on the direct feedback from over 2,250 unique customer
evaluations. HCLTech achieved an impressive CX score
of 82.3 compared to the industry average of 68.9. As the
only service provider to win six 2023 ISG Star of Excellence
Awards, HCLTech has clearly established itself as a leader
in the industry, differentiating and creating a unique
advantage for itself in the market. The ever-changing
technology landscape continues to provide exciting
opportunities for growth.
Powering Business Growth with People

Our global footprint spans 60 countries, with a vibrant
community of more than 227,000 employees representing
159 nationalities, providing a strong foundation for our
continued growth. With a significant nearshore presence
in 20 countries where more than 90% of employees are
locally hired, we are poised for further expansion in these
regions in the coming years.
We are committed to excellence in employee engagement

and workplace culture. For the second consecutive year,
HCLTech has been recognized as a Global Top Employer
by The Top Employers Institute, receiving top honors in the
three key geographies in which it operates. Our standing HCLTech COO – Corporate Functions Rahul Singh
as a premier employer is also highlighted by our inclusion with Governor of Texas Greg Abbott (right) at our
in prestigious rankings, analyst recognitions and awards. Noida campus
Our dedication to fostering an inclusive work environment

has garnered multiple awards for our diversity, equity and
inclusion initiatives. A testament to our commitment to demand for online examinations while upholding the
diversity and excellence is our gender diversity, which has utmost integrity. Similarly, our engagement with a major
reached 29.1% this fiscal year. These accolades and metrics healthcare provider leveraged our generative AI (GenAI)
reflect our growth as a global technology leader and our solution to revolutionize patient intake processes,
resolve to create a more diverse, skilled and inclusive capturing symptoms and health conditions with
workforce ready to meet the challenges of tomorrow. unparalleled accuracy. These successful collaborations are
typical of the sort of relationships we forge with our clients.
Fueling Transformational Gains for Clients We continue to see significant growth in our client base. In
HCLTech seeks to be the preferred digital partner for FY24, we added 3 clients in the $100 million+ category, 6 in
Global 2000 and equivalent enterprises. Our top quartile the $20 million+ category, 25 in the $10 million+ category,
overall customer satisfaction (CSAT) rating reflects this 20 in the $5 million+ category, and 12 in the $1 million+
dedication, showcasing our unwavering commitment to category. FY24 ended with 22 clients in the $100 million+
outstanding client engagement and ability to exceed category, with the top 20 clients contributing 29% to the
expectations consistently. In one of the most significant company’s revenue.
cloud migrations in the consumer goods industry, HCLTech
helped a client transform into a cloud-only enterprise Promoting Sustainability and Supporting
within 18 months. This pivotal cloud migration empowered
the client to harness next-generation technologies and Communities Globally
unlock unprecedented opportunities for innovation and Sustainability is woven into everything we do, guided by
growth across their organization. In another instance, we our three simple yet powerful principles: Act, Pact and
developed an AI-assisted remote proctoring system for Impact. Our commitment to these principles is evident in
a US-based publishing house, addressing the surging achievements like replenishing 32 times more water than
Management Discussion and Analysis (MDA) 61

we use and reducing per capita Scope 1 and 2 greenhouse Pact’ to deliver a positive and lasting impact for Aboriginal
gas emissions by 70%. Our efforts have garnered multiple and Torres Strait Islander people and communities in
recognitions from international bodies and platforms. Australia. Additionally, we launched the HCLTech Grant for
Notably, Ethisphere named HCLTech among the 2024 Climate Action in the Americas, committing $5 million over
World’s Most Ethical Companies® and EcoVadis awarded five years to climate action initiatives.
us a ‘Gold’ rating for our sustainability performance.
Additionally, the MSCI ESG assessment kept us at an ‘AA’ Enhancing Shareholder Value through
rating for a second consecutive year. CDP has us listed as
an A- category company for our actions toward climate
Growth, Profitability and Efficiency
mitigation. For the second year in a row, we are included in HCLTech is committed to delivering top-quartile total
the S&P Global Sustainability Yearbook 2024. shareholder return (TSR) by focusing on sustained organic
growth, improved profitability, higher return ratios and
HCLTech is committed to supporting communities globally efficient capital utilization. Our commitment includes
and has developed a proactive and impactful corporate enhancing our overall return on invested capital (ROIC)
social responsibility (CSR) strategy. In India, we invest and executing a well-defined capital allocation strategy,
strategically to significantly tackle poverty across rural ensuring a minimum payout of 75% of net income
and urban geographies in all its forms: social, economic cumulatively from from FY22 to FY26 (the average TSR
and environmental. Our initiatives have helped 6.5 million payout for the period FY22-24 has been 89%). With our
people, 54% of whom are women, overcome challenging decade-long, consistent track record of delivering top-
circumstances. We also support various social initiatives quartile TSR among our peer group, we are confident in our
worldwide through our global CSR councils. Some key ability to continue generating value for our shareholders in
highlights include our partnerships with Salvati Copii Iasi, the years to come.
Little People and FEBA (European Food Bank) in Romania,
and the inauguration of the ‘Innovate Reconciliation Action We have expanded further on each of these objectives in
Section 5, Medium-term Strategic Objectives.
The HCLTech pavilion in Davos during the World Economic Forum 2024

State of the Market
Technology advancements and digital innovation continue redefining our daily lives.
The convergence of artificial intelligence (AI), cloud computing and digital innovation is
revolutionizing how we think, interact and work. Technology advancements continue to influence
how businesses operate, respond to environmental challenges, tailor experiences for individuals and
manage talent in the workplace. They also unveil novel avenues for investors to capitalize on the tech
industry’s dynamism and capacity to meet evolving demands.
Client Imperatives
As global enterprises adapt to the evolving technology landscape and seek strategic partners to help them achieve their
digital transformation goals, we spot six key themes:
Optimizing Incorporating Driving Reimagining Building Advancing

Spend GenAI Innovation Experience Resilience Sustainability
Optimizing Spend Incorporating GenAI

Optimizing spend is a continuous journey toward GenAI is driving business benefits by recalibrating business
creating value for all stakeholders. Clients are focusing models, reinventing customer experience and driving
on innovative business models, such as shifting to productivity gains. As enterprises shift from proof-of-
asset-light models, leveraging AI as well as exploring concept experiments to more widespread deployments
cost optimization tools for hyper automation. They are of GenAI, this transition is expected to drive tangible and
looking for technology partners that offer business model realistic benefits. To leverage the transformative power of
flexibility, possess technical expertise in cost optimization GenAI, clients are seeking partners with an engineering
and provide end-to-end offerings. pedigree, a pragmatic mindset and focus on building
realistic solutions leveraging digital engineering capabilities.
Driving Innovation Reimagining Experience

Enterprises are driving innovation by adopting and Businesses are increasingly focusing on total experience
scaling new technologies. These technologies include AI (TX), which encompasses customer experience (CX),
(particularly GenAI), machine learning, automation, edge employee experience (EX) and operational experience (OX).
computing, cloud, low code/no code platforms and more. Technologies such as GenAI, IoT, 5G, XR (extended reality),
Enterprises are actively exploring new markets and business IT-OT convergence and digital age elements like ecosystem
models to maintain a competitive edge. To achieve their and gamification drive efficiency and help create seamless
goals, clients need partners with technical expertise and experiences. Clients look for partners with engineering
domain-centric solutions that are scalable and flexible. capabilities who can unlock value at scale across various
delivery forms and channels to redefine the total experience.
Building Resilience Advancing Sustainability

Building business resilience has emerged as a top priority Technology is a key enabler of sustainability agendas,
for clients amid constant threats and uncertainty in business from value-chain transformation to reducing carbon
environment. To achieve this, clients are adopting agile footprints. The combination of sustainability and digital
methodologies, embracing modernization, investing in transformation agendas is changing how organizations
innovation labs, focusing on advanced analytics and prioritizing create value, grow and innovate today.
technological resilience in areas such as cybersecurity and
IT systems. Clients seek partners who can help them build
business resilience through technology adaptation.

Cloud Transformation is a Demand for consulting and niche technical skills, such
as cybersecurity, AI and digital engineering, continue to
Multi-Year Journey remain strong. The global demand for quality talent has
Embracing cloud as a part of continuous modernization further fueled the growth of Global Capability Centers
is essential in the digital era to increase business agility (GCCs). GCCs, coexisting with outsourced service delivery
and improve operational efficiency. At the same time, model will continue to play an increasingly pivotal role to
enterprises are challenged to balance the benefits leverage the expertise of professionals globally, driving
of cloud computing with the need to maintain data competitiveness and innovation.
sovereignty, security, agility and resilience. Cloud
optimization continues to be a focus area for enterprises Employee expectations are also evolving. They now seek
with hybrid and multicloud strategies gaining popularity. career opportunities that offer personal and professional
With the emergence of new trends such as cloud-at-the- development, including gig and hybrid work for better
edge, AI in cloud, FinOps, confidential computing and flexibility and work-life balance. Consequently, skill
sovereign cloud, the adoption rate of public cloud development strategies are increasingly focusing on
services is expected to grow, presenting more employee-led growth, holistic career paths, co-created
opportunities for innovation. learning opportunities and fostering rich learning
ecosystems. The trend toward personalizing the employee
Combining IT and ER&D Services to Unlock development journey has become a norm.
New Value
Market Opportunities
Engineering, research and development (ER&D) spending
The current economic landscape indicates favorable
and outsourcing continue to grow globally. Companies
market opportunities for technology across industries.
increasingly recognize the value of combining IT and ER&D
Amidst cautious optimism, enterprises are focusing
services, more importantly leveraging an engineering
on strategic priorities such as modernization, cloud,
mindset across the value chain. Enterprises prefer a
engineering, FinOps, AI, GenAI, digital and sustainability.
combined approach, as it offers multiple advantages
While discretionary spending is yet to rebound, overall
— end-to-end offerings, accelerated time-to-market,
enterprise IT spending is expected to remain healthy. Large
increased returns on investment (RoI) on R&D spend,
and mega deals are gaining traction as enterprises focus
streamlined vendor management, improved data
on cost optimization and vendor consolidation. IT services
security and most importantly an engineering mindset
market is projected at 6.1% globally over the next one year
permeating every aspect of products and services that
by industry analysts. Despite the potential impact of macro
deliver added value. As IT companies navigate a slowdown
events on certain sectors and near-term uncertainties, the
in their revenue streams, the ER&D services segment
technology industry is poised for long-term growth.
emerges as a critical area for investment. IT companies
are strengthening their ER&D capabilities to expand their The definition of technology is expanding and is increasing
offerings portfolio to serve clients better and to ward off client expectations on technology. It requires an
competition from pure-play ER&D service providers. integrated approach to software, services and engineering.
With our diverse portfolio, engineering prowess and scale,
Talent Market Trends we are well positioned to capitalize on these trends and
Today, most companies are aggressively innovating their uniquely equipped to leverage technology and meet the
global people practices, candidate-centric branding dynamic needs of our clients.
and hiring models to attract and retain quality talent.
An HCLTech Innovation Lab in Noida, India

Our Business
At HCLTech, we are dedicated to delivering innovative services and products that make a
meaningful difference to our clients, employees, communities and the planet. We are a full-stack
global technology company underpinned by a strong engineering DNA. We are grounded in the
“art of possible” to enable clients to deploy technology solutions that are pragmatic and scalable.
Our goal to become the digital partner of choice for Global 2000 and equivalent enterprises is
anchored in our ability to retain and attract top talent and deliver exceptional value while fostering
inclusive growth and promoting sustainability. This section offers an overview of HCLTech’s core
areas of expertise, business segments and strategic approach to ecosystems and partnerships.
Together, these elements enable us to provide end-to-end solutions tailored to meet the evolving
needs of our clients.
The HCLTech CloudSMART team at AWS re:Invent 2023
Our Areas of Expertise Ecosystem, Alliances and Partnerships

HCLTech leverages its expertise to provide solutions Today’s business world is ecosystem-driven. Our
that address its clients’ traditional, transformational, ecosystem orchestrator approach, developed ahead of its
modernization and future needs. Our Digital offerings time, has enabled us to be ahead of the curve and help
spans from consulting to implementation, we foster our clients accelerate time-to-market, innovate, address
synergies across three core offerings (Digital Business, complex operational and business challenges, reduce total
Digital Foundation, Digital Process Operations) to help cost of ownership (TCO), minimize risk and propel growth.
clients realize the potential of digital technology and We provide our clients curated, best-in-class components
AI to uncover value at every step of their journey. With from a network of technology partners and innovators,
our Engineering offerings, clients can speed up product including platform, product, cloud and SaaS leaders.
development, improve time-to-profit and maximize
return on innovation. Our Cloud services and offerings Central to our strategy is the cultivation of our Strategic
optimize cloud utilization, accelerating innovation and Alliance Ecosystem, where we partner with leading
agility at scale. HCLTech’s AI expertise covers everything technology firms to create differentiated intellectual
from chip design to AI applications and business properties and solutions. These collaborations are
operations, ensuring our clients capture the best value. crucial in accelerating our clients’ digital transformation,
Our HCLSoftware division offers software products across engineering, AI and cloud computing endeavors. Our
areas like Total Experience, Business Apps and Industry Industry Ecosystem gives us access to industry forums
Software, Data and Analytics, Intelligent Operations, and foundations to stay updated on the latest trends and
Security and Compliance along with a bucket of challenges and share our thought leadership. Our Startup
specialized products. Ecosystem leverages creativity and innovation of startups

to generate products and offerings that benefit our development, business operations, semiconductor
clients. We utilize eSTiP™, our flagship startup accelerator and medtech.
and innovation platform, to enable co-creation.
During the year, we launched HCLTech AI Force, an
We collaborate with leading technology providers, innovative GenAI platform that accelerates time-to-
including Microsoft, Google, AWS, SAP, IBM, Red Hat, Cisco, value by transforming the software development and
Intel, Verizon Business, Salesforce, Dell, Pega and others. engineering lifecycle, delivering greater productivity,
These collaborations have led to multiple deal wins, new improved quality and faster release timelines. The
client offerings and leadership recognitions from industry patented GenAI platform is built on Azure OpenAI and
analysts. One of the key partnerships forged this financial can be integrated with multiple LLMs like Microsoft GitHub
year has been with Verizon Business. The partnership Copilot, Google Gemini, Meta Llama2 and AWS. It offers
combines Verizon’s networking power, solutioning and a highly customizable suite of GenAI-based solutions
scale with HCLTech’s market-leading Managed Service that inject intelligence into every aspect of software
capabilities to usher in a new era of large-scale wireline development and engineering workflows to improve
service delivery for enterprise customers. efficiency and developer experience ensuring faster time
to value. Prioritizing responsible AI adoption, HCLTech AI
HCLTech has forged sports alliances with Cricket Australia,
Force integrates robust security and governance measures,
Scuderia Ferrari, the New York Giants, the New York Jets
fostering secure innovation and growth at scale.
and MetLife Stadium as this sector becomes technology
intensive than ever before. As Cricket Australia’s official
We have also established a HCLTech Enterprise AI
digital partner and team sponsor, HCLTech is helping
Foundry to simplify and scale enterprise AI journeys. The
to redefine the game for the modern era, leveraging
integrated suite of assets combines data engineering and
technology to enhance fairness, entertainment value
AI with cognitive infrastructure to accelerate GenAI-led
and the overall experience for players and fans. We are
transformation across business value chains. HCLTech
proud to be associated with winning teams like Cricket
Enterprise AI Foundry is tuned for Amazon Web Services
Australia, which was crowned champions of the ICC Men’s
(AWS), Microsoft Azure and Google Cloud Platform (GCP),
ODI World Cup 2023. In our collaboration with Scuderia
and is designed to scale for on-prem infrastructure. It
Ferrari, our passion for innovation, precision and the pursuit
removes the complexity of industrial-scale AI foundation
of excellence meet the fast-paced, tech-driven world of
models, data silos and overload of tools and frameworks,
Formula 1 racing. As we speed into our second year together,
empowering IT leaders to establish seamless integration
this partnership continues to set new benchmarks for
across IT and data assets. It effectively enables business
success, showcasing what happens when industry pioneers
leaders to focus on real-world outcomes and helps
unite to redefine success on and off the racetrack.
development teams to build next-gen AI-powered
applications with ease.
CloudSMART: Supercharging
Cloud Transformation Both HCLTech AI Force and Enterprise AI Foundry aim to
HCLTech’s unique CloudSMART strategy offers enterprises accelerate AI-led business processes transformation and
a complete, high-value cloud consulting and solutioning strategies. We will continue to use our engineering depth
platform. By leveraging our ecosystem partnerships and to create new GenAI-enabled solutions that deliver
the latest technology solutions, CloudSMART provides superior value to our clients, deliver powerful outcomes
comprehensive consulting services that empower and enable HCLTech to offer differentiated and relevant
businesses to develop and implement long-term solution offerings.
transformation strategies at speed and scale. With its
adaptive suite of offerings and services, CloudSMART We are making further investments in GenAI Labs to
makes it easy for clients to pivot to the cloud, leveraging expand our global footprint in multiple locations, which
the latest validated architectures, standardized services would enable our customers to validate their ideas
and factory-based execution. expeditiously to proofs of concept (POC) and bring value.
Our collaborative partnerships and focused investments
Harnessing the Power of GenAI in labs and tools to fuel innovation while meeting the
cognitive infrastructure requirements has enabled our
GenAI is poised to revolutionize businesses. HCLTech
customers to meet their business objectives faster.
stands uniquely positioned to empower businesses with
GenAI, owing to its comprehensive capabilities and deep
understanding of AI. We offer a full-stack approach,
covering service offerings from chip design and data
engineering to large language models and AI-powered
applications. This breadth, combined with over a decade
of AI expertise and partnerships with top innovators in
the space, allows us to unlock the disruptive potential of
Gen AI across diverse domains like IT services, software

Business Segments
HCLTech’s business reporting is structured as three business segments — IT and Business Services
(ITBS), Engineering and R&D Services (ERS) and HCLSoftware — that collectively address our clients’
traditional, transformational and future needs. Overall, our services (ITBS and ERS) and HCLSoftware
business grew in constant currency YoY at a rate of 5.4% and 2.3%, respectively, in FY24.
IT and Business Services (ITBS)

The ITBS segment enables global enterprises to drive agile, sustainable business transformation that enhances customer and
employee experiences. It is the most significant contributor to HCLTech’s overall revenue mix. In FY24, we posted a moderate
revenue growth of 6.2% YoY in constant currency and an EBIT margin of 16.9%, driven by modest growth across all service lines.
ITBS comprises Digital Business Services, Digital Foundation Services, Digital Process Operations and HCLTech Career Shaper™
service lines.
Digital Business Services

HCLTech’s Digital Business Services offerings include This fiscal year, we won multiple deals helping accelerate
Digital Consulting, Commercial Apps, Custom Apps, digital transformation for our clients. A large Finnish
Data and AI, covering large Application Development, pharmaceuticals, health and well-being product distributor
Application Management, Projects and System Integration selected us as the lead system integrator for Greenfield
and value realization work for our clients. HCLTech Digital SAP S/4 HANA, Enterprise Warehouse Management (EWM)
Business Services help enterprises challenge the status and analytics transformation. In another instance,
quo by transforming their operating models, by identifying a global integrated energy company based in Europe
and rethinking the right experiences, enabling them chose HCLTech to transform their application services
with composable platforms and optimizing them with into a DevSecOps model by adopting a product operating
data-driven insights, all while ensuring sustainable value model and enterprise agile, site reliability engineering
creation and impact. and hyperautomation.
Digital Business Services help clients transform their value Digital Foundation Services
chain through five focus areas: HCLTech’s Digital Foundation Services (DFS) form the
bedrock of our clients’ digital transformation journeys.
• Digital Consulting helps enterprises re-imagine We offer next-gen AI- and hyperautomation-led, secure,
their value chain with experiences at the core, to resilient and reconfigurable solutions for IT infrastructure.
deliver innovative solutions. We offer experience We are a trusted advisor and partner for leading G2000
design, industry capability definition, agile delivery companies, helping them manage and transform their large
transformation and organizational agility, empowering and complex IT infrastructure. Clients choose our services
clients to reimagine their enterprise value chain. for our proven ability to execute at scale and deliver stated
• Custom Application Services help clients redesign business benefits on time.
and modernize their applications and platforms via
composable architectures, microservices and cloud- The DFS offerings cover five areas:
based application consumption.
• Hybrid and Multicloud Services focus on private and
• Commercial Application Services focus on enterprise
hybrid cloud, cloud-native, multicloud deployments, edge
products and platforms, software-as-a-service,
computing and data center solutions. We collaborate
customer engagement platforms and business
with leading hyperscalers including Microsoft, AWS and
integration services. These services generate intrinsic
Google, for delivering next-gen solutions and offerings to
value for clients through significant ROI and business
our customers.
outcomes across the enterprise.
• Digital Workplace Services provide highly personalized,
• Data and AI Services facilitate the enterprise to
experience-led, resilient end-user services, including
modernize data, simplify insights and scale AI to
next-generation smart service desk.
reduce tech debt, enhance data velocity and trust,
deliver actionable insights and provide personalized • NextGen Networks Services enable large enterprises
experiences to transform human experiences and and telcos to modernize and manage their network
operations with AI. infrastructure, including solutions like SD-WAN and
Private 5G.
• Application Management Services with our digital
execution framework FENIX 2.0 and ASM 2.0 proposition • Cybersecurity and Governance, Risk & Compliance (GRC)
focused on next-gen operating model transformation Services offer next-gen security solutions, including XDR/
across global enterprises. MDR (Extended/Managed Detection Response) and IAM
(Identity and Access Management) and help clients meet
their compliance and regulatory requirements.

• Unified Service Management and Intelligent Operations (IGDM) to provide clients with a right-shoring advantage
deliver efficiency and greater supplier management and deliver best-in-class services. Our dedicated team
synergy, facilitating the assessment of the right service of hyperautomation experts leverage RPA, AI/GenAI, ML,
integration and management model for clients. design principles and intelligent analytics to solve industry-
defining challenges for our clients.
This financial year we signed multiple deals, including
one with Verizon Business where we will help their clients DPO’s focus on transformational deals allowed us to
navigate complex operating environments across diverse emerge as a strategic partner of choice enabled us to
locations, geographies and devices while incorporating serve multiple clients across industries and geographies,
new technologies into their stack, including 5G, SD-WAN including many Fortune 500 and Global 2000 (G2000)
and Secure Access Service Edge (SASE) capabilities. and equivalent organizations. In one such engagement for
an American telecom major, we set up a global-managed
Digital Process Operations services hub to provide end-to-end support across service
Digital Process Operations (DPO) provides clients with design and transition, service delivery, service assurance
next-generation operating models that sustain new levels and customer service management. In another significant
of speed, agility, efficiency and transformation. DPO engagement, we expanded our relationship with a leading
revolutionizes customer experiences, modernizes end-to- independent software vendor, setting up a digital shared
end business value chain, unlocks business capital and services hub for its global cloud sales and services program
drives competitive advantages through its domain expertise, and transforming customer experiences.
engineering, AI/GenAI capabilities and best-in-breed
partner ecosystem. Our integrated technology-led digital HCLTech Career Shaper™
operations model reimagines clients’ operations across HCLTech’s EdTech Business Services, now called the
three broad digital stacks: HCLTech Career Shaper™, focuses on providing tech
platforms, products and solutions for talent mobility at
• Digital Workforce: digitalCOLLEAGUE (dC), powered scale with agility. The Career Shaper™ suite of products
by emerging transformation technologies, is a domain- includes 150+ tech roles-based learning programs,
intensive, role-based, single-UI platform that works in immersive labs and assessments. For enterprises, the
collaboration with the human workforce to create a truly solutions encompass hiring tests, skills gap analytics,
Digital Workforce. This human-machine collaboration competency-based learning, proctored assessments and
enhances business operations, improving top line Capstones (tech projects for learners to solve real world
growth, cost efficiency, customer satisfaction and return problems by applying the knowledge and skills they have
on asset investment. acquired), which can help talent become job-ready for new
• Digital Process: DPO deploys its ReOPS framework roles. Talent development institutions can readily adopt the
to drive transformation and re-engineering in platform and related resources to improve their business
business processes via a data-driven approach. With and operational efficiencies.
our proprietary three-lever BPM approach and AI-
powered tools, we help organizations create digital HCLTech Career Shaper™ continues to garner significant
target operating models and leverage comprehensive interest with many G2000 and equivalent companies
process blueprints for effective process discovery and and establishing strong partnerships with key players in
orchestration. diverse industries. This financial year, we added several such
organizations to our client base and forged a partnership
• Digital Technology: DPO leverages the Enterprise
with the National Skill Development Corporation (NSDC),
Function as a Service (EFaaS) model to provide on-cloud
India’s largest skilling apex body. We have also been
solutions for organizations seeking cost reduction and
recognized as a Dual Awarding Body by India’s National
optimized business processes leveraging technology
Council for Vocational Education and Training (NCVET),
rationalization and utility-based models.
making HCLTech eligible to assess, award and certify
With state-of-the-art delivery centers across the globe, learners for its approved and adopted qualifications. We are
DPO leverages its Integrated Global Delivery Model the first non-government body in India to get this status.
ITBS Outlook
Overall, enterprise IT spending is expected to remain healthy, which bodes well for each segment of ITBS. As digital
transformation remains paramount for enterprises, we are well positioned to capture additional market share and
continue to deliver impactful transformation for our clients and stakeholders. Digital Business Services’ outlook is
positive as we continue to see robust growth in value chain transformation, modernization and cost efficiencies
through consolidation and cloud solutions. We anticipate strong demand for Digital Foundation Services, particularly
in cloud, employee experience and cybersecurity. DPO is expected to continue growing by leveraging GenAI to
reimagine business processes across customer value chain and drive business outcomes.

HCLTech’s engineering heritage and full-stack technology portfolio help it deliver differentiated services to clients
Engineering and R&D Services (ERS)

HCLTech’s ERS business has over four decades of engineering excellence heritage across various industries like
semiconductors, manufacturing, life science and healthcare, technology, telecom media and entertainment and more.
HCLTech ERS is a preferred digital engineering partner for over 100 of the top 250 R&D spenders globally. As a globally
recognized leader in digital engineering services, HCLTech helps enterprises accelerate digital transformation, create new
revenue streams and foster cross-industry collaboration. With capabilities across the entire product value chain, including
design, manufacturing, supply chain and after-market services, we help enterprises create value at each stage of their
product development lifecycle.
This segment delivered a revenue growth of 1.6% YoY in constant currency and an EBIT margin of 19.3% in FY24.
HCLTech ERS portfolio encompasses the following:

• Core Engineering includes product design and sustenance, along with manufacturing process design and
improvements. Offerings in this space cover hardware and VLSI design, PLM services, product sustenance,
verification and validation and more.
• Digital Engineering covers creating smart, intelligent, connected products and manufacturing processes that
leverage digital technologies. Some of the packaged offerings in this space include platform engineering, cloud
engineering and IT-OT integration.
• Emerging Technology-led services provide packaged offerings, leveraging emerging technology areas such as
AI and GenAI, 5G, digital twin and sustainability engineering.
• IP-led and Solution accelerators cover propositions bundled around HCLTech’s IPs and solutions addressing
specific customer pain points. Some examples include CARE (Connected Assets and Regulated Environment)
and CloudBridge Suite.
HCLTech ERS secured several large contracts across (IC) aimed at driving data center transformations for a
products, platforms and end-to-end engineering services, prominent hyperscaler. These efforts have reduced their
reflecting the high demand for our digital engineering reliance on merchant silicon, enabled faster market entry
capabilities. Our successful client projects include the and resulted in an 85% decrease in total cost of ownership
development of GenAI solutions for integrated circuits (TCO). Additionally, we engineered a virtual reality device

from silicon to software for a leading technology company, impact HCLSoftware is making. Clients trust HCL
significantly speeding up their shift toward the metaverse. Commerce globally to drive $220+ billion in gross
merchandise value. HCL Unica, an enterprise marketing
The demand for engineering services continues to grow, automation platform, provides precision marketing at
primarily driven by industry verticals like automotive, scale and is executing omnichannel programs across
life sciences & healthcare and manufacturing. Digital multiple industries, helping travel and hospitality clients
engineering themes, such as platform engineering, to generate up to 250% increase in click per day and up
data engineering, 5G and connectivity, Industry 4.0, to three times increase in customer responses for global
sustainability, digital twins and semiconductors, are banks. HCLSoftware Marketing Cloud facilitates clients’
expected to continue attracting enterprise investments. continuous engagement with customers, utilizing AI/
To strengthen our leadership position and benefit from ML to hyper-personalize offerings. HCL BigFix, driven by
the market opportunities in automotive vertical, we AI, secures more than 100+ million endpoints, ensuring
acquired ASAP Group, an automotive engineering our clients’ security and compliance. Our Intelligent
services provider with more than 1,600 employees Operations portfolio (earlier branded as HCL DRYiCE)
focused on future-oriented automotive technologies. allows enterprises to become leaner, faster and more
cost-efficient, all while guaranteeing superior business
Engineering services outsourcing spend continues to
operations and outcomes. HCLSoftware products are
see an uptick driven primarily by the following factors:
trusted by governments across the world to increase
increasing product innovation, geopolitical tensions,
transparency and citizen engagement.
countries seeking tech sovereignty and talent scarcity.
HCLTech ERS is uniquely positioned to capitalize on In FY24, HCLSoftware posted revenue growth of 2.3% in
the market opportunity and drive growth by leveraging constant currency and maintained a healthy EBIT margin
its engineering leadership, comprehensive end-to-end of 24.7%. Our net promoter score (NPS) remains among
digital and product engineering capabilities and extensive the highest in the industry.
domain knowledge.
Moving forward, we will continue to evolve our mix and
HCLSoftware offerings in each of these segments to better align with
HCLSoftware ranks among the top global enterprise evolving spending patterns of G2000 and equivalent
software providers and is one of the largest software clients. Our commitment to innovation and excellence
companies headquartered in Asia. With more than remains steadfast as we confidently pursue our purpose
$1 billion in annual recurring revenue, we serve over of driving positive change, creating a better future and
20,000 customers across more than 130 countries. Our accelerating progress.
comprehensive range of software for Total Experience,
Business Apps and Industrial Software, Data and Analytics,
Intelligent Operations, Security and Compliance along
with a bucket of specialized software products meets the
diverse transformation needs of our clients worldwide.
Through our innovative products and solutions, we are
committed to building up a Digital+ economy and a
sustainable business for our clients.
Our HCLSoftware cloud strategy revolves around five

tailored environments: Business Cloud, Hybrid Data Cloud,
Total Experience Cloud, Security & Compliance Cloud
and Intelligent Operations Cloud. These environments
utilize cutting-edge technologies, including AI, ML, NLP
(Natural Language Processing), cognitive services and
a unified infrastructure platform, to meet the distinct
needs of our clients. Total Experience as a practice is fast
evolving and becoming a necessity for every end-user
interaction across channels like G2C (Govt to Citizen),
D2C (Direct to Consumer) and others. HCLSoftware’s Total
Experience Platform/Cloud converges digital experience,
multi-experience, No Code and customer data platform
and along with a strong ISV ecosystem provides multiple
deployments options for clients to choose from and
accelerate their Total Experience journey.
HCLSoftware made its presence felt at the World
Our software product portfolio is driving transformational Economic Forum 2024 in Davos
gains for our clients. Here are a few examples of the

Business Strategy
Strategy, at its heart, helps an organization to make choices and, more importantly, trade-offs.
An effective strategy aligns stakeholders — clients, employees, partners, society and shareholders
— to win together. This shared focus creates immense leverage for innovation and growth, because
a countless number of decisions that happen every day across all parts of a business — product,
customers, technology capabilities and more — reinforce one another. To make the right choices,
a clearly communicated strategy is critical.
HCLTech has, over four decades, built an organizational to seize novel opportunities, mitigate unexpected risks,
culture of empowerment and innovation. To unleash the a practice that we call Ideapreneurship. In FY24, over
creative potential of our people, our strategic definitions 29,000 Ideapreneurs leveraged the Value Creation Portal, a
are not fancy, but rather simple and clear. We set forth grassroot innovation platform, generating 17,000+ ideas, of
a small set of priorities that are vital to our success which 7,800+ ideas blossomed into initiatives, culminating
and empower our people to use their creative spark to in a staggering $1.4 billion in customer-acknowledged
execute those priorities passionately. Our leaders have value. Our culture of execution and innovation guided by
the responsibility to translate strategy into guidelines that strategy is our recipe for supercharging progress.
are simple and flexible enough to execute. Aligned to this
approach we have identified five medium-term strategic Make Talent the Center of Every Decision
objectives, mentioned earlier in the report. As we serve some of the world’s best-known businesses,
The following fundamentals help us pursue and achieve we enable our people at all levels to enhance their skills,
those strategic objectives: gain a distinct advantage and amplify their potential.
We know that helping our clients stay on top starts with
putting our people first. Our business model, operating
Leverage Our Culture of Empowerment structures, hiring and talent strategy are aligned to the
and Innovation personal and professional aspirations of our people. Our
Our culture is both optimistic and realistic, which helps employee value proposition, “Find your Spark,” is built on
us balance between ambitious goals and impeccable four tenets:
execution. Our simple, clear strategy unlocks the passion
and spark in each employee, promoting empowerment, • Embracing next-gen work environment and culture
entrepreneurial leadership and bold actions that lead to • Creating job enriching experiences
successful execution and strong performance. We also • Delivering employment that fuels confidence
encourage our employees to innovate and suggest ideas
• Providing exciting employee experiences
Team HCLTech at the annual leadership meet in Cannes, France

Our programs like New Vistas, TalentXchange and others AI as a Force Multiplier
are all centered around our employees. For example,
Globally, AI is becoming a force multiplier, opening
TalentXchange provides them with career opportunities
avenues to support and achieve strategic objectives
aligned with their aspirations within HCLTech and New
more quickly. At HCLTech, we strive to focus on real
Vistas gives them multiple locations to choose from to
opportunities with potential to create meaningful
work. During the year, more than 13,500 employees applied
impact. AI has become a core part of our strategy and
for various positions through TalentXchange.
plays a pivotal role across our five medium-term strategic
objectives. We have identified realistic use cases that can
Enable to Enhance Execution accelerate toward achieving those strategic objectives.
Strategic objectives must be easy to communicate and AI adds more power to our services and products,
achievable in discrete modules. In support of these goals, reflected in our recent launch of HCLTech AI Force and
HCLTech breaks down strategic objectives into specific HCLTech Enterprise AI Foundry to accelerate AI-led
and multiple strategic initiatives that helps our people to business transformation journey. For employees, AI helps
understand and work toward it. To enable these strategic drive productivity and improves experience; for clients,
initiatives, there are a multitude of enablement frameworks AI solves critical problems , drives innovation and
in place, for knowledge management, collaboration, enhances efficiency; for ESG initiatives, AI is helping in
change management and more. Our business enablement achieving sustainability goals; and for total shareholder
team has a charter to ensure cross-functional return, AI-related initiatives are making a positive impact
collaboration and perfecting execution. on the top line and bottom line.
Go Beyond Benchmarking Enhance Value through Efficient

Benchmarking is not a goal in itself, but a means to
achieving a strategic objective. HCLTech respects its
Capital Allocation
competitors and best-in-class companies globally. Capital allocation is one of the most critical means
Through our systematic benchmarking approach, we of translating strategy into action. How effectively an
seek to discover best practices and achievements organization allocates capital to drive outcome can make
that are worth adopting. We benchmark on certain the difference between underperformance and sustained
business parameters like stakeholder satisfaction, success. HCLTech drives effectiveness and efficiency of
analyst recognitions, ecosystem competencies, financial capital allocation by adhering to budgeting discipline,
performance and return metrics. For example, our clear strategic rationale, guidelines for investment,
relentless focus on stakeholder satisfaction, helped us superior return metrics, risk appetite framework and
achieve an impressive CX score of 82.3 compared to the a robust governance mechanism. We focus on value-
industry average of 68.9 in the ISG 2023 Star of Excellence creating growth and systematically invest in businesses
AwardTM. We don’t rely on benchmarking for competitive that create value from strategic and financial standpoints.
convergence rather to push us further to achieve our We determine the extent to which an investment is
strategic objectives. supported by favorable tailwinds from the market and
strengthens our competitive advantage, which is key to
Embrace Next-Generation Opportunities producing sustainable high returns.
While Gaining from Current Generation

Align the Larger Ecosystem to
To spot disruptions early and respond effectively,
HCLTech has a structured approach of scanning Strategic Objectives
thousands of market signals, identifying strategic In addition to aligning everyone internally and getting
risks and converting them into opportunities. This the message out to our employees, we are focused on
approach has helped us in being a pioneer in the communicating our strategic objectives and progress
remote infrastructure services industry, being the first to key external stakeholders, including investors, clients,
IT services company to create a scalable and profitable partners, potential employees and the global and local
products business and in building our breakthrough communities. This approach helps align our ecosystem
early-career TechBee program for hiring students right of key external stakeholders and attracts clients,
after high school. Today, we are exploring opportunities shareholders, talented people, partners, organizations and
emerging out of AI, sustainability and global supply chain communities willing to join us on our long-term journey.
realignment for future growth. While constantly watching Our partnership with Verizon Business is one such example.
out for such new signals in the market, we also look for
profitable long-term growth opportunities in our existing Peter Drucker’s epithet that “strategy is a commodity,
businesses. This has been visible in continuing strong execution is an art” is often mentioned to reinforce the
traction for our traditional services, while achieving importance of culture in executing strategy. At HCLTech,
industry-leading growth in digital propositions. through the intelligent integration of both culture and
strategy, we are truly able to drive impeccable execution
to supercharge progress.

Medium-Term Strategic Objectives
Leadership Employer Preferred Digital Weave Deliver top

through of Choice in Partner for Global ESG goals quartile TSR
differentiated professional 2000 enterprises into business over the
services and services in chosen markets strategy medium term
products across all key
geographies
Strategic Objective 1
Leadership through Differentiated Services and Products

Achieving leadership in the technology business Key Analyst Recognitions
requires creating relevant, differentiated services and
• Leader in Everest Group’s Software Product Engineering
products and delivering it to meet the evolving needs of
enterprises. Two critical elements — talent and innovation
are at the core of this objective. Companies need a • Leader in IDC MarketScape: Worldwide Software
relentless focus on these components to avoid falling Engineering Services 2023 Vendor Assessment
into obscurity by failing to align with client requirements. (doc:# US51330523, Nov 2023)
• Leader in Everest Group’s 5G Engineering Services
At HCLTech, our commitment to innovation ensures the PEAK Matrix® Assessment 2023: The Next Frontier in the
development of outstanding offerings and plays a pivotal Hyperconnected Era
role in attracting top talent. Professionals join us because • Leader in Everest Group’s ACES Automotive Engineering
they know they will get the opportunity to work on the Services PEAK Matrix® Assessment 2023: Navigating the
latest technologies and make meaningful impact. This Future of Automotive Landscape
creates a virtuous cycle fueled by a culture that values
ideation and entrepreneurial spirit — what we • Leader in Everest Group’s Digital Twin Services PEAK
call Ideapreneurship.
• Leader in Gartner® Magic Quadrant™ for Data Center
This section outlines how HCLTech is achieving its Outsourcing and Hybrid Infrastructure Managed
strategic objective of gaining leadership through Services, Worldwide*
differentiated services and products • Leader in Gartner® Magic Quadrant™ for Public Cloud
IT Transformation Services*
Global Leader in Services and Products • Leader in Gartner®, Magic Quadrant for Outsourced
Imbued with the pioneering DNA of the HCL Group, Digital Workplace Services*
HCLTech continues to lead technology innovation, • Leader in Gartner® Magic Quadrant™ for Managed
affirming its position as a trusted partner in the global Mobility Services, Global*
technology sector. Our leadership position is powered by
• Leader in Gartner® Magic Quadrant™ for Managed
our industry-leading capabilities centered around digital,
Network Services*
engineering, cloud, AI and software, coupled with a broad
portfolio of technology services and products that help • HCLTech recognized by its customers with the Gartner
enterprises stay future-ready. Peer Insights Customers’ Choice distinction in Voice of
the Customer for Data Center Outsourcing and Hybrid
HCLTech’s strategic progression and technological Infrastructure Managed Services, Worldwide*
prowess have been recognized by leading industry • Only service provider to win six 2023 ISG Star of
analyst firms such as Gartner, Forrester, IDC, Everest, Excellence Awards including the Overall Star of
Avasant, HFS, ISG, Zinnov and more. HCLTech received Excellence Award
multiple analyst recognitions throughout the year, • Leader in IDC MarketScape: Canadian Managed
underscoring this achievement. Multicloud Services 2024 Vendor Assessment
(doc # CA50302123, Feb 2024)

• Leader in Everest Group’s Application Transformation
Services PEAK Matrix® Assessment 2024 – North
America & Europe
• Leader in IDC MarketScape: Worldwide Application
Modernization Services 2023 Vendor Assessment
(doc #US50607723, Jan 2024)
• Leader in IDC MarketScape: Worldwide Oracle
Implementation Services 2023 Vendor Assessment
(doc# US49837623, Aug 2023)
• Leader in Avasant’s SAP S/4HANA Services 2023-2024
RadarView™
• Leader in Everest Group’s Identity and Access
Management (IAM) Services PEAK Matrix®
Assessment 2023
• Leader in Avasant’s Intelligent Automation Services
2023-2024 RadarView™
• HCLSoftware (HCL BigFix) positioned as a Strong
Performer in The Forrester Wave™ for Unified Endpoint
Management, Q4 2023
• HCLSoftware (HCL DX) positioned as a Leader in Omdia
Universe Digital Experience Management 2023
• HCL Software positioned as a Challenger in 2024
Gartner® Magic Quadrant™ for Digital Experience
Platforms, February 2024*
*Gartner and Magic Quadrant are registered trademarks and service marks of
Gartner, Inc. and/or its affiliates and is used herein with permission. All rights
reserved. Gartner does not endorse any vendor, product or service depicted in
its research publications and does not advise technology users to select only
those vendors with the highest ratings or other designation. Gartner research
publications consist of the opinions of Gartner’s research organization and Engineering DNA at the core of our service and product
should not be construed as statements off act. Gartner disclaims all warranties,
expressed or implied, with respect to this research, including any warranties of offerings: HCLTech’s reputation of having a very strong
merchantability or fitness for a particular purpose. engineering pedigree, a roll-up-the-sleeves attitude and
a realistic approach to business have ushered in creating
*Gartner Peer Insights content consists of the opinions of individual end users
based on their own experiences, and should not be construed as statements of and delivering differentiated services and products to
fact, nor do they represent the views of Gartner or its affiliates. Gartner does not solve its clients’ problems. HCLTech’s core engineering DNA
endorse any vendor, product or service depicted in this content nor makes any
warranties, expressed or implied, with respect to this content, about its accuracy
differentiates it when it comes to our approach to solving
or completeness, including any warranties of merchantability or fitness for a client problems. Backed by four decades of engineering
particular purpose. excellence, HCLTech combines deep technological
*The Gartner content described herein (the “Gartner Content”) represent(s) expertise with practical solution-focused approach to
research opinion or viewpoints published, as part of a syndicated subscription solve complex problems and deliver value to its clients.
service, by Gartner, Inc. (“Gartner”), and are not representations of fact. Gartner
Content speaks as of its original publication date (and not as of the date of this
Quarterly report), and the opinions expressed in the Gartner Content are subject
Strengthening cloud offerings: HCLTech works with
to change without notice. hyperscalers and essential cloud technology partners to
strengthen its offerings. In pursuit of sustained medium-
Growing Our Services and term growth, our focus extends beyond cloud migration
toward developing vertically integrated industry solutions.
Product Leadership Our suite of cloud services is reinforced by intelligent
For technology firms, persistent innovation is the key to automation and an extensive partnership ecosystem,
securing a sustainable competitive edge. At HCLTech, our spanning the full cloud spectrum — from platform
commitment to sustaining and enhancing our leadership engineering and cloud-native applications to
in services and products drives us to explore new frontiers mainframe modernization.
continually. This involves developing innovative solutions
and establishing centers of excellence (CoEs), enhancing Perfecting Service Delivery: Transforming great ideas
our software offerings, acquiring specialized capabilities and objectives into client value hinges on execution.
and investing in tailored industry solutions, state-of-the- A well-established service delivery and talent management
art labs and strategic partnerships. Below, we detail the framework significantly amplify HCLTech’s mastery over
specifics that we are implementing to fortify our execution. These elements have been developed and
leadership stance: refined over years. Today, they are at the core of our culture.
We have the capability to manage projects in onshore and

through nearshore locations such as Mexico, Morocco or driving, e-mobility and connectivity. ASAP serves top
others, and at New Vistas sites in smaller urban areas across automotive original equipment manufacturers (OEMs)
India, the US and Europe. A wide range of project delivery and tier 1 suppliers in Germany. ASAP’s services portfolio
options allows us to accelerate execution, access comprises electrics/electronics, software, consulting,
to best-in-class talent, reduce attrition, increase diversity service testing and validation and vehicle development.
and enhance operational stability — delivering superior ASAP has over 1,600 employees across nine locations in
value to our clients. Germany. With this acquisition, HCLTech strengthened its
leadership in engineering services, especially in the fast-
Identifying and Investing in Next-Gen Offerings: HCLTech growing automotive engineering services sector in Europe
heavily invests in research, across labs, frameworks, and other key global markets
accelerators, platforms and technologies, aiming to capture
and reuse this knowledge across multiple engagements. AI and GenAI to drive the next wave of growth: At HCLTech,
We analyze trends primarily leveraging our SROM (Strategic we have adopted a multi-pronged approach to tap the
Risk and Opportunity Management) framework and potential of AI and GenAI. We are infusing our solutions with
monitor when emerging technology becomes relevant and AI and GenAI, built suites like HCLTech AI Force and HCLTech
actionable, helping to build differentiated products and Enterprise AI Foundry, working with ecosystem partners to
services for our clients. We focus on creating next-gen labs, drive innovation and offerings, and co-innovating with our
industry use cases, minimum viable products and proof of clients. We aim to unlock the full potential of AI and GenAI
value experiments for clients using disruptive technologies by delivering impactful horizontal and vertical solutions
such as GenAI, AI/ML-enabled automation, quantum, 5G, across diverse industries. While our horizontal solution suite
metaverse, low code/no code, confidential computing, improves efficiency for the processes and functions and
sovereign cloud and more. enhance quality of output, the vertical solutions are focused
at solving industry-specific business problem with faster
Cultivating Innovation through Ideapreneurship: While time to market and profitability.
HCLTech has grown exponentially over the years, it has
never lost sight of its startup mindset. We always approach HCLTech is actively engaged with its clients to help
our work with an idea-first attitude because each of our them achieve their business goals with the help of AI
achievements, big or small, starts with a single spark of an and GenAI, faster and efficiently. In one of such successful
idea. The practice of Ideapreneurship is one of the main client engagements, our GenAI solution for one of the
pillars of our internal idea-driven mindset. Ideapreneurship major medical device companies has streamlined clinical
has become a self-sustaining, self-inspired innovation evaluation report creation, slashing effort by 44% and
engine that drives HCLTech forward and prepares us as boosting acceptance to 62%.
an organization of the future. Platforms like eSTIPTM, HCL Expanding and Evolving the Partner Ecosystem to Enable
Startup SYNC (Speedup-Your-Novel-Conception) and Value Growth: HCLTech accelerates the creation of
Creation play significant roles in our innovation journey. comprehensive solutions for its clients by expanding
Enhancing Services Leadership: HCLTech’s leadership in capabilities and leveraging its ecosystem partners.
services is rooted in its ability to leverage its expertise, A dedicated ecosystem team is focused on identifying
experience and innovation to help clients achieve outcomes and forging new partnerships, aiming to introduce novel
at speed and scale. While retaining our market share in capabilities and offerings for our clients.
traditional services, HCLTech also focuses on growth Building Niche Product Leadership: HCLSoftware’s strategy
opportunities in digital and next-gen services. Along with to carve out a niche leadership position in the software
developing new capabilities, we also focus on training our product market is supported by a centralized product
talent, exploring new delivery locations and forging world- innovation organization tasked with overseeing all portfolios.
class partnerships, to enhance our services leadership. Key focus areas under this umbrella include Total Experience,
Developing Vertical Capabilities to Address Client Needs: Business Apps and Industry Software, Data and Analytics,
HCLTech gains credibility and success from its deep domain Intelligent operations, Security and Compliance along
knowledge of industries. By focusing on building new with a bucket of specialized products. We have anchored
vertical and sub-vertical capabilities, along with industry- HCLSoftware’s AI philosophy in adopting, embedding,
specific solutions leveraging the latest technologies and plugging in and infusing AI in everything from our products
partnerships, HCLTech adds real value to its clients. When to cloud/XaaS offerings. We are working on value creation
organic capability development requires longer duration and by transitioning from a human-led and automation-
has higher total cost of ownership (TCO) or when developing assisted model to one that is automation-led and human-
niche skills is challenging, HCLTech does consider inorganic assisted. This transformation affects automated workloads,
option to cater to clients better and faster. operational intelligence, self-healing systems and self-
service workflows, all through the application of GenAI.
One such acquisition this fiscal was ASAP Group, a German
automotive engineering services provider. Headquartered
in Ingolstadt, Germany, ASAP is focused on future-oriented
automotive technologies in areas such as autonomous

Recognitions for Vertical
Industry Solutions
Financial Services: Retail & Consumer Packaged Goods (CPG):
• Leader in Everest Group’s Payments IT Services PEAK • Leader in HFS Horizons: Retail and CPG Service
Matrix® Assessment 2023 Providers, 2023
• Leader in Everest Group’s Banking Operations – Services • Leader in Everest Group’s Supply Chain IT
PEAK Matrix® Assessment 2023 Transformation Services for Retail and CPG PEAK
• HFS Horizons: The Best Service Providers for Asset and Matrix®, Assessment 2023
Wealth Management, 2024
• Leader in Avasant’s Life and Annuities Insurance Digital
Services 2023–2024 RadarView™ Telecom, Media, Publishing & Entertainment:
• Leader in Avasant’s Media & Entertainment Digital
Services 2023-2024 RadarView™
Manufacturing: • Leader in ISG Provider Lens™ Telecom, Media &
• Leader in IDC MarketScape: Worldwide Smart Entertainment Services - Media and Entertainment
Manufacturing Asset Management Service Providers Intelligent Business Process Services (BPS), Managed
2023-2024 Vendor Assessment (doc# US49760023, and Next-Gen IT Services (ITS), Telecom Intelligent
Dec 2023) Business Process Services (BPS) - North America 2023
• Leader in Avasant’s Manufacturing Smart Industry
Services 2023 RadarView™
Software:
• HCLSoftware named a Major Player in IDC MarketScape:
Life Sciences & Healthcare: Worldwide Enterprise B2B Digital Commerce
Applications 2023-2024 Vendor Assessment
• Leader in Everest Group’s Medical Devices Digital
Services PEAK Matrix® Assessment 2023 • HCLSoftware named a Major Player in IDC MarketScape:
Worldwide Omnichannel Marketing Platforms for B2B
• Leader in Everest Group’s Healthcare Data and Analytics
Enterprises 2023 Vendor Assessment
• Leader in Everest Group’s Life Sciences Smart
Manufacturing Services PEAK Matrix® Assessment 2023
Technology & Services:

• Leader in Avasant’s High-Tech Industry Digital Services
2023–2024 RadarView™
• Leader in Avasant’s Higher Education Digital Services
Public Services (Energy & Utilities, Travel-

Transport-Logistics & Govt.):
• Leader in Everest Group’s ACES Automotive Engineering
Services PEAK Matrix® Assessment 2023: Navigating the
Future of Automotive Landscape
• Leader in HFS Horizons: Travel, Hospitality, and Logistics
Service Providers, 2023
• Leader in Avasant’s Aerospace & Defense Digital Services
HCLTechies participating in the Polish Business Run 2023
Employer of Choice in Professional

Services across all Our Key Geographies
Talent is a key differentiator for companies in the • HCLTech has been named a Global Top Employer by Top
technology industry. Organizations with an effective Employers Institute for the second consecutive year. We
strategy for attracting highly qualified, motivated also achieved Top Employer honors in our three principal
employees and training them in the skills needed to operational geographies: Asia Pacific, North America
make progress will be long term winners. Talent strategy and Europe. This recognition is a testament to our
is especially crucial for HCLTech to meet the expanding unwavering commitment to developing comprehensive
and evolving business requirements of our clients. Our people practices and initiatives, driving exceptional
multi-pronged talent strategy has proven to be successful career growth for HCLTechies. Our ongoing efforts have
and will ensure we maintain our position as an employer of earned us the distinction of being a Top Employer in 26
choice around the world. countries, with a No. 1 ranking in 15.
• Forbes included HCLTech in its list of the World’s Best
HCLTech’s Talent Today Employers (2023) in the Professional Services category,
HCLTech’s current headcount reflects the success of highlighting our excellence on a global scale.
the company’s talent strategy. As of March 31, 2024, our • ET Human Capital Experience Awards presented
team comprises 227,481 employees across 60 countries. HCLTech with the Exceptional Employee Experience
Compared to FY23, in FY24, our headcount increased Award for Large Enterprises. This accolade reflects our
by 1,537 while we witnessed a significant reduction in IT effective people strategy, which delivers outstanding
services voluntary attrition rate, which dropped from 19.5% employee experiences through active engagement,
to 12.4%. Our nearshore headcount continues to increase genuine listening and strong support for our most valued
and we continue to strengthen our presence in our New asset: Our People.
Vistas locations. • Avasant’s RadarviewTM Report on Digital Talent
Capability 2023 has rated HCLTech as a Leader for the
Global Recognition as an Employer third consecutive year. Recognized for having a Digital
of Choice Business Capability team that drives direct sourcing and
In FY24, global experts and analysts honored HCLTech as internal fulfillment, HCLTech continues to expand in tier
an employer of choice in professional services with the II and tier III cities through its New Vistas initiative.
following recognitionss: • Everest Group reaffirmed HCLTech’s leadership
position for the second time in its Talent Readiness

for Next-Generation IT Services PEAK Matrix
Assessment 2023. This accolade underscores our
consistent performance and leadership in preparing
talent for the future demands of IT services.
These distinguished recognitions from leading global

organizations reiterate HCLTech’s strategic commitment to
its people and continuous drive for excellence, reinforcing
its status as an employer of choice worldwide.
How Our Talent Strategy Works in Practice

Attracting and retaining talent, alongside reskilling and
upskilling employees to keep pace with the evolving
technology landscape, is pivotal for organizational
success. HCLTech differentiates itself in the talent market
through a successful process that consistently achieves
these critical employee goals. Our people practices
have been honed by years of work that have yielded vital
insights into attracting and nurturing talent. Here is a brief
overview of our strategic priorities:
Attracting Gen Z Talent HCLTechies at a strategy and planning meet in Noida

Our targeted programs to attract and recruit Gen Z talent
are pivotal to our talent strategy and have given us a head-
start as a leading employer for this generation. Currently, Developing Local Talent through New Vistas and
Gen Z employees make up 27.2% of our workforce. They Nearshore Programs
prefer organizations that aim for excellence and actively Our New Vistas and nearshore programs are powerful
contributing to societal well-being, which aligns perfectly talent access models, allowing us to extend beyond
with our values. We have successfully attracted Gen Z traditional centers to tap into talent pools in India and new
talent by emphasizing our commitment to community, markets worldwide. These initiatives enhance our ability
ramping up entry-level hiring and enhancing our diversity, to employ local workforces and foster diversity. Our New
equity, inclusion (DEI) and ESG initiatives. These efforts Vistas locations in India have expanded to support delivery
foster a culture of trust and empowerment. We have operations for all our service lines and boast higher talent
implemented hybrid work models, democratized access to retention rates. Employees from these centers represent
training and offer personalized career development paths. 15% of our India headcount. Additionally, we operate
nearshore centers in 20 countries, including Romania,
Developing Entry-Level Talent
Sri Lanka, the Philippines, Canada, Guatemala, Poland,
HCLTech has increased its entry-level hiring over the past Mexico and Brazil, underlining our commitment to
three fiscal years, positioning it to connect with Gen Z leveraging global talent pools.
candidates ahead of our competitors. Central to this effort
is our TechBee program, which targets highly talented Training Our Talent
Class 12 graduates. Our career development framework HCLTech’s innovative training, reskilling and upskilling
ensures that entry-level hires are well-trained, given approaches ensure its employees are future ready. In FY24,
opportunities to solve real problems, recognized for their almost 100% of our employees were trained in core skills
contributions, supported in pursuing higher education and and 26,110 employees were trained in digital skills. At the
provided with opportunities to grow. same time, almost 27,000 benefited from behavioral and
leadership development courses.
Managing Careers of Rebadged Employees
It is vital to effectively manage the careers of rebadged HCLTech supports its employees’ career growth by
employees — those who join HCLTech indirectly through providing focused training opportunities, allowing
client projects. Our mature process ensures a seamless everyone to find their spark and grow. Our democratized
onboarding experience for these individuals and helps training approach enables employees to self-enroll in
chart their career path. A lot of these rebadged gamified courses to develop niche skills, increasing
employees grow to take up leadership roles in the personal fulfillment. Upskilling fulfills more than 20% of our
organization. We have successfully integrated more demand for skills of the future, including critical areas such
than 44,000 rebadged employees across 50 countries, as metaverse, Web 3, AI, blockchain and semiconductor.
including a large rebadging exercise this year as part of Our talent development centers of excellence have been
a strategic partnership. recognized with several awards, including:

• The Innovator Hall of Fame Gold Award at the Hacker Nurturing Future Leaders
Rank Innovator Awards 2023 for “Newer ways of using
HCLTech is dedicated to cultivating leadership from
assessments.”
within the organization. We select our next-generation
• The Skillsoft Perspectives award for Innovation in leaders based on their performance history, leadership
Developing Tech Talent for our ‘Aspire’ Program. potential, credibility and readiness for further growth.
These emerging leaders undergo mentorship and
training programs to demonstrate their preparedness for
heightened roles. A specific objective is nurturing future
executive leaders from this group, with an emphasis on
increasing the representation of women in executive
positions. This focus on leadership development has
resulted in a notably stable leadership team with very low
attrition rates in recent years. This initiative also helps in
succession planning. Our succession planning includes
pinpointing immediate and medium-term successors
for positions two levels below the CEO and up, ensuring
leadership continuity.
Expanding Diversity and Inclusion

HCLTech is committed to building a diverse workforce
across multiple dimensions in a verifiable and measurable
manner. Some highlights of our progress toward
diversity include:
• Increasing the hiring of local talent across our

operational geographies to the extent that nearly
four out of every five employees in major locations
are now local.
• Gender diversity was 29.1% in FY24.
HCLTech promotes a culture of diversity and • Implementing policies and guidelines to support
inclusion at workplace an equitable working environment for people with
disabilities, including technological and infrastructural
accessibility enhancements.
Improving Employee Experience • Conducting recruitment campaigns aimed at bringing
This financial year, we rolled out multiple new initiatives LGBTQIA+ talent into our organization.
that are fully dedicated to improving the employee • Emphasizing pro-diversity branding to attract
experience by increasing engagement, building a culture individuals from different backgrounds and
of transparency and accountability, offering aspirational cultures to join HCLTech.
learning and encouraging workplace democracy. A few
notable programs launched were TalentXchange, MentorMe Women Lead Network (WLN) is a HCLTech initiative, aiming
and Aspire. TalentXchange is our internal talent marketplace to harness the collective power of diverse individuals for
to facilitate talent mobility and internal fulfillment. This is business transformation and to catalyze social change
a win-win initiative, allowing employees to take control of within and outside the organization. WLN, spearheaded by
their careers by pursuing new opportunities within HCLTech HCLTech women employees, advances this transformation
and enhancing the organization’s ability to retain top through inspirational sessions and collaborative platforms.
talent by having skilled employees advance to fill crucial Through its Engage, Elevate, Endorse strategy, HCLTech
roles needed by the company. The MentorMe and Aspire WLN is dedicated to empowering women and promoting
platforms help democratize learning and enable access to a culture of diversity, inclusion and success throughout
expert guidance. the company.
HCLTech views its reporting managers as the primary We continuously benchmark our efforts in diversity,
enablers of positive employee experiences. We support equity and inclusion (DEI). We are proud to have received
and train managers to succeed in this crucial role through numerous accolades.
a program of 360-degree assessments, which has been
in place for over a decade. Attrition percentage is a good DEI Awards Received by HCLTech:
indicator of the efficacy of these initiatives, and the • Included in Top Regional Companies 2023 Index
improvements achieved in the last 12 months validate by DiversityInc’s Specialty Lists: Recognized for our
that we have created a positive impact. commitment to workplace fairness, equity and inclusion,
highlighting our impact in specific geographic areas.

• Brandon Hall Group HCM Excellence Awards: Awards the initiative to develop proofs of concept and
received in categories including Best Learning Program deployments that harness data science and AI.
for Unconscious Bias Awareness, Best Advance in Our approach to AI is multifaceted: to leverage AI for
Leadership Development for Women, Best Diversity, people services delivery; to use AI and data science for
Equity and Inclusion Strategy, Best Advance in Leading sentiment analysis and increasing meaning at work for
Diversity, Equity and Inclusion Initiatives, Best Benefits, employees and thereby improving engagement and
Wellness and Well-Being Program, Best Advance in retention; and to deploy AI to become more effective
Employee Recognition Program and Best Advance in the talent operations area.
in Employee Engagement. These awards celebrate
organizations with effective programs that achieve Simplifying Processes and Systems
measurable results. As we enable our hiring and employee management
• Included in 2023 Avtar and Seramount’s 100 Best processes with further digitization leveraging AI, HCLTech
Companies for Women in India: This accolade is deeply committed to simplifying policies, processes and
recognizes our efforts toward supporting women’s systems to improve employee experience. We strive to
advancement in the workplace. make the employee-organization interface as transparent,
• Exemplar of Inclusion in Most Inclusive Companies Index frictionless and fulfilling as possible. We have an ongoing
(MICI) 2023: by Avtar and Seramount: For our initiatives transformation program that is focused on improving our
that foster an inclusive work environment. employee experience primarily by simplifying processes
• NASSCOM’s DEI Champions List — Jury Special Mention: and systems through the entire employee life cycle.
An acknowledgment of our dedication to championing Our holistic approach to talent strategy, relentless focus
diversity, equity and fostering an inclusive culture. on training our employees and efforts to diversify our talent
• Silver Employer recognition in India Workplace Equality pipeline to be future-ready have continued to put us in
Index (IWEI): This honor acknowledges our initiatives a position of strength in the market. We will sustain our
toward LGBTQIA+ equality in the workplace. effort to nurture and empower our employees to continue
delivering extraordinary experiences and supercharging
Leveraging AI in Talent Management progress for our clients.
AI and GenAI are impacting and transforming organizations
and individuals. Within our people function, we have taken
Collaboration and a dynamic work environment are a way of life for HCLTechies

HCLTech representatives discussing our Total Experience strategy at Adobe Summit 2024
Preferred Digital Partner for Global

2000 Enterprises in Chosen Markets
HCLTech seeks to be the preferred digital partner for a special program to work with digital-native companies
Global 2000 and equivalent enterprises. This focus is that are on a rapid growth track toward achieving G2000
significant given that approximately 70% of enterprise IT status. This ensures we engage early with the right clients
spending is attributed to these G2000 or equivalent firms, and don’t miss out on potential growth opportunities.
and around 85% of global technology expenditure comes HCLSoftware further has a broader client universe that
from just 15 countries, underlining the importance of these is consistent with the business objectives of a software
clientele and markets. business. Our approach to client selection is meticulous
and strategic. We dedicate our efforts toward the most
We actively identify enterprises with significant productive and scalable opportunities, fostering
or forthcoming technology budgets dedicated to high growth.
transformative technology adoption. Additionally,
we have identified a group of consequential or rapidly Our Geographic Markets
growing countries outside our primary markets to
HCLTech categorizes geographical markets by size, growth
target for future expansion. Our clients expect the best
stage and participation rate.
technology, the highest quality personnel and unparalleled
services and products. Meeting these expectations • Core markets represent the regions that are large
helps HCLTech raise the bar internally, strengthening its technology consumers and where HCLTech already has
talent, leadership and brand. The sharp focus on the ‘art a strong base.
of possible’ by definitively connecting ‘the possible’ to • Focus markets represent geographies where technology
‘deployable at scale’ makes HCLTech a trusted partner spending is significant and companies are increasing
for G2000 enterprises. their outsourcing and adaption of delivery models.
• New Frontier markets are the fastest growing countries
Our Client Universe with large economies and growing technology spend,
We focus on G2000 and equivalent companies, such as especially digital spend. HCLTech has a growing
privately held or government-owned entities, to identify presence in these markets, which have huge potential.
potential clients for our services business. We also have

FY24 Revenue Profile
HCLTech’s revenue comes from a healthy mix of clients across industry verticals and geographies.
HCLTech’s services revenue growth of 5.4% had significant contributions from all major
verticals, led by the Financial Services vertical, which grew by 12.1%, and the Manufacturing
vertical, which grew by 9.8%, in constant currency. In terms of geographic revenue growth,
our biggest markets the Americas and the Europe registered 6.8% and 5.5% growth,
respectively, in constant currency.
Client mix by revenue contributions FY24 contributions across verticals
Client category FY23 FY24
$100 million+ 19 22
$50 million+ 46 46
$10 million+ 229 254
$5 million+ 375 395

Financial services 22.1% Public Services 9.6%
$1 million+ 939 951 Manufacturing 19.9% Retail & CPG 9.3%

Lifesciences and 16.9% Telecommunications, 9.2%
healthcare Media, Publishing &
Technology and 12.9% Entertainment
services
Key Wins
HCLTech won 70+ large deals in FY24 across services and state-of-the-art solution for real-time ESG reporting
products. Here are a few notable wins across each vertical: and analytics tools using GenAI, deploying the Net-Zero
Intelligent Operations solution.
Financial Services
• A Europe-based global financial services provider Life Sciences and Healthcare
eexpanded its partnership with HCLTech to launch • A Fortune 50 healthcare company selected HCLTech
a new service offering, including digital payments as the strategic partner for managing its end-to-end IT
platform development, customer service, operations infrastructure, cloud and security services, consolidating
and financial crime prevention (FCP). services from multiple vendors.
• A US-based financial services company partnered with • A US-based healthcare provider selected HCLTech to
HCLTech to expand the scope of data services for its develop multiple GenAI-based solutions for strategic
insurance division, including cloud migration, platform use cases to enhance clinician efficiency.
modernization, data management and governance.
Technology and Services
Manufacturing
• A US-based technology company selected HCLTech as
• A Fortune 500 manufacturing company expanded its
a strategic professional services partner to help drive
partnership with HCLTech to manage the engineering
product adoption and enable business growth. HCLTech
application landscape and deploy AR/VR-based
will provide product implementation, cloud migration,
experience management solutions for an enhanced
site reliability engineering and other associated services
end-user experience for the global employee base.
to global marquee customers of the client.
• A US-based chemicals manufacturer partnered with
HCLTech to enhance its sustainability efforts with a

Our focus on providing top-notch services and products makes us a preferred digital partner of the G2000 enterprises
• Cloud Services Group chose HCLTech as the exclusive HCLSoftware

preferred professional services partner for implementing,
• A leading university in the UK chose HCLSoftware as its
upgrading and modernizing all TIBCO products for
preferred partner for a mission-critical application to
global enterprise customers.
support student records and administration applications.
Public Services • A Europe-based global transportation services provider
selected HCL Actian to upgrade and modernize their
• A Global 50 integrated energy major selected HCLTech
flight management application so it can be delivered
to transform its operating model into a modern,
as a cloud service.
product-aligned one and enable automation adoption
with AI for higher efficiencies. • A leading telecom player in the US selected
HCLSoftware as its preferred partner for network
• A US-based global hospitality company chose HCLTech
lifecycle automation to improve visibility and operations.
to differentiate its services using the latest digital
technologies for scalable and streamlined IT operations. • A leading US-based accounts receivable management
provider has signed a multi-year contract with
HCLSoftware to modernize and upgrade their
Retail and CPG
applications.
• A Fortune 50 multinational food, snack and
beverage company expanded its digital transformation
Go-To-Market Overview
partnership with HCLTech, including hyper-automation-
led solutions, GenAI capabilities for predictive digital HCLTech’s go-to-market (GTM) strategy, refined over
workplace services and cloud operations. decades, aims to effectively reach and serve the most
desirable clients. While our GTM strategy incorporates
• A Europe-based global retailer selected HCLTech to
a multi-faceted approach, focusing on specific business
accelerate business transformation across sales, finance,
segments, industry verticals, geographies and ecosystems.
distribution, manufacturing and planning domains with
The primary goal is to continue to drive a simplified, agile,
advanced digital technologies, including SAP S/4Hana.
effective and efficient GTM organization for clients to
derive value.
Telecommunications, Media, Publishing
and Entertainment This financial year, HCLTech took a major step to integrate
its Engineering and R&D (ERS) Sales with ITBS Sales
• Verizon Business selected HCLTech as its primary
creating a valuable opportunity for itself to set up a more
managed network services collaborator, offering a best-
agile and effective GTM structure. This new GTM structure
in-class MNS portfolio, a highly digitized experience and
is aligned with the increasing demand of clients seeking
joint innovation on an integrated platform.
strategic partners with comprehensive capabilities across
• A Fortune 50 communication services provider expanded engineering and ITBS. Market opportunity, mindshare and
its partnership with HCLTech to transform its billing momentum in our business are the three key factors that
operations. HCLTech will leverage advanced digital shaped the new GTM structure. Our ERS business has
technologies, including GenAI, to provide applications some of the best market opportunities available today
operations and production support to the client. and we have a huge mindshare in the market. Our pedigree
in engineering, specifically product engineering, is well

engrained in the minds of our clients and the market. trusted advisors to clients. In alignment with the new
Momentum, however, is not commensurate with the GTM structure, multiple trainings and workshops were
market opportunity and the mindshare we possess, conducted to empower our GTM teams with the value
thus providing an opportunity for us to scale. This propositions of the combined offerings. HCLTech’s
integration will help us to leverage our engineering enablement framework supports the GTM teams by
and R&D pedigree across our portfolio of services and providing platforms, simplified business processes
help us grow over the medium term both on the and advanced analytics. For example, an internal AI-
engineering and IT services sides. powered knowledge management system helps increase
organizational learning and collaboration among team
Our Priorities for Being the Preferred members to facilitate faster decision-making, achieve
competitive advantage and share best practices.
Digital Partner
HCLTech takes a comprehensive approach toward Listening and Learning from Our Clients
achieving its objective of becoming the digital partner
We constantly collaborate with our clients to sharpen our
of choice for G2000 companies. Here are some specific
value proposition. HCLTech’s Customer Advisory Board
initiatives HCLTech is employing to achieve this objective:
(CAB) consists of CXOs from our most strategic accounts
across various industries with varying tenures of working
Expanding Our Leadership through Differentiated
with HCLTech. The CAB members’ perspectives, insights,
Services and Products suggestions on improvement areas, thought leadership
To be the preferred digital partner of the G2000, HCLTech and directional guidance help HCLTech better address
must excel across all strategic objectives. Each of the five client needs and ensure that we continue delivering value
strategic objectives supports, amplifies and reinforces one to our clients. The CAB also provides a forum where clients
another. Central to this ambition is our focus on providing can learn from their professional peers’ experiences and
top-notch services and products, arming our teams with best practices in other industries.
what they need to solve complex client challenges. This
capability is crucial in attracting, building and maintaining Maintaining a Consistent Client Cadence
strong relationships with G2000 clients, and is the Through a governance framework called CREST, HCLTech
cornerstone of our approach of sustaining our services and has institutionalized the process of cadence meetings,
product leadership. We always seek to push the envelope which are our method of checking in regularly with
to enhance our offerings in both services and products. our clients. Across all engagements, CREST provides
a supporting technology platform to initiate a dialogue
Developing and Enabling Client-Facing Talent with clients and understand how HCLTech can help them
HCLTech is committed to developing an agile, effective, achieve their goals. CREST works in conjunction with
efficient GTM organization by training and nurturing various tools and processes that allow for comprehensive
the right leaders for the right roles. HCLTech’s sales account planning and reporting and keep all stakeholders
development programs equip sales teams with the engaged on the same agenda.
tools, training and knowledge for them to become
HCLTech CEO & Managing Director C Vijayakumar interacting with client representatives at
the Customer Advisory Board meeting in Lisbon, Portugal

Listening Through Client Satisfaction Programs Enhancing HCLSoftware’s Go-To-Market
HCLTech measures and promotes client satisfaction HCLSoftware serves enterprise and mid-market client
through a variety of programs that track various customer markets through direct sales organization, business partners
satisfaction indices (CSATs). Project CSAT (PCSAT) and by also embedding offerings through OEM products.
monitors client satisfaction for each project. Once a HCLSoftware’s go-to-market (GTM) strategy is multipronged
year, an independent third party conducts an account- to address the unique characteristics of its sales process and
level CSAT (ACSAT) to provide a health check on client target markets. It includes strategic focus on key markets,
engagement and relationships benchmarked against emphasis on annual recurring revenue (ARR) growth, indirect
competitors. Clients have the option to remain anonymous business through business partners and global system
and share candid feedback. As part of this program, every integrators, and industry-oriented cloud solutions.
business unit at HCLTech receives a computed Customer
Experience Index, a net promoter score (NPS) and a By executing all the strategic objectives and the priorities,
synopsis of client feedback to help it improve and work HCLTech creates the conditions for G2000 and G2000-
on specific client requests for improvement. The CSAT equivalent firms to choose us as a preferred partner to
program has helped HCLTech increase its overall client overcome their challenges and transform their businesses
experience index to the top quartile and maintain that with our offerings.
position in the last few years.
Leveraging Our Brand

The company’s brand transformation establishes a
new, distinctive identity underpinned by the positioning
and narrative of Supercharging Progress, reflecting our
commitment to clients, people, communities and the
planet. This positioning emphasizes our differentiated
services, products and platforms for businesses at speed
and scale. Our employee value proposition, “Find Your
Spark,” complements our external brand and positions us
as a global employer brand of choice to attract the world’s
top tech talent. The refreshed brand identity has boosted
our business GTM, talent outreach, employee engagement
and commitment to communities and ESG imperatives.
Deepening Relationship with Sourcing and

Advisory Ecosystem
Advisors and analysts who help identify client priorities
and recommend roadmaps are as important as our clients.
We have dedicated programs to ensure that this critical
group is kept abreast of our propositions and that we learn
from them. Our programs to work with industry analysts,
sourcing advisors and deal consultants help us:
• Share HCLTech’s strategy and value proposition to

support clients’ growth
• Establish HCLTech as an industry leader in our chosen
areas of operations
• Obtain market and customer insights so that we can
effectively refine current offerings and develop offerings
that are most relevant to clients and prospective clients

HCLTech volunteers and their family members at a plantation drive in Chennai, India
Weave ESG Goals into

Business Strategy
We are committed to long-term value creation for Social Goals:
all our stakeholders. Our philosophy has always been • Enhance ESG knowledge across the organization.
about incorporating the right environmental, social and
governance (ESG) practices to ensure a sustainable • Improve gender diversity.
present and future. Our holistic approach is designed • Be recognized among the best employers in our key
to maximize our contribution toward the United Nations operating geographies.
Sustainable Development Goals (SDGs). To achieve this,
we have woven ESG goals into our business strategy. We Governance Goals:
are leveraging our sustainability expertise to achieve three • Strengthen our sustainable supply chain process.
objectives: to meet our own sustainability goals, help • Integrate ESG material topics with risk management
our clients achieve their sustainability goals and create and internal audit processes.
a positive impact for all stakeholders. Recognizing the
• Establish ourselves as a recognized leader in information
tremendous business opportunity in addressing client
security practices and data privacy standards.
needs in this area, we are developing an integrated value
proposition to meet the potential demand.
Achievements
We have established specific targets for each ESG focus HCLTech made significant progress toward its
area that reflect our commitment to sustainability sustainability commitments (refer to our Integrated/
and responsibility: Sustainability Report). The HCLTech Sustainability School
was launched in November 2022 with the objective of
Environmental Goals: enhancing employees’ awareness of climate change and
• Achieve net-zero emissions by 2040. its impact on the environment and communities. Through
• Reduce absolute scope 1 and 2 emissions by 50% the HCLTech Sustainability School, we have provided all
by 2030. our employees with tools to learn how to reduce their
carbon footprint and positively impact the environment,
• Transition 80% of electricity usage to renewable
thereby becoming sustainability champions.
energy by 2030.
• Maintain zero discharge from our facilities.

Recognitions Helping Enterprises Achieve Their
Top global assessment platforms and investors, including Sustainability Goals
Sustainalytics, S&P Global, FTSE4Good Index Series, MSCI, We help leading global enterprises achieve sustainability
CRISIL, and EcoVadis, have recognized our ESG approach. goals by leveraging our digital transformation expertise
HCLTech was included in the S&P Global Sustainability and sustainability-focused solutions, empowering clients
Yearbook 2024 for the second year in a row. The company to pivot from compliance to competitive advantage. Our
received an ‘AA’ ESG rating from MSCI in 2024 for the deep understanding of materiality considerations and
second consecutive year. We also received an ‘A-’ rating business processes enables us to execute sustainability
from CDP for climate change efforts in 2024. Additionally, strategies that drive real impact and create long-term
HCLTech received the coveted designation as one of the value for all stakeholders.
World’s Most Ethical Companies® 2024 by Ethisphere, a
global leader in defining and advancing the standards of We provide the following as part of our
ethical business practices. sustainability services:
Corporate Social Responsibility – Sustainable Product Engineering and Design

HCLFoundation • Create products and packaging with minimal
environmental impact, leveraging circular economy
HCLTech integrates corporate social responsibility (CSR)
principles and sustainable materials.
into the core of its business, aiming to contribute to the
socioeconomic and environmental advancement of the • Measure and minimize the environmental impact of the
planet while adhering to United Nations’ SDGs. Our brand product lifecycle (Product Carbon Footprint (PCF), Life
proposition of Supercharging Progress highlights our Cycle Assessment (LCA).
commitment to delivering swift, scalable and sustainable • Recycle, package and design for sustainability aided
value to our Clients, People, Communities and the Planet. by sustainability digital twins in compliance with
Our global CSR policy centers on the environment, health, EPR (extended producer responsibility) and EPD
education and disaster risk reduction and response. (environmental product declarations).
HCLFoundation has driven our CSR efforts in India,
investing close to $170 million to date to positively impact Sustainable Operations
more than 6.5 million lives. By building ecosystems of • Help clients streamline their operations with smart
impact, our initiatives have made a significant mark on the energy management systems and resource optimization
global landscape, supporting nearly 200 social initiatives strategies, leading to greater efficiency and minimized
worldwide. In September 2023, HCLTech launched the environmental impact.
HCLTech Grant in the Americas program to provide
• Measure, monitor, optimize, normalize, compare,
grants to NGOs combating climate change and restoring
intelligently predict and report on Scope 1, 2 and 3
ecosystems and biodiversity across the Americas. HCLTech
emissions.
has committed $5 million over five years for the program.
• Help clients adhere to global standards like GRI, CDP,
SASB, CBAM and TCFD.
HCLFoundation collaborates with NGOs to offer educational opportunities to the differently abled

HCLTech Bay Area volunteers team came together to support community efforts to feed the needy
Sustainable Finance Our Simplified ESG Analytics (SESGA) platform integrates

• Employ PCAF-aligned emission quantification for data from external ESG providers, providing end-to-end
financing, investing and insurance. analytical and reporting capabilities. Our solutions, such as
the Track and Trace IoT for optimizing delivery routes and
• Use technology that facilitates precise target setting in AR Remote Assist for facilitating remote site visits, further
accordance with standards such as SBTI, NZBA and NZIA contribute to reducing fuel consumption, greenhouse gas
emissions and operational costs.
Sustainable Data Centers and IT
• Enable green data centers via energy-efficient HCLTech has been positioned as a Leader in the inaugural
technologies that reduce energy consumption and edition of Avasant’s Tech-enabled Sustainability Services
adhere to standards like ISO14000 and ISO50001/2. 2023-2024 RadarView™ and in ISG Provider Lens™ -
• Help clients migrate to a comprehensive cloud strategy Sustainability & ESG 2023. Our SF360 won the prestigious
and sustainable coding practices to reduce their digital AWS EMEA Financial Services Innovation Challenge on
footprint. Sustainability in 2024.
• Provide solutions that help measure and reduce the HCLTech’s commitment to sustainability has been
impact of carbon emissions and integrate renewable recognized with several awards and accreditations,
energy sources. with NIO receiving the Cisco Sustainability Award and
IoT Product of the Year 2023. NIO recently secured the
Net Zero Intelligent Operations (NIO), our award-
NASSCOM Spotlight Award. HCLTech has also been rated
winning, enterprise-wide energy and GHG emission
a Leader in the recent Avasant Tech-enabled Sustainability
management solution, combines digital twin technology,
Services RadarView™ assessment.
IoT and AI to connect operations technology (OT) and
information technology (IT) systems across enterprises. Partnerships with AWS, Azure, SAP and niche sustainability
This integration helps businesses enhance sustainability, players like Waterplan, GoCodeGreen and others enable
cost-effectiveness and energy efficiency, supporting their us to design bespoke ESG solutions. With our CloudSMART
efforts to reduce carbon emissions and achieve net approach, we help clients reimagine their cloud journey
zero goals. For example: with a sustainability-first mindset, driving down emissions
and improving overall sustainability.
• A global chemical manufacturer utilized NIO to enable
real-time integration of ESG data sources, creating We are committed to driving sustainability within
an ESG dashboard for monitoring and enhancing ESG our operations and helping our clients achieve their
performance metrics. sustainability goals. HCLTech’s comprehensive suite of
• A global automotive leader adopted NIO to capture sustainability-focused solutions and services, combined
and normalize energy consumption data, facilitating with our own ESG initiatives, enable us to make a positive
improved comparisons across plants, processes difference in the world. Working alongside our clients and
and assets. partners, we aim to contribute to a more sustainable and
equitable future for all.

At HCLTech, we are committed to delivering top quartile TSR
Deliver Top Quartile TSR

over the Medium Term
HCLTech is one of the largest technology services
companies by market capitalization as on March
31, 2024. We credit this to the market’s trust in our Organic Growth
differentiated offerings, strong client base, delivery HCLTech’s organic growth strategy focuses on
capabilities and high standards of governance capturing opportunities in global markets. A steady and
and transparency. Over the past decade, we have sustainable pipeline led to securing new deals worth
delivered top-quartile total shareholder return $9.8 billion in FY24, reflecting a 10% increase compared
(TSR) among our peers by focusing on high-growth to FY23. Over the past decade, our compounded annual
markets, continuously refreshing and enhancing growth rate (CAGR) of 12.8% in constant currency has
our offerings and driving business efficiency. consistently outperformed the industry. In the past
Our dedication to growth, profitability, return ratios few years, we expanded our reach to more Focus and
and intelligent capital utilization positions us to New Frontier markets and increased our prioritization
maintain this trend of delivering top-quartile TSR. of Core countries. This resulted in strong growth in
To achieve this goal, we are committed to the our business segments — ITBS, ERS and HCLSoftware
following strategic priorities: — which saw growth rates of 6.2%, 1.6% and 2.3%,
respectively, in constant currency during FY24.

Sustainably Increasing Profitability Selective Acquisitions
We aim to improve our profitability range over the Our approach to inorganic growth opportunities is
medium term through the following levers. To maintain disciplined and pragmatic, emphasizing building scale
an efficient workforce pyramid, we focus on entry-level and capabilities gradually through carefully selected
hiring, onboarding bright minds and training them to acquisitions. Aligned with these priorities and our
succeed. We have more than doubled our entry-level commitment to organic growth, we have been selective
hiring over the last three fiscal years. Our nearshore in our acquisitions. These strategic moves aim to enhance
expansions enable us to work more closely with our clients, our capabilities in technologies such as AI and digital
taking advantage of local time zones, languages and engineering, accelerate time to market, strategically
cultural insights while reducing operational risks. Our 20 expand our focus geographies and complement our
nearshore delivery locations allow the company to serve existing offerings. This year, we acquired ASAP Group,
clients more cost-effectively. Through our New Vistas an automotive engineering services provider focused on
program, we increase employee retention by providing future-oriented technologies such as autonomous driving,
them with the flexibility to work in or near their hometowns. e-mobility and connectivity. This acquisition has helped us
To improve operational efficiency, we are speeding broaden our engineering services and deepen our digital
up onboarding processes, reducing the time to bill by transformation partnerships with existing and new clients.
leveraging online pre-employment training in partnership Similarly, selective acquisitions in the recent past of
with educational institutions, upskilling and reskilling for Confinale AG, Star Schema, Sankalp and others are
future technologies. We anticipate optimizing our hiring driving synergies.
and training will boost utilization rates and enable us to
serve our clients better. Our automation tools, AI-based Working Capital Management
solutions, accelerators and software further minimize HCLTech efficiently handles its finances by swiftly
manual effort and increase efficiency. invoicing and collecting payments, minimizing the funds
tied up in working capital. The company has consistently
Prudent Capital Allocation Improves ROIC outperformed its peers with OCF/NI conversion rate of
We are committed to improving our return on invested 143% for FY24 and robust average of ~136% over the last
capital (ROIC) and have meaningfully improved disclosures five years. This robust cash conversion is expected to be
regarding this important metric. The overall ROIC for ~120% for the next year.
HCLTech is 33.8%, up 341 bps YoY in USD terms. The ROIC
Investor Relationships
for HCLTech services and HCLSoftware are 41.6% and
16.5%, respectively. HCLTech values regular communication with investors
and analysts and has made such communication an
Medium-Term Payout Commitments integral part of our core governance philosophy.
In October 2021, the HCLTech Board announced a We believe our investors and analysts add significant
clear plan for allocating capital over the next five years. value to our business strategy through their insights.
According to this plan, at least 75% of net income would We demonstrate this through our increased commitment
be paid to investors cumulatively from FY22 to FY26. In to market engagement with measures that include
FY23 and FY24, the company had a payout ratio of 87.5% benchmarking our disclosure norms and improving
and 89.6%, respectively. them continuously.

Risk Management
HCLTech recognizes the critical role of risk intelligence and management in achieving
its strategic objectives, enhancing stakeholder value and delivering high-quality
services to its clients.
Our Enterprise Risk Management (ERM) program is based • Leadership and Framework: The Board of Directors and
on the ISO 31000:2018 Risk Management standard and the Risk Management/Audit Committee lead the Risk
the COSO ERM Integrated Framework. Through this ERM Governance and Oversight function. They are pivotal in
Program, we proactively identify, assess, mitigate, monitor framing, reviewing our ERM policy as well as identifying
and report on enterprise risks that could affect our and assessing the organization’s key business risks.
strategic and business goals. In addition, we designed our • Shared Responsibility: Key executives and employees
Risk Intelligence framework to manage external risks by share the responsibility for risk management. The ERM
covering Political, Economic, Social, Technological, Legal initiative is propelled by the Risk and Compliance Apex
and Environmental (PESTLE) factors. This comprehensive Committee (RCAC), Global Head of Risk & Compliance,
approach enables HCLTech to effectively navigate the a dedicated Working Group and Risk Owners throughout
diverse risks that could impact our strategic plans. the organization.
• Role of Risk Owners: Risk Owners, typically senior
Risk Governance and Oversight executives from a Line of Business (LOB) or corporate
function, are tasked with mitigating specific risks.
Our risk management organization integrates risk They drive mitigation strategies, coordinate risk
management practices seamlessly with our business management activities across their LOBs, corporate
strategy and operations: functions, geographies and ensure efficient information
flow to the Working Group.
Risk Governance Structure
• Tone at the top

• Transparent risk oversight
Board of • Setting culture toward effective risk management
Risk Governance Directors • Review the risk appetite of the company on a periodic basis
and Oversight
Audit Committee • Review the adequacy of risk management system

and Risk Management • Monitoring the environment for risks and opportunities
Committee • Assist the Board in framing, implementing and monitoring ERM plan
Risk Committees
• Lead the risk management initiative
and Management Risk and Compliance • Ensure key risks are brought down to acceptable levels
Apex Committee (RCAC), • Assist the Board and the Executive management in determining
Global Head of Risk & Compliance organization’s ERM objectives and direction
• Implement risk reporting mechanism
• Facilitate execution of ERM practices in the enterprise

• Working with business and risk owners in deploying
Working Group mitigation strategies
Risk • Periodic update to the executive management
Ownership
• Timely updates and review of risk register

• Implement risk management initiative based on
Line of Business – Risk Owners management directions
• Ensure preparation of suitable mitigation plan

HCLTech’s Risk Universe
HCLTech categorizes its risk universe into five main categories: Strategic, Financial, Cyber &
Resilience, Operational, and Governance & Compliance, as illustrated in the accompanying
graphic. Below, we discuss the primary risks within each category and their respective
mitigation measures.
Strategic Cyber & Financial Governance & Operational

Resilience Compliance
Strategic Risks
Primary Risk Details Mitigation
Business Model HCLTech operates in a fast-paced • Our Strategic Risk & Opportunity Management (SROM)
industry. The inability to keep up with framework, led by our Strategy Office helps scan signals and
changing client needs, attracting identify risks and opportunities ahead of time. Such signals
quality talent and adapting to evolving are evaluated for their strength, scope of impact, time horizon
operating models can affect business to impact, etc. Such identified trends are then planned
growth. Additionally, emerging through a strategic planning process and enabled for
technologies such as GenAI pose a execution. Timely identification and impact analysis facilitate
threat to the existing business model the creation of initiatives to mitigate the risk or realize the
and also an opportunity to offer benefit from an opportunity.
new services.
Portfolio HCLTech recognizes the risk posed • As a best practice, we test our portfolio for concentration
Concentration by concentration be it within specific risk at regular intervals on various dimensions. We use
business segments, industry verticals diversification as one of the key tools to mitigate risk as well
and regions. An adverse event as propel growth.
impacting any of these dimensions
could have a material impact on the • We try to maintain a healthy balance and avoid over
company’s performance. dependency across dimensions like verticals, clients,
geographies, and business segments., For example our
client base and revenue share across verticals is well
spread. Revenue contribution from top 20 clients is
less than 30%, we have reduced regional dependency
by expanding into new geographies and have evolved
our offerings portfolio and have even strategically
strengthened our Software portfolio.

Business HCLTech faces risk from constraints on • HCLTech continuously monitors the global environment
Delivery service delivery due to technological and works closely with advisors, clients, partners and
limitations, pandemics, geopolitical governments to minimize risk related to its delivery model.
developments and the lack of
availability of talent. Any of these • To access the best talent and develop service-delivery
factors can adversely impact resilience, we have expanded into new locations in Asia
the company. Pacific, Eastern Europe, Latin America and India through
our New Vistas (NV) and nearshore initiatives.
• We leverage our COEs, internal innovation platforms,

subject matter experts, practice teams and ecosystem
partnerships to overcome technology-related
delivery challenges.
Competition HCLTech operates in a fiercely • Most efficient service providers will continue to fare well
competitive market with numerous in this competitive yet large market. Execution and client
companies vying for the same clients. satisfaction will be the defining parameters for becoming
Additionally, we face competition from the preferred partners of enterprises.
management consulting, advisory
firms and GCCs (Global Capability • HCLTech’s dedication to nurturing its relationships with
Centers) that are emerging as strong clients is reflected in our consistently high CSAT scores,
players in digital transformation which are well above the industry average year after
services. This increased competition year. Our high client satisfaction scores result from our
could cause us to lose clients and differentiated offerings, our ability to adapt to new trends
market share. and technologies to meet our clients’ changing needs and
our impeccable execution.
• HCLTech adopts a flexible coopetition strategy, by exploring

mutually beneficial partnerships and alliances where
permitted. We perceive these challenges as opportunities
and have consistently monitored and adapted to them
over the years. For example, IT service providers, including
HCLTech, can seize the opportunity to generate additional
revenue when captive IT units/GCCs outsource IT service
responsibilities to them.
Ecosystem Today’s business world is ecosystem- • HCLTech has mastered the art of building and managing
driven. HCLTech works with its ecosystem partnerships as a pioneer in this approach for the
ecosystem partners to drive last many decades. We have a dedicated organization that
innovation, build new offerings and works on this as a business opportunity.
co-innovate to solve client challenges.
Services and solutions provided in • HCLTech maintains good relationships with current
conjunction with ecosystem partners ecosystem partners and, through a systematic approach,
contribute a significant portion of identifies and forges partnerships with emerging players to
HCLTech’s revenue. Failing to build stay relevant.
and manage relevant ecosystem
• HCLTech, with its vast ecosystem of partners, provides
partnerships may impact attracting
its clients the flexibility to choose from multiple options.
and catering to G2000 and
For example, HCLTech has partnerships with multiple
equivalent clients.
hyperscalers and OEMs.

Brand and HCLTech has a global footprint in 60 • The company partners with an online reputation
Corporate countries. The company is exposed to management agency and deploys advanced digital tools
Reputation brand and corporate reputation risks to track mainstream and social media channels to monitor
in the form of negative or inaccurate coverage and conversations relating to HCLTech. A social
media reports or social media posts media policy is also available to employees on Dos and
by internal and external stakeholders. Don’ts when it comes to social media.
The inability to track and respond
in time to this potential negative • The company has implemented a robust crisis
communication can harm HCLTech’s communications management framework to identify and
corporate reputation among respond to any potential crisis worldwide. HCLTech has a
key stakeholders such as clients, global crisis communications agency on record and PR
employees, investors and partners. This agency partners in multiple GEOs that enable it to
could lead to loss of business from respond to any crisis 24/7. It also conducts simulation
clients and reduced capacity to attract exercises for crisis communication with key stakeholders
top talent. within the organization.
• HCLTech has shared detailed brand usage guidelines

with its key partners and employees/internal stakeholders to
The company has also launched its ensure the company logo and digital assets are
new brand identity and ‘HCLTech’ correctly used.
logo with the brand positioning of
‘Supercharging Progress.’ Failure to • The company undertakes annual brand audits to measure
roll out the new brand identity and brand health and perception among key stakeholders.
adhere to brand guidelines within and
outside the organization may lead to
brand dissonance.

Financial Risks
Default or HCLTech’s credit risk is concentrated • HCLTech evaluates its clients’ financial reliability by
Credit in cash and bank balances, inter- analyzing their financial performance, current economic
corporate deposits, customer trends, historical debts and customer receivables. This
receivables, finance lease receivables, ongoing evaluation process helps in mitigating the risk.
investment securities and derivative
instruments. The company’s clients
are primarily corporations based in
the US, Europe and other geos, so its
receivables are concentrated in these
countries. All financial instruments
mentioned above carry a risk of non-
performance by counterparties.
Currency HCLTech generates most of its • HCLTech uses foreign exchange forward contracts and
revenue from clients outside of India a combination of options to mitigate the risk of foreign
and receives payments primarily currency fluctuations on its net receivables/payables and
in foreign currencies. Similarly, as forecasted transactions in certain currencies.
HCLTech has delivery teams based in
various countries, most of its costs • The company’s Board establishes prudent governing
are also denominated in foreign policies and processes that determine the duration of
currencies. This situation puts hedges, the percentage of risk to be covered and the
HCLTech at risk of financial loss due counterparty risk to be assumed.
to changes in exchange rates.
Acquisition and HCLTech makes strategic business • Our governance program includes a robust mechanism to
Integration acquisitions from time to time. The ensure regular reviews at multiple stages starting from the
success of these acquisitions hinges deal stage to integration, with participation from Line of
on effective integration and realizing Business leadership to Executive Management to the Board
synergies with HCLTech. Internal of Directors, to address issues effectively.
factors as well as external factors
beyond our control can also play a • HCLTech’s robust integration and performance management
role. These factors may include the risk framework enables the acquired businesses and HCLTech
of impairing goodwill, failed synergies to achieve the acquisition objectives. Our Integration and
and other intangibles if integration is Performance Management Office (IPMO) manages the
not handled effectively. Additionally, integration process and ensures value creation.
a lack of integration process can limit
the ability to capture synergy benefits.

Tax HCLTech is subject to taxes in • HCLTech employs specialized tax teams that keep abreast
numerous jurisdictions worldwide of the latest tax developments in different countries and
and benefits from tax advantages in implement appropriate tax planning strategies based on
India and other countries. Changes to changes in tax laws.
tax laws in India and other countries
where HCLTech has a significant • To mitigate tax risks associated with transfer pricing,
presence could impact the company’s we have established advance pricing agreements in
effective tax rate. several countries and periodically review them with
external consultants.
As HCLTech operates in multiple
jurisdictions, transfer pricing
arrangements among legal entities in
these regions are subject to review by
various tax authorities.
Operational Risks
Talent Managing talent and meeting the • HCLTech has developed a robust strategy for hiring and
Management ever-increasing demand for talent making entry-level talent productive worldwide. Our
and poses a significant ongoing risk to comprehensive training strategy is designed to meet
Development the company. HCLTech faces the risk the needs and goals of all employees, encompassing
of failing to fulfill resource demands professional, technical, functional and leadership
due to a talent shortage, which could development. This approach is crucial for mitigating the
negatively impact top-line growth and risk of an unprepared leadership pipeline due to insufficient
organizational expansion. Furthermore, development and succession planning.
the risk of higher attrition rates could
equally affect delivery capability and • We have implemented various initiatives to attract, engage
growth plans. Additionally, legislative and retain a stable, content and diverse multi-generational
changes restricting work visa employee pool.
availability and deglobalization
• To mitigate the potential effects of legislative, HCLTech has
could impact further.
strategically reduced its reliance on work visas by recruiting
more local talent. This approach has led to one of the
industry’s highest local talent ratios. Furthermore, leveraging
nearshore centers and focusing on onshore delivery has
minimized our dependency on work visas.

Service Delivery HCLTech recognizes the risk of failing • HCLTech employs an integrated business planning and
Commitments to comply with terms and conditions, execution process in which the sales and delivery teams
including meeting contractual regularly engage with clients to ensure the seamless
commitments and service level execution of engagements within SLAs. The company
agreements (SLAs) with its clients. has a robust cadence mechanism, CREST, with extensive
This is considered a significant leadership participation to identify and address any issues
enterprise risk, emphasizing the ahead of time. We also use Account Customer Satisfaction
need to effectively identify, monitor (ACSAT) at an account level and Project Customer
and report on SLAs to relevant Satisfaction (PCSAT) at the project level to mitigate the risk
stakeholders. The COVID-19 pandemic, of failure to meet service delivery commitments.
geopolitical dynamics, the Russia-
Ukraine conflict, the Israel-Palestine • We have implemented a robust vendor risk management
conflict and related events have framework to minimize the potential business impact to
highlighted the disruptions resulting us and our clients arising from breaches and liabilities that
from supply-side shortages and may occur when leveraging third or fourth parties (vendors,
logistics-capacity constraints. suppliers, contractors or service providers).
Cost HCLTech recognizes effective cost • HCLTech’s control processes include frequent
Management management as a crucial aspect of benchmarking and delivery restructuring, enabling the
our operations, particularly during organization to remain cost competitive. We also have a
periods of higher inflation. Poor seamless view of demand and supply to ensure any genuine
budget planning, inaccurate cost cost increases due to external factors are passed on to
estimation and external factors such clients at the appropriate time through billing rate
as rising costs of talent and other increases in our pricing structure.
resources can all contribute to the
risk of cost overruns.
Internal Lack of processes or poorly designed • HCLTech has a plethora of robust internal frameworks and
Controls and processes and controls in HCLTech processes that are monitored in numerous ways to evaluate
Processes can lead to operational inefficiency their impact. We also have regular audits to ensure process
and impact business. quality and adherence to required processes.
Operational HCLTech faces a fundamental risk if it • HCLTech has strong internal processes and efficient
Agility is not operationally agile. This means resources to ensure smooth operations and high agility.
it may not be able to respond and Our Ideapreneurship-led culture empowers leadership and
adapt to changing market conditions managers to respond to changing market conditions in line
or meet various stakeholder with our purpose and strategic objectives. Our history of
preferences, including clients, success through this approach is evident in our well-trained
employees and the community. This people who know how to be agile without increasing our
lack of agility could result in significant exposure to risk.
financial losses and negatively impact
the company’s brand.

AI, GenAI The implementation of AI/GenAI • HCLTech has developed an enterprise-level strategy and
applications presents a series of AI Risk Management Framework, integrating best practices
risks, including data, privacy, security from global standards and guidelines, including the EU AI
and reputational concerns. These Act (March 2024) and ISO/IEC 42001. Key components of
applications process a vast amount the framework include:
of organizational data. They also
generate new data, which may be – Addressing potential strategic business risks and outlining
susceptible to biases, be of poor mitigation measures.
quality, or lead to unauthorized access – Emphasizing self-regulation and adherence to
and loss. The outputs produced Responsible AI principles.
by AI can lead to inaccuracies, – Ensuring a seamless linkage between the AI development
compliance violations, copyright lifecycle and the AI Risk Management lifecycle.
issues, breaches of contracts and
– Crafting a detailed adoption roadmap for the framework.
ultimately, reputational damage to
the organization. Additionally, there is – Providing clear usage guidelines for stakeholders.
a concern that bad actors could use
this technology to create convincing • The AI Governance Committee, formed at the HCLTech
deepfakes of company representatives leadership level, monitors the framework to ensure
or branding, which could result in alignment and compliance.
significant reputational harm.

Cyber and Resilience Risks
Information and As a global IT services provider, • HCLTech has implemented a robust and comprehensive
Cybersecurity HCLTech faces significant information Information Security Management System (ISMS) to ensure
and cybersecurity risks, particularly the highest order of cyber preparedness across the firm.
regarding client and company data
protection. The risk of data breaches • It has hired qualified cybersecurity professionals and
due to inadvertence, negligence and invested in high-end security technology solutions.
intentional acts of employees can Additionally, we conduct periodic internal and external
have a significant negative impact on audits to assess our preparedness. We have obtained third-
HCLTech’s business. party certifications such as ISO 27001, SOC1, SOC2 and PCI
DSS where required to demonstrate our commitment to
cybersecurity.
• HCLTech’s Information Security policies are based on

industry best practices and leading security frameworks.
Security controls are continuously reinforced to ensure
the confidentiality, integrity and availability of information
assets. Additionally, there is a continuous awareness
program for all employees to ensure they are up to date with
the latest security practices.
• HCLTech has cyber insurance that covers several types of

breaches and cyber events.
Business HCLTech’s reputation as a leading • Our business continuity program collaborates seamlessly
Continuity technology company depends on its with our crisis response system, guaranteeing a swift and
resilience to disruptions and ability efficient reaction to any disruptive occurrence arising from
to adapt to a complex and rapidly human actions or natural causes that could potentially
changing global risk landscape. affect our business operations.
Business continuity is critical to our
ability to deliver services to clients. • As a forward-looking organization, HCLTech continuously
Failure to meet contractual continuity enhances our business continuity and crisis management
requirements due to a lack of initiatives to boost preparedness and adapt to the
preparedness can negatively impact constantly evolving threat landscape. Resilience is an
an organization’s ability to provide integral part of our operations, and we are always working
uninterrupted service. toward embedding it across all aspects of the organization,
including work, workforce, workplace, business operations,
technology, supply chain and leadership.

Geopolitical HCLTech faces risks from global • HCLTech has set up a framework to monitor geopolitical
events, such as the ongoing Russia- risks continuously using the PESTLE framework. This allows
Ukraine, Israel-Palestine, China- for proactive measures to be taken in response to macro
Taiwan and other conflicts, as well developments. The framework is designed to work in
as potential sanctions from OFAC tandem with our crisis response program, enabling us to
(Office of Foreign Assets Control) respond effectively and timely to critical events arising from
on China and Iran, which can have geopolitical developments.
significant domestic and global
economic implications. • We have been expanding our business across various
countries to minimize dependence on any single country
Any future global economic or for revenue growth and service delivery. Additionally, we
political uncertainties may further have implemented a strategy of hiring local talent through
exacerbate IT spending reduction, various internal programs, which helps mitigate the risk of
postponement or consolidation, any adverse impact on the business due to restrictions on
contract terminations, project the free mobility of staff.
deferrals and client purchase delays.
Such uncertainties can also affect • We strategically invest in a flexible talent model of onsite,
the industries that drive a substantial onshore, nearshore and offshore resources to address
portion of HCLTech’s revenue. these concerns and empower the best to solve client
Heightened geopolitical situations business challenges.
among the major economies may
also impact HCLTech’s ability to grow
holistically across regions.
Governance and Compliance Risks
Environment HCLTech recognizes that ESG • As a responsible corporate citizen, HCLTech is committed
Social risks pose a critical challenge to to managing ESG risks and has integrated ESG
Governance its business operations. Failure to considerations into its overall risk management program.
(ESG) effectively manage ESG risks can The board and management at HCLTech are responsible
lead to reputational damage, loss for identifying and mitigating ESG risks. Our program is
of business opportunities and designed to identify and address ESG risks that could
potential regulatory non-compliance, impact our financial performance, reputation and ability
which can significantly impact to achieve our strategic objectives.
HCLTech’s financial performance
and long-term sustainability. • We have enhanced the risk integration and the relevant
risk management program to align with our commitment
to supercharge progress for communities and the planet,
and to support global environmental and sustainability
objectives. Please refer to the Sustainability section for more
information on our program and key ESG risk factors.
Regulatory HCLTech operates in an ever-growing • HCLTech’s global regulatory compliance framework

Compliance list of countries and industries, leading identifies, assesses, monitors and mitigates regulatory risks
to a higher risk of non-compliance that affect our operations. This framework covers global
with regulatory requirements that and local laws and regulations. It helps the organization
apply to its business. Failure to comply prevent violations that could harm our reputation,
with such regulations may result in employees and clients.
financial and reputational losses for
the company. • We implement comprehensive awareness and training
programs to drive compliance culture across the
organization.
• The board receives quarterly compliance certificates from

the respective functions responsible for compliance.

Privacy HCLTech’s operations have expanded • HCLTech has established a robust privacy information
significantly, increasing the scope management system to safeguard personal data and
of processing personal data of ensure compliance with applicable legal, regulatory
individuals, vendors, contractors and and contractual obligations regarding data privacy and
enterprises. Furthermore, the evolution protection.
and use of artificial intelligence have
increased the risk for organizations. • Our privacy information management system includes
Privacy laws across different countries components such as global governance, policies and
are stringent, dynamic and varied, procedures, training and awareness programs, privacy
especially regarding healthcare and impact assessments, privacy by design, data mapping, third-
financial data. The privacy landscape party contractual oversight, incident management and a
is continuously shifting as governing global privacy compliance monitoring mechanism. These
bodies worldwide scrutinize the components ensure that we have the necessary capabilities
adequacy of privacy laws and to support global privacy compliance in an ever-evolving
regulations. Additionally, case law and regulatory space that requires constant monitoring of
privacy actions that individuals and regional privacy compliance variances.
enforcement agencies bring further
• A Global Privacy Officer leads our privacy team, which
impact the privacy landscape. Non-
consists of Regional Privacy and Data Protection Officers.
compliance with these applicable
HCLTech holds industry-recognized certifications and
privacy legislations poses a significant
accreditations. An external global data protection officer
risk to HCLTech.
provides oversight by independently reviewing and reporting
on the measures in place for privacy compliance. HCLTech
is investing in technology solutions, including AI, to mitigate
privacy risks.
Intellectual HCLTech’s Intellectual Property (IP) • HCLTech recently implemented a comprehensive framework
Property (IP) is a key differentiator and reflects its adhering to ISO56005 to drive innovation and safeguard
infringement innovative capabilities. The company the company’s intellectual property (IP) to prevent potential
and leakage has implemented extensive measures losses in ownership rights and financial losses.
to drive innovation at all levels of the
organization, ensuring that innovation • HCLTech has implemented technical, process and
and differentiation are embedded into organizational controls to prevent the infringement of
the company’s culture. This approach intellectual property such as patents, trademarks and
helps HCLTech continuously adapt copyrights belonging to others. This helps mitigate
and prepare for the future. However, the risks of increased litigation, financial losses and
there is a risk of IP infringement and reputational damage.
loss of ownership in the absence of
effective IP governance, which may
result in IP violations.
Fraud The inability to control fraud due to • HCLTech has implemented measures to manage the risk
the absence of fraud control measures of fraud effectively, including COBEC (Code of Business
can lead to serious financial losses Ethics and Conduct-Global), the Whistleblower framework,
and severe reputational damage. Investigation capabilities, ABAC (Anti-Bribery and Anti-
Considering our global footprint, the Corruption) framework, Internal Audit and Management
complex internal environment and the Audit, IFC (Internal Financial Controls) framework, Employee
need to interact at various levels with awareness campaigns and others.
the external environment for different
supply chain activities, HCLTech is
vulnerable to the risk of fraud. The
company recognizes this as a critical
business risk.

Consolidated Results
This part of the Management Discussion and Analysis refers to the consolidated financial statements
of HCL (the “Company” or the “Parent Company”) and its subsidiaries referred to as the “Group”.
The discussion should be read in conjunction with the financial statements and related notes to
the consolidated accounts of HCL for the year ended 31 March 2024, prepared in accordance
with the Indian Accounting Standard (referred to as “Ind AS”), prescribed under Section 133 of the
Companies Act, 2013, and read with the Companies (Indian Accounting Standard) rules as amended
from time to time.
Performance Trends
Revenue (₹ Crores) Earnings per share (₹)

Revenue has increased from `70,676 crores in Basic earnings per share has increased from `40.75 in
FY20 to `109,913 crores in FY24, with a compounded FY20 to `57.99 in FY24, with a CAGR of 9.2% over the last
annual growth rate (CAGR) of 11.7% over the last four years. four years.
70,676 75,379 85,651 101,456 109,913 40.75 41.07 49.77 54.85 57.99
115,000 60
100,000
50
85,000
40
70,000
30
55,000
40,000 20
FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24
Profit after tax (₹ Crores) Net worth (₹ Crores)

Profit after tax has increased from `11,057 crores in FY20 The Net worth has increased from ₹51,421 crores in FY20
to `15,710 crores in FY24, with a CAGR of 9.2% over the last to ₹68,271 crores in FY24, with a CAGR of 7.3% over the last
four years. four years. Growth in net-worth is after considering the
effect of dividend payouts.
11,057 11,169 13,523 14,845 15,710 51,421 60,082 62,006 65,398 68,271
16,000 70,000
14,000 60,000
12,000 50,000
10,000 40,000
8,000 30,000
FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24 FY 19-20 FY 20-21 FY 21-22 FY 22-23 FY 23-24

Financial Performance
Results of operations (Consolidated):
(in ₹ Crores)
Year ended
31 March 2024 31 March 2023
Particulars Amount % Revenue Amount % Revenue % Increase
Revenue from operations 109,913 100.0% 101,456 100.0% 8.3%
Other income 1,495 1.4% 1,358 1.3%
Total income 111,408 101.4% 102,814 101.3% 8.4%
Expenses
Purchase of stock-in-trade 1,754 1.6% 2,072 2.0%
Changes in inventories of stock-in-
43 0.0% (67) (0.1%)
trade
Employee benefits expense 62,480 56.8% 55,280 54.5%
Outsourcing costs 14,578 13.3% 14,950 14.7%
Finance costs 553 0.5% 353 0.3%
Depreciation and amortization
4,173 3.8% 4,145 4.1%
expense
Other expenses 6,860 6.2% 6,593 6.5%
Total expenses 90,441 82.3% 83,326 82.1% 8.5%
Profit before tax 20,967 19.1% 19,488 19.2% 7.6%

Tax expense
Current tax 4,626 4.2% 4,665 4.6%
Deferred tax charge (credit) 631 0.6% (22) (0.0%)
Total tax expense 5,257 4.8% 4,643 4.6%
Profit after tax 15,710 14.3% 14,845 14.6% 5.8%
Non- controlling interest (8) (0.0%) 6 0.0%
Profit for the year 15,702 14.3% 14,851 14.6% 5.7%

Income
Revenues from operations
Comprises revenue from the sale of services and the sale of hardware and software.
Revenue from operations in the year ended 31 March 2024 increased by 8.3% to `109,913 crores from `101,456 crores in the
year ended 31 March 2023. This increase is primarily due to business growth in the IT and Business Services (ITBS) segment
and HCL Software segment. The growth of our ITBS business was strong due to accelerated global enterprise demand for
digital transformation programs, including zero-touch client interactions and remote workforce management solutions
such as digital workplace and cybersecurity. The growth also resulted from ongoing technology programs such as hybrid
cloud adoption, cost optimization initiatives, and tail vendor consolidation programs.
Segment wise breakup of revenues
The following table sets forth the revenue generated from each of our business segments and their respective percentage
of our total revenue for the year:
(in ₹ Crores)
Year ended
31 March 2024 31 March 2023
Segment Amount % of total Amount % of total % Increase
IT and Business Services 81,148 73.8% 74,015 73.0% 9.6%
Engineering and R&D services 17,581 16.0% 16,802 16.5% 4.6%
HCL Software 11,692 10.6% 11,109 11.0% 5.2%
Inter-segment (508) (0.4%) (470) (0.5%) 8.1%
Total Revenue 109,913 100.0% 101,456 100.0% 8.3%
1. Inter-segment revenue is related to products and services of HCLSoftware used by Services business in rendering
services to their customers.
Geography-wise breakup of revenues
The Group also reviews its business on a geographic basis. The following table classifies total revenue by geographic areas:
(in ₹ Crores)
Year ended
31 March 2024 31 March 2023
Geographical Mix Amount % of total Amount % of total % Increase
America 63,435 57.7% 57,818 57.0%
Europe 29,270 26.6% 26,868 26.5%
India* 3,815 3.5% 3,935 3.9%
Rest of the world 13,393 12.2% 12,835 12.6%
Total Revenue 109,913 100.0% 101,456 100.0% 8.3%
* Includes revenue billed to India-based captive of global clients.

Other Income
The details of Other Income are as follows:
(in ₹ Crores)
Year ended
Other Income 31 March 2024 31 March 2023 % Increase
Interest income 1,273 769
Income on mutual funds 177 110
Exchange differences (net) - 91
Profit on sale of property, plant and equipment (net) 4 162
Gain on buyback of senior notes - 170
Others 41 56
Total 1,495 1,358 10.1%
Other income increased by 10.1 % to `1,495 crores in the year ended 31 March 2024 from `1,358 crores in the year ended
31 March 2023. This increase is primarily due to higher interest income by `504 crores as compared to previous year largely
on account of higher realized return on treasury investment, partially netted off with one time gain in previous year of `170
crores on buy back of senior notes and profit on sale of property, plant and equipment (net) of `162 crores.
Expenses
Employee benefits expense
Employee benefit expenses include salaries that have fixed and variable components, and contributions to retirement and
pension plans. It also includes expenses incurred on staff welfare.
(in ₹ Crores)
Year ended
31 March 2024 31 March 2023
Salaries, wages and bonuses 54,606 49.7% 48,717 48.0%
Contribution to provident fund and
7,288 6.6% 6,041 6.0%
other employee benefits
Share based payments to employees 312 0.3% 308 0.3%
Staff welfare expenses 274 0.2% 214 0.2%
Total 62,480 56.8% 55,280 54.5% 13.0%
Employee benefit expense has increased by 13.0% to `62,480 crores in the year ended 31 March 2024 from `55,280 crores
in the year ended 31 March 2023. The increase is primarily due to an increase in number of employees (227,481 as of 31
March 2024 compared with 225,944 as of 31 March 2023); and a shift in off-on mix toward onsite.

Outsourcing expenses
Outsourcing expense includes outsourcing of several client-related activities such as hosting services, facilities
management, disaster recovery, maintenance, and break fix services, and hiring of third-party consultants from time to time
to supplement the in-house teams.
Outsourcing expenses decreased by 2.5% to `14,578 crores in the year ended 31 March 2024 from `14,950 crores in the year
ended 31 March 2023. This decrease in the current year is primarily due reduction in third party resources.
Finance costs
Finance costs comprises interest on loans from banks, interest on senior notes, lease liabilities, direct taxes, bank charges
and other interest cost.
Finance costs increased by 56.7% to `553 crores in the year ended 31 March 2024 from `353 crores in the year ended
31 March 2023. This increase is primarily on account of interest cost on working capital management.
Depreciation and amortization expense

Depreciation and amortization expense increased by 0.7 % to `4,173 crores in the year ended 31 March 2024 from `4,145
crores in the year ended 31 March 2023. This increase is primarily due to an increase in normal business operations.
Other expenses
(in ₹ Crores)
Year ended
31 March 2024 31 March 2023
Travel and conveyance 1,314 1.2% 1,235 1.2%
Software license fee 1,000 0.9% 1,037 1.0%
Repairs and maintenance 776 0.7% 764 0.8%
Legal and professional charges 619 0.6% 547 0.5%
Communication costs 573 0.5% 502 0.5%
Power and fuel 360 0.3% 328 0.3%
Recruitment, training and
297 0.3% 552 0.5%
development
Expenditure toward corporate social
264 0.2% 240 0.2%
responsibility activities
Rates and taxes 167 0.2% 227 0.2%
Insurance 117 0.1% 109 0.1%
Provision for doubtful debts / bad
117 0.1% 25 0.0%
debts written off (net)
Rent 68 0.1% 67 0.1%
Others 1,188 1.1% 960 0.9%
Total 6,860 6.2% 6,593 6.5% 4.0%
Other expenses increased by 4.0 % to `6,860 crores in the year ended 31 March 2024 from `6,593 crores in the year ended
31 March 2023. The increase in costs is primarily due to an increase in provision of doubtful debts by `92 crores, travel and
conveyance expenses by `79 crores, legal and professional charges by `72 crores, communication cost by `71 crores and
other expenses by `228 crores, partially netted off with decrease in recruitment cost by `255 crores.

Tax expenses
Tax expenses comprises current tax and deferred tax.
(in ₹ Crores)
Year ended
Particulars 31 March 2024 31 March 2023
Profit before tax 20,967 19,488
Total tax expense 5,257 4,643
Effective tax rate 25.1% 23.8%
Tax expenses include current tax and deferred tax expenses. Increase in tax expense for the year ended 31 March 2024 is
primarily due to the progressive expiry of tax holiday available to SEZ units in India [for details refer to note no 3.25 to the
consolidated financial statement].
Financial position
(in ₹ Crores)
As at
Assets
(a) Property, plant and equipment 4,891 5,371
(b) Capital work in progress 108 40
(c) Right-of-use assets 2,910 2,337
(d) Goodwill 20,132 18,567
(e) Other intangible assets 7,130 8,344
(f) Other non-current assets 5,275 5,175
(g) Current assets 59,331 53,577
Total assets 99,777 93,411
Equity
(a) Equity share capital 543 543
(b) Other equity 67,728 64,855
Total equity 68,271 65,398
Liabilities
(a) Non-current liabilities 8,780 6,582
(b) Current liabilities 22,726 21,431
Total equity & liabilities 99,777 93,411
Other equity comprises other equity attributable to shareholders of the Group and non-controlling interest.

Property, plant and equipment
Property, plant and equipment net of depreciation as of 31 March 2024 is `4,891 crores (compared with `5,371 crores as of
31 March 2023). The decrease was primarily due to depreciation for the year of `1,469 crores (computer and networking
equipment of `983 crores and the balance of other assets) partially offset with the addition (net of disposal) of `630 crores
and acquired through business combinations of `345 crores.
Right-of-use assets
Right-of-use assets net of depreciation as of 31 March 2024 is `2,910 crores (compared with `2,337 crores as of
31 March 2023).
Goodwill and intangible assets

Goodwill as of 31 March 2024 is `20,132 crores (compared with `18,567 crores as of 31 March 2023). The increase was due
to acquisitions through a business combination of `1,382 crores and currency translation by `150 crores [For details refer to
note no 3.2 to the consolidated financial statement].
Intangible assets as of 31 March 2024 are `7,130 crores (compared with `8,344 crores as of 31 March 2023). The decrease
was primarily due to amortization of `1,862 crores during the year partly offset by acquisitions through business
combinations of `541 crores (Customer relationships of `374 crores and the balance of other assets) and addition (net of
disposal) of intangibles by `94 crores.
Treasury investments
The guiding principles of the Group’s treasury investments are safety, liquidity and return. The Group has efficiently
managed its surplus funds through careful treasury operations.
The Group deploys its surplus funds in fixed deposits with banks, deposits with corporate and financial institutions and
investments in debt mutual funds and debt securities, with a limit on investments with any individual bank/fund.
Breakup of treasury investments is given below
(in ₹ Crores)
As at
Debt mutual funds 3,552 1,784
Debt securities 3,491 3,601
Deposits with banks 11,630 9,827
Deposits with corporation and financial institution 1,079 2,602
Total 19,752 17,814
Current and other non-current assets excluding treasury investments
“Other non-current assets” comprises deferred tax assets (net), and financial and other assets.
“Current assets” comprises inventories, tax assets(net), and financial and other assets.
(in ₹ Crores)
As at
Other non-current assets 5,275 5,175
Current assets 59,331 53,577
Total 64,606 58,752
Less: Treasury investments 19,752 17,814
Total 44,854 40,938

Current and other non-current assets, excluding treasury investments increased by `3,916 crores to `44,854 crores as of
31 March 2024 from `40,938 crores as of 31 March 2023. The increase is primarily on account of an increase in cash and
cash equivalents (other than bank deposits classified as treasury investment) by `3,246 crores and contract assets by
`490 crores as compared to previous year.
Shareholders’ fund
The equity attributable to shareholders of the Group is `68,263 crores as of 31 March 2024 (compared with `65,405 crores
as of 31 March 2023). The increase is primarily due to profit during the year by `15,702 crores partially netted off by payment
of dividend by `14,073 crores.
Borrowings
(in ₹ Crores)
As at
Long-term borrowings
- From banks 128 51
- From senior notes* 2,095 2,060
Current maturities of long term borrowings 104 140
Total 2,327 2,251
Non-current and current liabilities

“Non-current liabilities” comprises provisions, deferred tax liabilities (net), financial and other liabilities.
“Current liabilities” comprises provisions, tax liabilities (net), and financial and other liabilities.
(in ₹ Crores)
As at
Non-current liabilities 8,780 6,582
Current liabilities 22,726 21,431
Total 31,506 28,013
Less : Borrowings 2,327 2,251
Total 29,179 25,762
Current and non-current liabilities, excluding borrowings, increased by `3,417 crores to `29,179 crores as of 31 March 2024
from `25,762 crores as of 31 March 2023. The increase is primarily on account of an increase in lease liabilities by
`894 crores, Deferred tax liabilities by `610 crores, accrued employee bonuses by `595 crores, provisions by `514 crores
and contract liabilities by `502 crores.

Cash flows
A summary of the cash flow statement is given below:
(in ₹ Crores)
Year ended
Net cash flows from operating activities (A) 22,448 18,009
Net cash flows used in investing activities (B) (6,723) (3,931)
Net cash flows used in financing activities (C) (15,464) (15,881)
Net increase (decrease) in cash and cash equivalents (A)+(B)+(C) 261 (1,803)
Effect of exchange differences on cash and cash
115 358
equivalents held in foreign currency
Cash and cash equivalents at the beginning of the year 9,065 10,510
Cash and cash equivalents at the end of the year 9,441 9,065
Net cash flows from operating activities
Net cash generated from operating activities was `22,448 crores during the year ended 31 March 2024, consisting of
profit before tax of `20,967 crores, adjusted for: non-cash and non-operating items which are primarily depreciation
and amortization of `4,173 crores, and interest income of `(1,273) crores; cash generated from net working capital of
`2,305 crores which was primarily driven by movement in Other financial liabilities, contract liabilities, provisions and other
liabilities and cash used to pay taxes (net of refund), which was `4,212 crores.
profit before tax of `19,488 crores, adjusted for: non-cash and non-operating items which are primarily depreciation and
amortization of `4,145 crores, and interest income of `(769) crores; and cash used in net working capital of `1,305 crores
which was primarily driven by movement in trade receivables and cash used to pay taxes (net of refund), which was
`3,698 crores.
Net Cash flows used in investing activities
Net cash used in investing activities was `6,723 crores for the year ended 31 March 2024. This was primarily due to net
amount of placement of bank deposits of `3,609 crores, payments for business acquisitions (net of cash acquired) of
`2,043 crores, purchase (net of maturity/sale) of investment in securities of `1,345 crores, net amount of purchase and sale
of property, plant and equipment and intangibles of `1,016 crores, partially offset with net amount of interest received of
`1,041 crores and net proceed from deposits with body corporate of `526 crores.
amount of placement of bank and corporate deposits of `3,256 crores, net amount of purchase and sale of property, plant
and equipment and intangibles of `1,444 crores, Payments for business acquisitions (net of cash acquired) of `706 crores
partially offset with net amount of maturity/sale and purchase of investment in securities of `1,006 crores, interest received
of `636 crores.
Net Cash flow used in financing activities
Net cash used in financing activities was `15,464 crores for the year ended 31 March 2024, primarily comprising payment
of dividends of `14,073 crores, payment of lease liabilities including interest of `1,148 crores and net payment of borrowings
`181 crores.
Net cash used in financing activities was `15,881 crores for the year ended 31 March 2023, primarily comprising payment of
dividends of `12,995 crores, net payment of borrowings `1,848 crores and payment of lease liabilities including interest of
`927 crores.

Key financial ratios
Year ended
Ratio Numerator Denominator Units 31 March 2024 31 March 2023 % variation
Operating profit Revenue from Revenue from % 18.2 18.2 0.0%
ratio operations less all operations
operating expenses
(refer note 1 below)
Net profit ratio Profit for the year Revenue from % 14.3 14.6 (2.1%)
operations
Return on net worth Profit after tax Average total % 23.5 23.3 0.9%
ratio equity
Current ratio Current assets Current liabilities Times 2.6 2.5 4 0%
Trade receivable Revenue from Average trade Times 4.2 4.2 0.0%
turnover ratio operations receivables
Inventory turnover Cost of good sold Average Times 8.7 10.3 (15.5%)
ratio (refer note 2 below) inventories
Interest coverage Earning before Interest Times 41.5 61.3 (32.3%)
ratio Interest expenses expenses
and taxes
Debt equity ratio Total debt Total equity Times 0.1 0.1 0.0%
Notes:
1) All operating expenses means total expenses minus finance costs.
2) Cost of goods sold includes purchase of stock in trade and change in inventories of stock-in-trade.
3) Total debts include lease liabilities.
4) Average is calculated based on simple average of opening and closing balances.
In addition to return on net worth, variations have been explained for ratios with significant variations.
Return on net worth

Return on net worth at 23.5 % in FY24 is higher compared with 23.3 % in FY23 primarily on account of higher profit earned
by the Group during the year.
Interest coverage ratio

Interest coverage ratio has decreased from 61.3 times in FY23 to 41.5 times in FY24, primarily due to increase in interest
expenses by `195 crores as compared to previous year.

Standalone Results
Standalone results of HCL exclude the performance of its subsidiaries.

The discussion in the paragraphs that follow should be read in conjunction with the financial statements and related notes
to the standalone results of HCL Technologies Limited (herein referred to as “HCL” or “the Company”) for the year ended
31 March 2024, prepared in accordance with the Indian Accounting Standard (referred to as “Ind AS”), prescribed under
Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standard) rules as amended from
time to time.
Results of operations (Standalone)
(in ₹ Crores)
Year ended
31 March 2024 31 March 2023
Particulars Amount % Revenue Amount % Revenue % Growth
Revenue from operations 48,118 100.0% 46,276 100.0% 4.0%
Other income 1,076 2.2% 1,031 2.2%
Total income 49,194 102.2% 47,307 102.2% 4.0%
Expenses :
Purchase of stock-in-
135 0.3% 168 0.4%
trade
Change in inventories of
10 0.0% (12) (0.0%)
stock-in-trade
Employee benefit expense 20,965 43.6% 19,799 42.8%
Outsourcing costs 7,105 14.8% 7,291 15.8%
Finance cost 125 0.3% 127 0.3%
Depreciation and
2,371 4.9% 2,431 5.3%
amortization expense
Other expenses 3,027 6.3% 2,787 6.0%
Total Expenses 33,738 70.1% 32,591 70.4% 3.5%
Profit before tax 15,456 32.1% 14,716 31.8% 5.0%

Tax expense:
Current tax 2,873 6.0% 3,045 6.6%
Deferred tax charge 909 1.9% 212 0.5%
Total tax expense 3,782 7.9% 3,257 7.0%
Profit after tax 11,674 24.3% 11,459 24.8% 1.9%

Financial position (Standalone)
(in ₹ Crores)
As at
31 March 2024 31 March 2023
Assets
(a) Property, plant and equipment 3,225 3,727
(b) Capital work in progress 22 21
(c) Right-of-use assets 1,048 824
(d) Goodwill 6,549 6,549
(e) Other intangible assets 5,511 6,835
(f) Other non-current assets 6,407 6,833
(g) Current assets 29,545 28,571
Total assets 52,307 53,360
Equity
(a) Equity share capital 543 543
(b) Other equity 38,927 40,561
Total equity 39,470 41,104
Liabilities
(a) Non-current liabilities 2,373 1,589
(b) Current liabilities 10,464 10,667
Total equity and liabilities 52,307 53,360

Current and other non-current assets excluding treasury investments
“Other non-current assets” comprises deferred tax assets (net), and financial and other assets.
“Current assets” comprises inventories, tax assets(net), and financial and other assets.
(in ₹ Crores)
As at
Other non-current assets 6,407 6,833
Current assets 29,545 28,571
Total 35,952 35,404
Less: Treasury investments 14,789 13,947
Total 21,163 21,457
Current and other non–current assets, excluding treasury assets decreased by `294 crores to `21,163 crores as of 31 March
2024 from `21,457 crores as of 31 March 2023; the decrease is primarily on account of decrease in trade receivables by `675
crores, deferred tax liability position in current year against deferred tax asset of `543 crores in previous year partially netted
off with increase in unrealized gain on derivative financial instruments by `488 crores and cash and cash equivalents (other
than bank deposits classified as treasury investment) by `355 crores.
Current and non-current liabilities
“Non-current liabilities” comprises provisions, deferred tax liabilities (net), and financial and other liabilities.
“Current liabilities” comprises provisions, tax liabilities (net), and financial and other liabilities.
(in ₹ Crores)
As at
Non-current liabilities 2,373 1,589
Current liabilities 10,464 10,667
Total 12,837 12,256
Less: Borrowings 53 191
Total 12,784 12,065
Current and non-current liabilities, excluding borrowings, increased by `719 crores to `12,784 crores as of 31 March 2024
from `12,065 crores as of 31 March 2023, the increase is primarily on account of deferred tax liabilities position of
`465 crores as of 31 March 2024 against deferred tax asset position as of 31 March 2023, Lease liabilities by `253 crores
and provisions by `245 crores, current tax liabilities by `143 cores, partially netted off with decrease in trade payables by
`439 crores.

Cash flows (Standalone)
A summary of the cash flow statement is given below:
(in ₹ Crores)
Year ended
Net cash flows from operating activities (A) 15,282 13,538
Net cash flows used in investing activities (B) (2,331) (798)
Net cash flows used in financing activities (C) (14,480) (13,267)
Net increase in cash and cash equivalents (A)+(B)+(C) (1,529) (527)
Effect of exchange differences on cash and cash
(8) (6)
equivalents held in foreign currency
Cash and cash equivalents at the end of the year 837 2,374
Net Cash flow from operating activities
amortization expenses of `2,371 crores, interest income of `(787) crores; and cash generated from net working capital of
`937 crores and payment of tax of `2,611 crores.
amortization expenses of `2,431 crores, interest income of `(558) crores; and cash used in net working capital of
`349 crores and payment of tax of `2,532 crores.
Net Cash flows used in investing activities
investment in bank deposits of `1,562 crores, purchase (net of maturity/sale) of investment in securities of `1,413 crores and
net purchase of property, plant and equipment and intangibles of `379 crores, partially netted off with maturity of deposits
placed with body corporates of `526 crores and Interest received of `567 crores.
Net cash used in investing activities was `798 crores for the year ended 31 March 2023. This was primarily due to net
investment in bank deposits of `2,293 crores and net purchase of property, plant and equipment and intangibles of
`593 crores partially netted off with proceeds from the sale/maturity of investments in securities of `1,085 crores and
maturity of deposits placed with body corporates of `606 crores.
Net Cash flow used in financing activities
dividends of `14,073 crores and payment of lease liabilities including interest of `258 crores.
dividends of `12,995 crores and payment of lease liabilities including interest of `221 crores.

Key financial ratios (Standalone)
Year ended
Ratio Numerator Denominator Units 31 March 2024 31 March 2023 % variation
Operating profit Revenue from Revenue from % 30.1 29.8 1%
ratio operations less all operations
operating expenses
Net profit ratio Profit for the year Revenue from % 24.3 24.8 (2%)
operations
Return on net worth Profit after tax Average total % 29.0 27.4 6%
ratio equity
Current ratio Current assets Current liabilities Times 2.8 2.7 4%
Trade receivable Revenue from Average trade Times 3.8 3.8 0%
turnover ratio operations receivables
Inventory turnover Cost of good sold Average Times 4.8 5.4 (11%)
Ratio (refer note 2 below) inventories
Interest coverage Earning before Interest Times 137.8 126.8 9%
ratio interest expense expenses
and taxes
Debt equity Ratio Total debt Total equity Times 0.0 0.0 -
Notes:
1) All operating expenses means total expenses minus finance costs.
2) Cost of goods sold includes purchase of stock in trade and change in inventories of stock-in-trade.
3) Total debts include lease liabilities.
4) Average is calculated based on simple average of opening and closing balances.
Variations for return on net worth is explained as below:
Return on net worth
Return on net worth at 29.0 % in FY24 higher as compared to 27.4 % in FY23 primarily on account of higher profit earned by
the company during the year.

DIRECTORS’ REPORT
Dear Members,
The Board of Directors (“Board”) have immense pleasure in presenting the Thirty-Second Directors’ Report of HCL Technologies
Limited (“HCLTech” or the “Company”) together with the Audited Financial Statements for the Financial Year (“FY”) ended March 31, 2024.
1. FINANCIAL RESULTS
Key highlights of the financial results of the Company prepared as per the Indian Accounting Standards (“Ind AS”) for the FY ended
March 31, 2024, along with corresponding numbers of March 31, 2023, are as under:
(₹ in crores)
Consolidated Standalone
Particulars FY ended FY ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Revenue from operations 1,09,913 1,01,456 48,118 46,276
Other income 1,495 1,358 1,076 1,031
Total Income 1,11,408 1,02,814 49,194 47,307
Total Expenses 90,441 83,326 33,738 32,591
Profit before tax 20,967 19,488 15,456 14,716
Tax Expense 5,257 4,643 3,782 3,257
Profit for the year 15,710 14,845 11,674 11,459
Other comprehensive income 855 1,301 439 (259)

Total comprehensive income for the year 16,565 16,146 12,113 11,200
Earnings per share of ₹2 each

Basic (in ₹) 57.99 54.85 43.11 42.32
Diluted (in ₹) 57.86 54.79 43.02 42.27
2. BUSINESS OVERVIEW AND STATE OF AFFAIRS digital transformation needs of enterprises offer growth
opportunities to the Company.
HCLTech brings together the best of technology and its
people to enable global enterprises to accelerate their digital On a consolidated basis, the Company’s revenue from
transformation journeys. operations for the financial year under review was ₹ 1,09,913
crores as against ₹ 1,01,456 crores for the previous financial
The Company has a footprint across 60 countries and employs year. The profit for the financial year under review was ₹
over 2,27,000+ people. It's full stack technology services 15,710 crores, as against ₹ 14,845 crores for the previous
portfolio across the digital, engineering, cloud, AI and software financial year.
makes it a preferred digital transformation partner to G2000
companies across industries. On a standalone basis, the Company’s revenue from
operations for the financial year under review was ₹ 48,118
The Company serves clients through a network of 200+ crores as against ₹ 46,276 crores in the previous financial
delivery centers and 150+ innovation labs. It has also year. The profit for the financial year under review was
established presence in 20 nearshore locations to deliver in- ₹ 11,674 crores as against ₹ 11,459 crores for the previous
proximity services to clients. This global reach, combined with financial year.
a robust ecosystem of partners and hyperscalers, allows it to
deploy best-in-class technology solutions at speed and scale. The state of affairs of the Company is presented as part of the
Management Discussion and Analysis Report forming part of
The advent of new technologies like GenAI and continued the Annual Report for FY 2023-24.

3. DIVIDEND
The Board has paid the following interim dividends during the financial year under review:
S. Dividend Paid during Rate of Dividend per Share Dividend amount*

Date of Declaration
No. FY 2023-24 (face value of ₹2 each) (₹ in crores)
1 1st Interim Dividend April 20, 2023 18/- 4,873
2 2 Interim Dividend
nd
July 12, 2023 10/- 2,707
3 3 Interim Dividend
rd
October 12, 2023 12/- 3,250
4 4th Interim Dividend January 12, 2024 12/- 3,250
Total 14,080
Note: The dividend amount is the gross amount before deduction of tax at source by the Company. Total tax deducted at source was
approx. ₹ 1,375 crores.
The Board declared an interim dividend of ₹ 18/- per share for 7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
FY 2024-25 on April 26, 2024 after approval of the financial
results for the quarter and financial year ended March 31, 2024. The Management Discussion and Analysis Report in terms
of Regulation 34(2) of the SEBI (Listing Obligations and
4. TRANSFER TO RESERVES Disclosure Requirements) Regulations, 2015, as amended
from time to time, (“Listing Regulations”) shall form part of the
The closing balance of the retained earnings of the Company, Annual Report of the Company for FY 2023-24.
on a standalone basis, as on March 31, 2024, after all
appropriations and adjustments was ₹ 32,783 crores. 8. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
For complete details on movement in Reserves and Surplus As on March 31, 2024, the Company has 130 subsidiaries and
during the financial year under review, please refer to the 6 associate companies within the meaning of Sections 2(87)
Statement of Changes in Equity included in the Standalone and 2(6) of the Companies Act, 2013 (“Act”), as amended from
and Consolidated financial statements of the Company for FY time to time, respectively.
2023-24.
A. Incorporation of new subsidiary during the financial year under
5. SHARE CAPITAL review
During the financial year under review, the Company has not HCL Technologies Holding UK Limited was incorporated under
issued any equity shares. As on March 31, 2024, the Authorised the laws of United Kingdom as a wholly owned subsidiary of
share capital of the Company was ₹6,03,40,00,000/- divided the Company.
into 3,01,70,00,000 equity shares of face value of ₹2/- each.
B. Acquisitions done during the financial year under review
The Issued, Subscribed and Paid-up equity share capital of
the Company as on March 31, 2024, was ₹5,42,73,30,192/- ASAP Holding GmbH
divided into 2,71,36,65,096 equity shares of face value of ₹2/-
each. HCL Technologies UK Limited a Company incorporated in UK
and a step-down wholly owned subsidiary of the company
6. USD DENOMINATED UNSECURED NOTES ISSUED BY A had acquired 100% stake in ASAP Holding GmbH, a German
WHOLLY OWNED SUBSIDIARY automotive engineering technology provider in areas such as
autonomous driving, e-mobility and connectivity. Pursuant to
During FY 2020-21, HCL America Inc., a step-down wholly this acquisition, ASAP Holding GmbH and its 10 subsidiaries
owned subsidiary of the Company, incorporated under the have become the step-down wholly owned subsidiaries of the
laws of California, USA had issued USD 500 million fixed Company with effect from August 31, 2023, being the date of
rate, senior unsecured notes (“Notes”) with a maturity date of completion of the acquisition.
March 2026 and bearing interest rate of 1.375% per annum.
The Notes were unconditionally and irrevocably guaranteed The names of the aforesaid 10 subsidiaries are provided
by the Company. The Company’s potential liability under the under note 3.32 to the Consolidated Financial Statements
guarantee was capped at USD 525 million which was 105% of which shall form part of the Annual Report FY 2023-24.
principal amount of the Notes.
C. Subsidiaries merged / closed during the financial year under
During FY 2022-23, HCL America Inc. through cash tender review
offer had bought back its Notes of the principal amount of
USD 247.793 million. Post this buy back, the principal amount The Company’s endeavour is to achieve organisational
of Notes that remain outstanding are USD 252.207 million. efficiency by optimising resources and managing costs for
Accordingly, as on March 31, 2024, the Company’s aggregate operating in various countries. Accordingly, after taking
potential liability for the Notes is USD 264.817 million which into consideration the business aspects, local laws and
is 105% of the total aggregate principal amount of the Notes regulations, etc., the Company takes appropriate actions
outstanding. for internal restructuring by integrating businesses amongst
subsidiaries so as to reduce the number of entities.

Considering the above, the following step-down wholly owned 12. BOARD COMMITTEES
subsidiaries of the Company were merged / closed:
The Company has the following Board Committees:
a) Manzina Tech GmbH (incorporated in Switzerland) was
merged with and into Confinale AG (incorporated in A. Audit Committee
Switzerland) on July 4, 2023.
B. Corporate Social Responsibility Committee
b) Sankalp Semiconductor Sdn. Bhd. (incorporated in
Malaysia) was liquidated on October 3, 2023. C. Nomination and Remuneration Committee
c) Brillant Data LLC (incorporated in Virginia , USA) was D. Risk Management Committee
voluntarily dissolved on February 8, 2024.
E. Stakeholders’ Relationship Committee
d) TeleRX Marketing Inc. (incorporated in Pennsylvania,
USA), was merged with and into HCL America Inc. F. ESG & Diversity Equity Inclusion Committee
(incorporated in California, USA) on March 15, 2024.
G. Finance Committee
D. Divestment of stake in the Joint Venture (JV) with State Street
International Holdings Details of the composition of the Committees, their terms
of reference, attendance of Directors at meetings of the
HCL Investments UK Limited, (“HCL UK”) a company Committees and other requisite details are provided in the
incorporated in UK and a wholly owned step-down subsidiary Corporate Governance Report.
of the Company had a Joint Venture with State Street
International Holdings, a US corporation. Pursuant to the 13. BOARD EVALUATION
Share Purchase Agreement, HCL UK has divested its entire
49% equity stake in the JV, w.e.f. April 1, 2024. The Annual Performance Evaluation of the Board, its
Committees, the Chairperson of the Board and the individual
E. Financial Statement of the Subsidiaries directors was undertaken by the Board / Independent
Directors in terms of the provisions of the Act and the Listing
In terms of the requirements of Section 129(3) of the Act, Regulations. The evaluation was carried out in terms of the
a statement containing salient features of the financial framework and criteria of evaluation as approved by the
statements of the Company’s subsidiaries, associates and Nomination and Remuneration Committee of the Company.
joint ventures in Form AOC-1 shall form part of the Annual The process and criteria of evaluation is explained in the
Report for FY 2023-24. Corporate Governance Report.
In accordance with the provisions of Section 136 of the Act 14. STATUTORY AUDITORS AND STATUTORY AUDIT REPORT
and Regulation 46 of the Listing Regulations, the standalone
and consolidated financial statements of the Company along M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration
with relevant documents for FY 2023-24 shall be available No.101248W/W-100022) the Statutory Auditors of the Company,
on the website of the Company at https://www.hcltech.com/ will hold office till the conclusion of the Thirty Second Annual
investor-relations/financial-results. The financial statements in General Meeting of the Company.
respect of the subsidiaries for FY 2023-24 shall be available at
the Company’s website at https://www.hcltech.com/investor- The appointment /re-appointment of Statutory Auditors will be
relations/subsidiaries-financials. placed for approval of the Shareholders in the ensuing Annual
General Meeting, as may be recommended by the Audit
9. MATERIAL CHANGES AND COMMITMENTS AFFECTING Committee and the Board.
FINANCIAL POSITION BETWEEN THE END OF THE
FINANCIAL YEAR AND DATE OF THE REPORT There are no qualifications, reservations, adverse remarks or
disclaimers made by M/s. B S R & Co. LLP, Statutory Auditors
There have been no material changes and commitments, in their Report for FY 2023-24. The Statutory Auditors have
which affect the financial position of the Company, that have not reported any incident of fraud to the Audit Committee
occurred between the end of the financial year to which the of the Company during the financial year under review. The
financial statements relate and the date of this Report. observations made in the Report under Section 143(3) of
the Companies Act, 2013 read with Clause (g) of Rule 11 of
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL the Companies (Audit and Auditors) Rules, 2014 are self-
explanatory and do not call for any further comments.
Details of the composition of the Board, appointments / re-
appointments during the financial year under review, director 15. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT
retiring by rotation and details of declaration by Independent REPORT
Directors have been provided in the Corporate Governance
Report. In terms of Section 204 of the Act, M/s. Chandrasekaran
Associates, Practicing Company Secretaries were appointed
During the year under review, there were no changes in the as the Secretarial Auditors of the Company for FY 2023-24.
Key Managerial Personnel of the Company. The report of the Secretarial Auditor is enclosed as Annexure 1
to this Report. There are no qualifications, reservations,
11. NUMBER OF MEETINGS OF THE BOARD adverse remarks or disclaimer made by the Secretarial Auditor
in their report. The Secretarial Auditor has not reported any
During the financial year under review, four meetings of the incident of fraud during the financial year under review.
Board were held. The details of the meetings are provided in
the Corporate Governance Report.

16. MAINTENANCE OF COST RECORDS 22. PARTICULARS OF LOANS, GUARANTEES AND
INVESTMENTS
The maintenance of cost records and requirement of cost audit
as prescribed by the Central Government under the provisions The particulars of loans, guarantees and investments, as
of Section 148 of the Act are not applicable to the business required under Section 186 of the Act and Schedule V of
activities carried out by the Company. Accordingly, such cost the Listing Regulations, have been disclosed in the financial
accounts and records are not maintained by the Company. statements for FY 2023-24.
17. ANNUAL RETURN 23. TRANSACTIONS WITH RELATED PARTIES
Pursuant to the provisions of the Sections 92(3) and 134(3) The particulars of transactions entered into with the related
(a) of the Act, the Annual Return of the Company for FY parties referred to in Section 188(1) and applicable rules
2023-24 is available on the website of the Company at of the Act, have been given in Annexure 2 to this Report in
https://www.hcltech.com/investor-relations/annual-reports Form AOC-2. The Company has in place a ‘Related Party
Transaction Policy’, which is available on the website of the
18. POLICY ON DIRECTORS’ APPOINTMENT AND Company at https://www.hcltech.com/corporate/related-party-
REMUNERATION transaction-policy.
The Nomination and Remuneration Committee (“NRC”) 24. CORPORATE SOCIAL RESPONSIBILITY
formulates the criteria for determining the qualifications,
positive attributes and independence of directors in terms of The Company contributes progressively to the socio-economic
its charter. While evaluating the suitability of individual Board and environmental advancement of the planet with ‘Corporate
members, the NRC considers factors such as educational Social Responsibility’ (“CSR”) at the very core of its existence.
and professional background, general understanding of To meet its goals, the Company drives its corporate social
the Company’s business dynamics, professional standing, responsibility agenda through its CSR arm, HCL Foundation,
personal & professional ethics, integrity & values, willingness a public charitable trust.
to devote sufficient time & energy in carrying out their duties
and responsibilities effectively. The CSR Committee of the Company is inter-alia responsible
for formulating, recommending and monitoring the CSR Policy
The NRC also assesses the independence of directors at the of the Company which contains the approach and direction
time of their appointment / re-appointment as per the criteria given by the Board, and, includes guiding principles for
prescribed under the provisions of the Act, the rules made selection, implementation and monitoring of activities as well
thereunder and the Listing Regulations. as formulation of the annual action plan.
The Remuneration Policy for Directors, Key Managerial The composition of the CSR Committee, and other details
Personnel and other employees is provided in the Corporate including a brief outline of the CSR Policy of the Company,
Governance Report. the amount that the Company was required to spent in
terms of the provisions of the Act, and the amount that was
19. RISK MANAGEMENT POLICY actually spent during the financial year under review are set
out in Annexure -3 to this Report in the format as prescribed
The Company has developed and implemented a Risk under the Companies (Corporate Social Responsibility Policy)
Management Policy that ensures appropriate management of Rules, 2014.
risks in line with its internal systems and culture.
The CSR projects, as approved by the Board for FY
A detailed section on Risk Management is provided in the 2024-25 are available on the website of the Company at
Management Discussion and Analysis Report. https://www.hcltech.com/investor-relations/corporate-social-responsibility
20. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR 25. DIVIDEND DISTRIBUTION POLICY
ADEQUACY
Your Company’s wealth distribution philosophy aims at sharing
The Company’s internal financial control systems are its prosperity with its shareholders, through a formal earmarking /
commensurate with its size and nature of its operations and disbursement of profits to its shareholders. In accordance with
such internal financial controls are adequate and are operating Regulation 43A of the Listing Regulations, the Company has for-
effectively. The Company has adopted policies and procedures mulated and adopted a Dividend Distribution Policy which pro-
for ensuring orderly and efficient conduct of the business. vides for the circumstances under which the members may / may
These controls have been designed to provide reasonable not expect dividend, the financial parameters, internal and ex-
assurance regarding recording and providing reliable financial ternal factors, utilization of retained earnings, etc. The Dividend
and operational information, adherence to the Company’s Distribution Policy is available on the website of the Company at
policies, safeguarding of assets from unauthorized use and https://www.hcltech.com/corporate/dividend-distribution-policy
prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely 26. UNCLAIMED DIVIDEND AND TRANSFER TO INVESTOR
preparation of reliable financial disclosures. EDUCATION AND PROTECTION FUND
21. SIGNIFICANT AND MATERIAL ORDERS Pursuant to the provisions of Section 124 of the Act, the
dividend amounts which have remained unpaid or unclaimed
There are no significant and material orders passed by the for a period of seven years from the date of transfer to unpaid
regulators or courts or tribunals impacting the going concern dividend account have been transferred by the Company to the
status and Company’s operations in future. Investor Education and Protection Fund (“IEPF”) established by
the Central Government pursuant to Section 125 of the Act. The

details of the unpaid / unclaimed dividend amount which will • Rated A- by global environment non-profit Carbon
be transferred to the IEPF in the subsequent years are given Disclosure Project (“CDP”) for climate change initiatives.
in the Corporate Governance Report. Further, according to the
IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, • HCLTech certified as Top Employer in 26 countries, with
2016, the shares in respect of which dividend have not been No. 1 ranking in 15 countries. Also received regional Top
paid or claimed by the members for seven consecutive years or Employer certification in three key geographies of its
more are also required to be transferred to the demat account operations: Top Employer North America 2024 (ranked
created by the IEPF Authority. Accordingly, during the financial No. 1), Top Employer Asia Pacific 2024 (ranked No. 1)
year under review, the Company has transferred 15,239 equity and Top Employer Europe 2024 (ranked No. 2).
shares to the demat account of the IEPF Authority. The details
of such shares are available on the website of the Company at • HCLTech won the National Water Award for significant
https://www.hcltech.com/investor-relations/iepf efforts in holistic water conservation and management in
India.
27. DEPOSITS
• Included in the S&P Global Sustainability Yearbook 2024
The Company neither has any outstanding deposits nor it has for the second year in a row.
accepted any deposits from the public during the financial
year under review. • Highest ranked India-headquartered IT company in the
Forbes Best Employers List 2023.
28. PROCEEDINGS PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 • Ranked seventh globally in the Professional Services
category.
There are no proceedings initiated/pending against the
Company under the Insolvency and Bankruptcy Code, 2016. A detailed section on Awards & Recognitions received by the
Company during the financial year is provided in the Corporate
29. VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT Overview which forms part of the Annual Report for FY 2023-24.
There were no instances of one-time settlement with the 34. SUSTAINABILITY

Banks or Financial Institutions.
“Supercharging progress, sustainably and responsibly”
30. CORPORATE GOVERNANCE REPORT conveys the Company’s commitment to driving rapid and
meaningful long term sustainable growth, while adopting
The Corporate Governance Report in terms of Regulation a responsible and mindful approach in an accountable and
34(3) of the Listing Regulations, along with the Statutory transparent way. As the Company pursued its commitment,
Auditors’ certificate shall form part of the Annual Report for FY efforts have been made towards ambitious goals, including
2023-24. reaching net-zero emissions by the end of 2040.
31. BUSINESS RESPONSIBILITY AND SUSTAINABILITY The Company’s initiatives recognized for consistently
REPORT demonstrating sustainability are as under:
The Business Responsibility and Sustainability Report in • 25% reduction in scope 1 and 2 emissions compared to
terms of Regulation 34(2) of the Listing Regulations shall form base year 2020.
part of Annual Report for FY 2023-24.
• 19.02% of renewable energy across global operations.
32. INSIDER TRADING REGULATIONS
• The Company has impacted over 6.5 million lives with
Pursuant to the provisions of the SEBI (Prohibition of Insider 54% female beneficiaries through its CSR arm, the
Trading) Regulations, 2015 (as amended from time to time), HCL Foundation, and helped over 13,500 Persons with
the Company has adopted a Code of Conduct on Prohibition Disability.
of Insider Trading (“Insider Trading Code”) and a Code of
Practices and Procedures for fair disclosure of Unpublished • Planted over 2.04 million saplings, developed 243 water
Price Sensitive Information (“Fair Disclosure Code”). The Fair structures, rejuvenated 150 water bodies and recharged
Disclosure Code is available on the website of the Company 32 times more water than it uses.
at https://www.hcltech.com/corporate/fair-disclosure-code
• More than 15,704 hours of training completed by
33. AWARDS AND RECOGNITIONS employees at Company’s Sustainability School.
Your Company relentlessly pursues excellence and is Following leading ESG rating agencies have recognized the
delighted to receive phenomenal share of recognitions and Company as a leader in consideration of its commitments and
awards from analysts, governing bodies, academic institutions, progress.
partners and even customers. The details of few Awards &
Recognitions are provided below: • MSCI ESG assessment conferred “AA” rating to HCLTech
for second consecutive year.
• HCLTech recognized by Ethisphere as one of the World’s
Most Ethical Companies 2024. • Recognized as Leader (A category) by CDP.
• Emerged as the fastest-growing IT services brand with • Included in the S&P Global Sustainability Yearbook 2024.
a 15.9% YoY growth in brand value among the top 10
IT companies globally, as per the 2024 Brand Finance • EcoVadis rated HCLTech 'Gold' for HCLTech’s advanced
Global 500 and IT Services Top 25 Report. sustainability performance.

35. ORGANIZATION EFFECTIVENESS HCLTech’s innovative approaches to training, reskilling
and upskilling ensures that its employees are future ready.
A. Human Resources 1,63,943 employees availed 7.5 million hours of training
for enhancing their current skills and learning new skills.
In the continuing mission of the Company to expand and enrich 80,780 employees were also trained in digital skills during this
its employee-centric culture, HCLTech has long understood period.
this fundamental truth: its people are the key to its progress.
Through a culture of innovation and “Ideapreneurship”, the Employees can upskill with Aspire, a first-ever digital learning
Company empower its people to lead value-driven ideas in an platform at HCLTech. Aspire provides digital knowledge to all
inclusive and flexible work environment. employees so that they become more aware of what future tech
looks like. Employees can choose from Artificial Intelligence,
The people strategy is focused on building the skills and Machine Learning, Cloud, Data Analytics/Automation each
capabilities that the industry needs, attracting and retaining course is thoughtfully structured to help them navigate their
the right talent across the globe, and creating a supportive learning journey.
culture for them to do their best work.
E. Diversity, Equity and Inclusion (“DE&I”)
B. Employee Strength and Expansion
HCLTech is committed to building a diverse workforce across
The global team of the Company is its biggest strength multiple dimensions in a verifiable and measurable manner.
and enables the Company to deliver differentiated service Gender diversity stands at 29.1% as of March 2024.
experience to its clients. The Company has attained an
impressive employee strength of 2,27,481 with net addition HCLTech’s Chief Executive Officer & Managing Director
of 1,537 in FY 2023-24. IT services voluntary attrition rate ("CEO & Managing Director") has one of the primary functions
fell from 19.5% in FY 2022-23 to 12.42% in FY 2023-24. The of managing the Company’s DE&I initiatives. To affirm, guide
Company has a nearshore presence in 20 countries, where and support the commitment of the Company towards ESG
over 90% employees are locally hired. The Company plans to and to drive gender diversity, the Company has in place a
scale up in these areas in next few years. Committee of the Board named as ESG & Diversity Equity
Inclusion Committee.
With a presence in 60 countries and team members from 160
nationalities, the Company is rapidly growing in longstanding The Diversity, Equity and Inclusion Centre of Excellence has
locations like India and, more recently, in Eastern Europe and established an inspiring and transformational learning program
Central America. for all employees, Inclusion at Scale, to educate people on
various aspects of inclusion via short video modules. Inclusion
HCLTech has been a part of the United States’ growth and at Scale training aims to foster an inclusive culture through
technological advancement since the Company commenced ongoing education, awareness, and application. It aids in
operations with its first office in the heart of Silicon Valley. the development of a common language of inclusion across
HCLTech localization in US stands at 74.4%. teams and organizations globally.
C. Talent Acquisition The Company provides the following learning and development
programs for women:
HCLTech takes a hands-on approach to recruiting, seeking to
directly engage and hire employees rather than use placement a) Feminspiration – It is a platform where women leaders
agencies. About 84% of the hiring today is direct, which keeps from the Company’s- client company are invited to
the Company connected with the talent pool. address HCLTechies.
Hiring freshers is a big component of the Company’s talent b) iMotivate – It aims to motivate women HCLTechies by
strategy. 12,141 freshers were during the FY 2023-24. connecting them with the Company’s women leader/s via
a formal session and enable them to understand how to
HCLTech has doubled entry-level hiring in the last three fiscal manage their priorities and develop necessary leadership
years. The Company's- TechBee program seeks to recruit and networking capabilities to stay successful in their
highly talented Class 12 graduates and its career development careers.
framework ensures that entry-level hires are adequately
trained, provided opportunities to work on new challenges and c) Women Connect – A network of women employees
recognized for their contributions, while also enabling them to advocating a gender-neutral work environment. This group
pursue higher education. The Company programs to attract coaches and counsels aspiring young women professionals,
and recruit Gen Z talent are a crucial part of Companies’ shares experiences on work / life priorities and includes
strategy and have given a head start as a leading employer life coach support, day-care in office premises, concierge
for this generation. Gen Z employees represent 27% the services, and policies such as extended maternity leave,
workforce today. work from home, flexible careers, flexible work hours and
other women related issues.
D. Talent Development
d) ASCEND – It is an initiative, which focuses on career
The employee value proposition, ‘Find your Spark,’ is built progression of women leaders in functional roles and
on four tenets – 1) Providing flexible and diverse career help them achieve their aspired roles. The key outline of
opportunities, 2) Offering enriching job experiences, 3) the program includes Mentoring & Coaching by senior
Creating trusted employment and environment and 4) leaders of the Company to program participants.
Embracing employee’s whole self with an idea-driven and
socially responsible culture. e) STEPPING STONES – It is a global program which aims
to pace up the growth of mid-level women managers in
the leadership positions. The program is designed for
midlevel managers to fuel their leadership capabilities.
f) Prelude – It is a focused program for E4+ women leaders. allies worldwide. LEARN would host events
The objective is to mentor them for their next level roles throughout the year to foster a sense of ‘familia’
to create a ready pool of women leaders for the existing by educating HCLTechies about Latino culture
open positions. and empower growth and volunteer opportunities
in the Latino community.
g) Momtastic – An initiative launched to help all young
mothers and to be mothers to have a smooth transition • The Asian Network and their allies would
and ease the dilemmas and decision-making process, promote professional development and
when they come back to work post their maternity leave community outreach for the Asian community
that includes fully paid leaves as per the law of land and at HCLTech. Asian Network would hold many
5 days of fully paid leaves for the secondary caregiver. events throughout the year to celebrate events
Support is extended to women in three different phases: like Lunar New Year, Asian American and Pacific
Pre-natal, pre-conceptual support, support for returning Islander Heritage Month, and Autumn Moon
mothers. Festival.
h) HCLTech's Second Career Return Program is an e) Single Parent Network: It is a voluntary, employee-
opportunity provided through returnship program – led group of active single parent HCLTechies who
HCLTech’s Career Program for Women. Through this contribute both by improving social and emotional
program, women from diverse backgrounds are trained wellbeing for other single parents and their families
and hired for entry level jobs. and being the catalysts to improve inclusion in the
workplace.
F. Employee Resource Groups (“ERG”)
G. Gender Inclusion As a Company we believe that gender
a) Pride@HCLTech: It shares unique insights from diversity will increasingly be a driving force of competitive
gay, lesbian, bisexual, transgender, and allied businesses, now and into the future. The significance of gender
communities, helping to contribute to an inclusive diversity for HCLTech business & growth is evident from the
workplace environment that welcomes and values high focus it derives from the Company’s stakeholders and the
differences. Through increasing LGBTQIA+ Board. Gender parity and inclusion at all levels of hierarchy is
awareness and education, Pride@HCLTech, members HCLTech's top priority, with a special focus given to increasing
vision is to make the world a safer place. The goal of the representation of women leaders at key leadership
LGBTQIA+ Inclusion is to create an environment that positions.
is welcoming, safe, and supportive for all employees
who identify as lesbian, gay, bisexual, transgender, or H. Disability Inclusion It focuses on successful integration of
queer as well as their allies. people with disabilities into the workforce by providing them an
inclusive and accessible work environment. The Company’s
b) Ability Connect Network is a community for those inclusion is a business imperative for sustainable growth. The
who have a disability, support a colleague with a Company believes that every individual brings in unique value
disability, and any employee who wants to help and skills to workplace. Thus, the organization’s Person with
raise awareness and champion support for impacted Disability ("PwD") charter was drawn up to focus on successful
individuals. integration of people with disabilities into the workforce by
providing them an inclusive and accessible work environment.
c) Women Connect Network: The ERG is committed The charter emphasizes in fostering PwD inclusion through its
to retain and increase the visibility and contributions 4 tenets of Employ, Enable, Engage and Empower.
of the Company’s women and attracting top female
talent. 36. CONSERVATION OF ENERGY, RESEARCH AND
DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN
d) Multicultural Employee Resource Group (MERG): EXCHANGE EARNINGS AND OUTGO
Cultural Inclusion at HCLTech is a belief that ensures
all individuals are respected irrespective of their Disclosures of particulars as required under Section 134(3)(m)
backgrounds, cultures, nationalities, their ways of of the Act read with the Companies (Accounts) Rules, 2014 to
working and their lifestyles. The network provides an the extent applicable to the Company are set out in Annexure 4
employee forum for improvement and enhancement to this Report.
of the professional development of its membership
and promotes cultural awareness both within and 37. DIRECTORS’ RESPONSIBILITY STATEMENT
outside of the Company through education about
Indigenous cultures. There are 3 chapters in MERG: A statement of responsibility of the Directors relating to
compliance with the financial accounting and reporting
• Black Employee Resource Group (BERG) requirements in respect of the financial statements, as
and their allies would act as a strategic specified under Section 134(3)(c) of the Act, is annexed as
business partner, providing business solutions, Annexure 5 to this Report.
promoting the enhancement of HCLTech’s black
employees. It will enable black employees to 38. EMPLOYEE STOCK OPTIONS PLANS
reach their full potential through advocacy of an
inclusive work environment that would improve A. HCL Technologies Limited - Restricted Stock Unit Plan
their knowledge, skills and capabilities. 2021 (“RSU Plan 2021”)
• Latino Employees and Allies Resource The Company has adopted and implemented the RSU Plan
Network (LEARN) ERG members would be 2021 for granting Restricted Stock units (“RSUs”) as per the
committed to the representation, advancement, approvals obtained from the shareholders of the Company on
and inclusion of Latino employees and their November 28, 2021.

In terms of the RSU Plan 2021, a maximum of 1,11,00,000 39. VIGIL MECHANISM / WHISTLE BLOWER POLICY
(One crore eleven lakhs) RSUs in one or more tranches
may be granted, which on exercise would entitle not more The Company has formulated and published a Whistleblower
than 1,11,00,000 (One crore eleven lakhs) equity shares of Policy to provide vigil mechanism for employees, directors and
₹2/- each (approximately 0.41% of the paid-up equity share other stakeholders of the Company to report genuine concerns
capital as on March 31, 2021), with each such RSU conferring (including reporting of instances of leakage of unpublished
a right to apply for one equity share of the Company against price sensitive information) and to ensure strict compliance
each RSU granted & vested. As on date of this Report, the with ethical and legal standards across the Company. The
Company has utilized approx. 94% of total RSUs that were provisions of this Policy are in line with the provisions of the
available under the RSU Plan 2021. Section 177(9) of the Act and the Listing Regulations and
the said Policy is available on the website of the Company
The RSU Plan 2021 has been implemented through a trust at https://www.hcltech.com/corporate/whistleblower-policy.
mechanism by way of secondary acquisition of equity shares The details of the Whistleblower Policy are provided in the
of the Company by the Trust for transferring the same on Corporate Governance Report.
exercise of the vested RSUs. Accordingly, no fresh shares are
issued or will be issued by the Company either to the Trust or 40. OBSERVANCE OF THE SECRETARIAL STANDARDS
the RSUs grantees. ISSUED BY THE INSTITUTE OF COMPANY SECRETARIES
OF INDIA
The RSU Plan 2021 is in compliance with the SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations, The Company complies with all applicable Secretarial Standards
2021, as amended from time to time and there have been no issued by the Institute of Company Secretaries of India.
changes in the said plan during the financial year under review.
41. DISCLOSURE UNDER SEXUAL HARASSMENT OF
The details of the RSU Plan 2021 including requirements WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
specified under Regulation 14 of the SEBI (Share Based AND REDRESSAL) ACT, 2013
Employee Benefits and Sweat Equity) Regulations,
2021 are available on the Company’s website at The Company has in place a Prevention and Redressal
https://www.hcltech.com/investors/results-reports. of Sexual Harassment at Workplace Policy in line with the
requirements of Sexual Harassment of Women at Workplace
B. HCL Technologies Limited - Restricted Stock Unit Plan (Prevention, Prohibition and Redressal) Act, 2013. The
2024 (RSU Plan 2024) Company has constituted an Internal Complaints Committee
for the redressal of all sexual harassment complaints. These
The Board at its meeting held on April 25-26, 2024, has matters are also being reported to the Audit Committee.
approved the RSU Plan 2024 for grant of RSUs to the eligible The details of the Policy have been stated in the Corporate
Employees and Directors of the Company and its subsidiaries Governance Report and the complaints and the mechanism to
& associates. The said Plan is proposed to be implemented prevent adverse consequences are provided in the Business
to continue with the Company’s existing Long-Term Incentive Responsibility and Sustainability Report.
(“LTI”) Plan wherein part of the LTI is given by way of the RSUs.
42. PARTICULARS OF EMPLOYEES
The RSU Plan 2024 is in accordance with the SEBI (Share
Based Employee Benefits and Sweat Equity) Regulations, The information required pursuant to Section 197(12) of the
2021. The adoption and the implementation of the RSU Plan Act read with Rule 5(1) of the Companies (Appointment and
2024 will be subject to the approval of the shareholders of the Remuneration of Managerial Personnel) Rules, 2014 are
Company that would be taken in due course. given below:
A. The ratio of remuneration of each director to the median remuneration of the employees of the Company for the financial
year 2023-24:
Ratio to median
S. No. Name of the Director
remuneration of employees
Executive Director
1 Mr. C. Vijayakumar, CEO & Managing Director 707.46
Non-Executive Director
2 Ms. Bhavani Balasubramanian -
3 Mr. Deepak Kapoor 7.51
4 Mr. S. Madhavan 9.29
5 Dr. Mohan Chellappa 9.85
6 Ms. Nishi Vasudeva 7.51
7 Ms. Robin Ann Abrams 12.16
8 Ms. Roshni Nadar Malhotra 7.98
9 Dr. Sosale Shankara Sastry 9.20
10 Mr. Shikhar Malhotra 6.93
11 Mr. R. Srinivasan 11.19
12 Mr. Simon John England 10.99
13 Mr. Thomas Sieber 11.91
14 Ms. Vanitha Narayanan 11.05

Notes:
i. The remuneration of Non-Executive Directors comprises of sitting fees and commission paid / payable for FY 2023-24.
ii. Ms. Bhavani Balasubramanian was appointed as a Non-Executive Independent director of the Company w.e.f. January 12,
2024. Hence, information of her remuneration is incomparable and has not been provided.
iii. Mr. C. Vijayakumar, CEO & Managing Director is based in USA and draws remuneration from HCL America Inc., a wholly
owned step-down subsidiary of the Company in USA.
iv. While calculating the above ratio, the median remuneration of employees has been taken on global basis.
B. The percentage increase / decrease in remuneration of each Director, Chief Executive Officer, Chief Financial Officer,
Company Secretary in the financial year 2023-24:
i. Percentage increase / (decrease) in Remuneration of Non-Executive Directors

S. No. Name of the Director % Increase / (Decrease) in
Remuneration in the financial year
1 Ms. Roshni Nadar Malhotra (9)
2 Ms. Bhavani Balasubramanian -*
3 Mr. Deepak Kapoor -
4 Mr. S. Madhavan -
5 Dr. Mohan Chellappa (6)
6 Ms. Nishi Vasudeva -
7 Ms. Robin Ann Abrams 1
8 Dr. Sosale Shankara Sastry 1
9 Mr. Shikhar Malhotra -
10 Mr. R. Srinivasan -
11 Mr. Simon John England 8
12 Mr. Thomas Sieber 28
13 Ms. Vanitha Narayanan 17
Note: *Ms. Bhavani Balasubramanian was appointed as a Non-Executive Independent Director during FY 2023-24. Hence,
information of her remuneration is incomparable and has not been provided.
ii. Percentage increase / decrease in remuneration of Executive Director and Key Managerial Personnel
S. No. Name of Key Designation % Increase /(Decrease) % Increase /(Decrease)
Managerial Personnel in Remuneration in in Remuneration in the
the financial year after financial year without
considering the Long considering the LTI
Term Incentive ("LTI") payment & perquisite
payment & perquisite value of RSUs
value of RSUs exercised exercised
1. Mr. C. Vijayakumar* CEO & Managing Director 190.74% (9.20%)
2. Mr. Prateek Aggarwal Chief Financial Officer 0.64% (0.52%)
3. Mr. Manish Anand Company Secretary 4.86% 6.68%
Note: *
i. Mr. C. Vijayakumar was appointed as the Managing Director of the Company w.e.f. July 20, 2021, with the designation
as ‘CEO & Managing Director’. There has been no change in the overall remuneration of Mr. C. Vijayakumar, as
approved by the shareholders, since his appointment.
ii. During FY 2023-24, he did not receive any remuneration from the Company, however, he received remuneration
including cash component of LTI from HCL America Inc., a step-down wholly owned subsidiary of the Company. He
received USD 2.36 million as the cash component of the LTI. The perquisite value of the performance based RSUs
exercised by him during FY 2023-24 was USD 4.56 million.
iii. The performance-linked bonus of USD 1.14 million paid in FY 2023-24 was related to performance for the previous
financial year FY 2022-23.
C. The percentage increase in the median remuneration of employees in the financial year: 7.07%
D. The number of permanent employees on the rolls of Company: There were 1,19,035 permanent employees on the rolls of
the Company. In addition, the Company had 1,08,446 number of employees on the rolls of its subsidiaries.
E. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof
and point out if there are any exceptional circumstances for increase in the managerial remuneration: The average
percentage increase made in the salaries of employees other than the managerial personnel in the last financial year was
3.37%. The remuneration paid to the CEO & MD is within The details of incremental borrowings made by the Company
the limits approved by the shareholders, the percentage during FY22, FY23 & FY24 and the obligations to borrow
change in remuneration have been stated in Para 42 of through issuance of debt securities are provided as below:
this report and the details of the remuneration have been (₹ in crores)
provided in the Para 19 of the Corporate Governance
Report which shall form part of the Annual Report FY Particulars FY22 FY23 FY24
2023-24. Incremental borrowings 24.95 35.48 6
made during the financial
F. The Company affirms that the remuneration is as per the year (a)
Remuneration Policy of the Company.
Mandatory borrowing 6.23 8.87 1.50
G. Variable Pay Compensation: The variable compensation that was required
of executive officers, including the CEO and Managing through issuance of debt
Director, is based on clearly laid out performance securities {25% of (a)}
criteria and measures. The variable compensation is
paid in the form of Annual Performance linked Bonus, SEBI vide its circular number SEBI/HO/DDHS/DDHS-
Long-Term Incentive (“LTI”) and Restricted Stock Units RACPOD1/P/CIR/2023/172 dated October 19, 2023 (“SEBI
(based on Performance or Tenure). The parameters for Circular”) has revised the criteria for considering a listed entity
variable compensation include achieving targets related as a LC which now provides that the outstanding long-term
to Revenues, EBIT, Net profit, Free cashflow, Total borrowings of the companies as on March 31, 2024, should
Shareholder Return, personal KPPs, strategic goals and not be less than ₹1,000 crores. As per the said revised criteria,
other metrices such as client satisfaction, ESG, Diversity, the Company would not fall in the category of LC for FY25.
etc.
Further, the SEBI Circular requires that the companies that
43. STATEMENT OF EMPLOYEES PURSUANT TO RULE were identified as LC based on the erstwhile criteria, shall
5(2) AND 5(3) OF THE COMPANIES (APPOINTMENT endeavor to comply with the requirement of raising 25% of
AND REMUNERATION OF MANAGERIAL PERSONNEL) their incremental borrowings done during FY22, FY23 &
RULES, 2014 FY24, by way of issuance of debt securities till FY ended
March 31, 2024. In case the companies have not issued debt
In terms of Rule 5(2) and 5(3) of the Companies (Appointment securities, a one-time explanation should be provided in the
and Remuneration of Managerial Personnel) Rules, 2014, Annual Report.
a separate exhibit forming part of this report contains the
following: In this regard, it is hereby clarified that that the borrowings done
by the Company were mainly on account of the Company’s car
A. the list of top ten employees of the Company in terms of loan policy to facilitate its employees. From the above table,
the remuneration drawn in FY 2023-24; it will be observed that the amount required to be borrowed
by issuance of debt securities is so miniscule that it would
B. a statement containing the names of the employees not have been feasible to issue debt securities for such small
employed throughout the financial year and in receipt of amount. Further, considering the funds & cash flow position of
remuneration of ₹ 1.02 crores or more per annum; and the Company, there was no requirement to borrow during these
years except to meet the aforesaid regulatory requirements,
C. a statement containing the names of the employees for which the Company had approached the Stock Exchanges
employed for part of the year and in receipt of remuneration for a waiver / guidance due to the circumstances as stated
of ₹ 8.50 lacs or more per month. above. As the said SEBI Circular requires to the companies
to comply or explain, the Company has chosen to explain its
This exhibit is available on the website of the Company at position for not issuing the debt securities.
https://www.hcltech.com/investor-relations/annual-reports
The Annual Report is being sent to the shareholders excluding 45. ACKNOWLEDGEMENTS
the aforesaid exhibit. Shareholders interested in obtaining
this information may access the same from the Company’s The Board wishes to place on record its appreciation of
website. the significant contributions made by the employees of
the Company, its subsidiaries and associate companies.
44. LARGE CORPORATES The Company has achieved impressive growth through
competence, hard work, solidarity, co-operation and support
As per Regulation 50B of the SEBI (Issue and Listing of Non- of employees at all levels. The Board wishes to thank the
Convertible Securities) Regulations, 2021, read with Chapter customers, vendors, other business associates and investors
XII of the Master Circular number SEBI/HO/DDHS/PoD1/P/ for their continued support in the Company’s growth and
CIR/2023/119 dated August 10, 2021 on ‘Fund raising by also wishes to thank the government authorities, banks and
issuance of debt securities by large corporates’, as amended other regulatory bodies for their co-operation and assistance
(“LC Regulations”), the Company was a Large Corporate extended to the Company.
(“LC”) as on March 31, 2021, March 31, 2022 and March
31, 2023 as its outstanding long term borrowings were more
than ₹ 100 crores on the said dates. Accordingly, in terms of For and on behalf of the Board of Directors of
the LC Regulations, for any incremental borrowings made by HCL Technologies Limited
the Company during FY22, FY23 & FY24, a minimum of 25%
of such incremental borrowings were required to be raised
through issuance of debt securities, which were to be raised Roshni Nadar Malhotra
either in the same financial year and / or in the subsequent two Place: Noida (U.P.), India Chairperson
financial years. Date: April 26, 2024 DIN: 02346621

Annexure 1 to the Directors’ Report
SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024
To, (d) The Securities and Exchange Board of India (Share Based
The Members Employee Benefits and Sweat Equity) Regulations, 2021;
HCL Technologies Limited
806, Siddharth, (e) The Securities and Exchange Board of India (Issue and
96, Nehru Place, Listing of convertible Securities) Regulations, 2021; Not
New Delhi 110019 Applicable during the period under review.
We have conducted the Secretarial Audit of the compliance (f) The Securities and Exchange Board of India (Registrars
of applicable statutory provisions and the adherence to good to an Issue and Share Transfer Agents) Regulations,
corporate governance practices by HCL Technologies Limited 1993 regarding the Companies Act and dealing with client
(hereinafter called “the Company”). Secretarial Audit was to the extent of securities issued;
conducted in a manner that provided us a reasonable basis for
evaluating the corporate conducts/ statutory compliances and (g) The Securities and Exchange Board of India (Delisting
expressing our opinion thereon. of Equity Shares) Regulations, 2021; Not Applicable
during the period under review;
Based on our verification of the Company’s books, papers, minute
books, forms and returns filed and other records maintained by the (h) The Securities and Exchange Board of India (Buy-back
Company and also the information provided by the Company, its of Securities) Regulations, 2018; Not Applicable during
officers, agents and authorized representatives during the conduct the period under review.
of secretarial audit, we hereby report that in our opinion, the
Company has, during the audit period covering the financial year (vi) The other laws, as informed and certified by the Management
ended on March 31, 2024 complied with the statutory provisions of the Company which are specifically applicable to the
listed hereunder and also that the Company has proper Board- Company based on the Sectors/ Industry are:
processes and compliance-mechanism in place to the extent, in
the manner and subject to the reporting made hereinafter. (a) The Special Economic Zone Act, 2005;
We have examined the books, papers, minute books, forms and (b) Policy relating to Software Technology Parks of India and
returns filed and other records maintained by the Company for the its regulations;
financial year ended on March 31, 2024 according to the provisions
of: (c) The Indian Copyright Act, 1957;
(i) The Companies Act, 2013 (‘Act’) and the rules made (d) The Patents Act, 1970;
thereunder;
(e) The Trade Marks Act, 1999;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
the rules made thereunder; (f) The Indian Telegraph Act, 1885;
(iii) The Depositories Act, 1996 and the Regulations and Bye- (g) The Indian Wireless Telegraphy Act, 1933;
laws framed thereunder to the extent of Regulation 76 of SEBI
(Depositories and Participants) Regulations, 2018; We have also examined compliance with the applicable clauses/
Regulations of the following:
(iv) Foreign Exchange Management Act, 1999 and the rules
and regulations made thereunder to the extent of Foreign (i) Secretarial Standards issued by The Institute of Company
Direct Investment, Overseas Direct Investment and External Secretaries of India and notified by the Ministry of Corporate
Commercial Borrowings; Affairs.
(v) The following Regulations and Guidelines prescribed under (ii) SEBI (Listing Obligations and Disclosure Requirements)
the Securities and Exchange Board of India Act, 1992 (‘SEBI Regulations, 2015 to the extent applicable.
Act’):-
During the period under review the Company has complied with the
(a) The Securities and Exchange Board of India (Substantial provisions of the Act, Rules, Regulations, Guidelines, Standards,
Acquisition of Shares and Takeovers) Regulations, 2011 etc. mentioned above.
to the extent applicable;
We further report that
(b) The Securities and Exchange Board of India (Prohibition
of Insider Trading) Regulations, 2015; The Board of Directors of the Company is duly constituted with
proper balance of Executive, Non-Executive Directors and
(c) The Securities and Exchange Board of India (Issue of Independent Directors. The changes in the composition of the
Capital and Disclosure Requirements) Regulations, 2018 Board of Directors that took place during the period under review
to the extent applicable; were carried out in compliance with the provisions of the Act.

Adequate notice is given to all Directors to schedule the Board For Chandrasekaran Associates
Meetings, Agenda and detailed notes on agenda were sent at Company Secretaries
least seven days in advance except in cases where meetings were Firm Registration No.: P1988DE002500
convened at a shorter notice, and a system exists for seeking and Peer Review Certificate No.: 4186/2023
obtaining further information and clarifications on the agenda items
before the meeting and for meaningful participation at the meeting.
Dr. S. Chandrasekaran
All decisions at Board Meetings and Committee Meetings are Senior Partner
carried out unanimously as recorded in the minutes of the meetings Membership No. F1644
of the Board of Directors or Committee of the Board, as the case Date: April 26, 2024 CP No. 715
may be. Place: Delhi UDIN: F001644F000219873
We further report that there are adequate systems and processes

in the Company commensurate with the size and operations of the Note:
Company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines. i. This report is to be read with our letter of even date which
is annexed as Annexure-A and forms an integral part of this
We further report that during the audit period no major events report.
have happened, which are deemed to have major bearing on the
Company’s affairs in pursuance of the above referred laws, rules,
regulations, guidelines, standards, etc.
Annexure-A
To,
The Members
806, Siddharth 96, Nehru Place
New Delhi-110019
Our Report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion
on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of
the contents of the secretarial records. The verification was done on the random test basis to ensure that correct facts are reflected
in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards are the responsibility of
management. Our examination was limited to the verification of procedures on random test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
For Chandrasekaran Associates

Company Secretaries
Firm Registration No.: P1988DE002500
Peer Review Certificate No.: 4186/2023
Senior Partner
Membership No. FCS1644
Date: April 26, 2024 Certificate of Practice No. 715
Place: Delhi UDIN: F001644F000219873

FORM NO. AOC-2
(Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013
and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts / arrangements entered into by the Company with related parties referred to in
sub-section (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto.
1. Details of contracts or arrangements or transactions not at arm’s length basis
During the financial year ended March 31, 2024, HCL Technologies Limited (‘HCLTech’) has not entered into any contract or
arrangement or transaction with its related parties which is not at arm’s length.
2. Details of material contracts or arrangement or transactions at arm’s length basis
a) Name(s) of the related party and nature of relationship:
During the financial year ended March 31, 2024, the material transactions in terms of Regulation 23 of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 were undertaken with the following step-down wholly owned subsidiaries,
being the related parties:
S. No. Name of the wholly owned step-down subsidiary Place of Amount of transaction
Incorporation (₹ in crores)
1 HCL Technologies Corporate Services Limited UK 15,495.31
2 HCL America Inc. USA 3,453.84
3 HCL Technologies UK Limited UK 3,042.26
4 HCL Software Products Limited India 2,120.29
5 HCL Technologies Germany GmbH Germany 1,496.56
b) Nature of contracts / arrangements / transactions:
Rendering / obtaining of services, product sales and other miscellaneous income.
c) Duration of the contracts / arrangements / transactions:
Ongoing.
d) Salient terms of the contracts or arrangements or transactions including the value, if any:
• HCL Technologies Limited to provide IT / ITES services to the existing and new clients of the above-mentioned step-down
wholly owned subsidiaries including various support and general administrative services as may be required from time to
time;
• The above-mentioned step-down wholly owned subsidiaries shall respectively provide IT / ITES services including sales and
marketing support services to HCL Technologies Limited;
• The respective parties shall diligently perform their respective obligations under the contracts in a timely manner and
provide services in accordance with the work order issued by the customer;
• The respective parties shall submit invoices on timely basis for the services provided for each project to each other as per
the terms of contract and promptly pay the same;
• The respective parties shall be responsible for all the expenses incurred in connection with providing its services; and
• The parties shall comply with the local, state and federal laws and regulations applicable while providing services.
• The value of the transaction with each of the related parties is given in a) above.
e) Date(s) of approval by the Board, if any:

Not applicable, since the contract was entered into in the ordinary course of business and on arm’s length basis.
f) Amount paid as advances, if any:
NIL.
For and on behalf of the Board of Directors of

Place: Noida (U.P.), India Chairperson
Date: April 26, 2024 DIN: 02346621

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (“CSR”) ACTIVITIES
1. A brief outline of the Company’s CSR policy
The objective of the CSR policy (the “Policy”) of the Company is to lay down the guiding principles for selection, implementation,
monitoring, and evaluation of CSR activities as well as formulation of the Annual Action Plan, for ensuring growth and advancement
of society and conservation of natural resources. To meet its goals, the Company drives its Corporate Social Responsibility agenda
through its CSR arm, HCL Foundation, a Public Charitable Trust registered with the Ministry of Corporate Affairs as required under
the Companies Act, 2013 and Rules made thereunder, and also registered under Sections 12A and 80G of the Income Tax Act, 1961.
HCL Foundation has been set up to take up projects and programmes as part of its CSR mandate which are aligned to the Sustainable
Development Goals. The CSR activities, projects and programmes undertaken by the Company shall be those as approved by the
Board of Directors on the recommendation of the CSR Committee and are covered under the areas set out in Schedule VII of the
Companies Act, 2013. All CSR initiatives are inclusive, gender transformative, with special attention to the ultra-poor, people with
disabilities and environment conservation.
The key CSR streams are early Childhood Care & Development, Health, Education, Skill Development & Livelihood, Water, Sanitation
& Hygiene, Environment, Disaster Risk Reduction & Response and Gender & Inclusion.
2. The composition of the CSR Committee as on March 31, 2024
S. Name of Directors Designation / Nature of Directorship Number of meetings Number of meetings

No. of CSR Committee of CSR Committee
held during the year attended during the year
1 Ms. Roshni Nadar Chairperson 2 2
Malhotra Non-Executive Non-Independent Director
2 Mr. S. Madhavan Member 2 2
Independent Director
3 Dr. Mohan Chellappa Member 2 2
Independent Director
3. The web-link where Composition of CSR Committee, CSR policy and CSR projects approved by the Board are disclosed on
the website of the Company
https://www.hcltech.com/investor-relations/corporate-social-responsibility
4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR projects carried out in pursuance of
sub-rule (3) of Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014
During the year under review an independent Impact Assessment was undertaken for three projects, the details of the same are given
hereunder.
a) Running of Medical Isolation Centres and Community Awareness Campaign
The surge in COVID19 cases have stressed the health system and identifying the critical need to control the spread, HCL
Foundation supported - 'Running of Medical Isolation Centres and Community Awareness Campaign’ implemented by Doctors
for You ("DFY") across Delhi, Mumbai and Vijayawada. The primary objective of the project was to strengthen health system
through infrastructural support (Critical Care Equipment and Isolation and Treatment Centres), training of healthcare staff and
community awareness.
With a view to tracing and testing, motivating the community to come up for testing, Mobile Medical Units (“MMUs”) were
deployed to provide free testing services. These services were provided to persons of the vulnerable and marginalised sections
of the society in Vijayawada and Mumbai. The MMUs staff also interacted with the people on a regular basis to address
testing hesitancy among people and provided information on COVID 19 related issues. Community awareness campaigns
were conducted with a view to promoting adoption of COVID 19 appropriate behaviour by educating on personal hygiene and
cleanliness like washing hands properly, wearing masks, social distancing, self-isolation, etc. and making it a part of daily routine.
Hygiene kits were also distributed as part of the campaign.
The impact assessment report shows that over 18,000 patients were treated, 1,662 health care staff was trained, 27,810
community members were screened through MMUs, and a total of 18,252 reached through community awareness campaign.
The training of 982 healthcare professionals and 680 hygiene technicians led to an enhanced staff efficiency and smooth facility
management and a sense of confidence among healthcare workers to work without fear of COVID 19, ultimately resulting in
quality treatment. The project support was extended to include provision of consumables viz. PPE kits, medicines, gloves, masks
etc. for not only COVID 19 care centres but later to vaccination centres as well.

b) Installation of Oxygen generation plant at Central India Institute of Medical Science, Nagpur
The project - 'Installation of Oxygen generation plant’ at Central India Institute of Medical Science (“CIIMS”) Nagpur was
envisaged with an aim to provide support in setting up an oxygen plant at CIIMS as per need. The project was taken up during
FY 2021-22.
Before the project, the hospital procured oxygen cylinders to provide oxygen to the patients. Lack of availability of funds had
been hindering the plans to install oxygen plant.
The installed plant with a capacity to generate 704 litres of oxygen per hour helped in providing oxygen support to all 110
oxygen dependent patients (during the project duration) simultaneously. It was informed that the oxygen plant support helped
in better emergency preparedness for the subsequent COVID 19 pandemic wave. The project intervention led to increase in
capacity of the hospital to treat and accommodate a greater number of patients and ensured timely medical treatment, providing
uninterrupted and reliable supply of oxygen. The patients were able to access good quality and free of cost treatment which was
difficult especially for low- and middle-income group people during the times of COVID 19 pandemic. The project intervention
was able to provide high-cost intensive treatment to all sections of society thus saving people from financial distress.
As per the data shared by CIIMS, a total of 1,061 beneficiaries were benefited through the oxygen plant during the project
period whereas post the project completion, from January 2022 to January 2024, total 50,666 patients have been benefited. The
support ensured that no critical care patient was bereft of treatment requiring oxygen support. It was acknowledged that in the
absence of the HCL Foundation’s support, procedure like providing oxygen to a patient would have been delayed due to long
waiting time.
The project benefit has been well extended to the present times and is catering to the needs of the neurological patients who
require continuous and prolonged oxygen supply. CIIMS hospital is reportedly under expansion leading to an increase in the
number of beds from current 110 to around 140 beds (by September 2024). The project support would also serve the additional
oxygen demand. Training provided to the CIIMS staff for the maintenance & operations has led to availability of in-house trained
staff for smooth operations of the oxygen plant on day-to-day basis.
c) Health in Emergencies by implementing Agency – Doctors For You
HCL Foundation continued its efforts in the fight against COVID 19 during financial year 2021-22 under ‘Health in Emergencies’
project which was taken up in continuation to the efforts initiated in the year 2020-21 for fighting the COVID 19 pandemic in
the form of the project ‘Running of Medical centers and community awareness campaign’. The project was taken up during the
financial year 2021-22 and was implemented by Doctors for You ("DFY"). This project was implemented in 9 different locations
in India for strengthening the health systems, providing infrastructural support (Oxygen plant, Isolation and Treatment Centres),
training of healthcare staff, and support to COVID 19 vaccination program.
The above-mentioned activities that were taken up under the project were able to help people access quality treatment. 61,531
patients got benefitted through the isolation and treatment facilities created under the project. The treatment support was free
of cost, irrespective of the socio-economic background of the patient. The support proved to be helpful to people who would
not have otherwise been able to afford quality treatment. Also, without such support the situation would have created financial
distress for a lot of families during the times when the livelihoods of the people were affected by lockdowns and COVID 19 related
restrictions. Similarly, the oxygen plant ensured a continuous and sufficient supply of oxygen to various hospitals and COVID
isolation centres.
The government authorities reported that the patients’ feedback on the quality of service and treatment provided was satisfactory.
The facilities created had 24 x 7 monitoring and supervision facility for all the patients. The PPE kits distributed were of good
quality which boosted the confidence of the medical staff in carrying out their duties effectively. There was zero mortality in the
COVID isolation Centre and hospitals established and supported under the project. As informed, a total of 7,06,305 people were
vaccinated till March 31, 2022 under this project. Under the support to COVID 19 vaccination programme, the project team was
continuously engaged in creating awareness among people around COVID 19 vaccine, managing vaccination data, follow-up
call for second doses providing the required support to the vaccination process.
The detailed report on impact assessment report carried out by an independent agency are available on the website of the Company
at https://www.hcltech.com/investors/corporate-social-responsibility-hcl.
(₹/ crores)
5. a) Average net profit of the Company as per Section 135(5) 13,034

b) Two percent of average net profit of the Company as per Section 135(5) 261
c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years NIL
d) Amount required to be set off for the financial year, if any NIL
e) Total CSR obligation for the financial year [(b)+(c)-(d)] 261

(₹/ crores)
6. a) Amount spent on CSR Projects (both ongoing project and other than ongoing project) 260.16
b) Amount spent in Administrative Overheads 1.05
c) Amount spent on Impact Assessment, if applicable NIL
d) Total amount spent for the financial year [(a)+(b)+(c)] 261.21
e) CSR amount spent or unspent for the financial year:
Total amount spent Amount unspent (in ₹/crores)

for the financial year
Total amount transferred to unspent Amount transferred to any fund specified under
(in ₹/crores)
CSR account as per Section 135(6) Schedule VII as per second proviso to Section 135(5)
Amount Name of the
Date of transfer Amount Date of transfer
fund
261.21 NIL
f) Excess amount for set-off, if any
S. No. Particulars Amount (in ₹ / crores)

(i) Two percent of average net profit of the Company as per Section 135(5) 261.00
(ii) Total amount spent for the financial year 261.21
(iii) Excess amount spent for the financial year [(ii)-(i)] 0.21
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial
-
years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 0.21*
*This excess spending is on account of interest earned on CSR Funds during FY 2023-24 and therefore would not be set off in the
succeeding financial years.
7. Details of unspent Corporate Social Responsibility amount for the preceding three financial years
S. Preceding Amount Balance Amount Amount transferred Amount Deficiency,

No. Financial transferred to amount in spent to a fund specified remaining to if any
Year unspent CSR Unspent CSR in the under Schedule VII as be spent in
account under Account financial per second proviso to succeeding
Section 135(6) under year Section 135(5), if any financial years
(in ₹) Section (in ₹) (in ₹)
135(6) Amount Date of
(in ₹) (in ₹) transfer
NA
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
financial year
No.
The Company has not directly created or acquired any capital asset through CSR spent during the financial year ended March 31,
2024. All CSR expenditure has been done through the implementing agencies.
9. Specify the reason(s), if the Company has failed to spend two percent of the average net profit as per Section 135(5)
Not applicable.
C. Vijayakumar Roshni Nadar Malhotra

CEO & Managing Director Chairperson – CSR Committee
DIN: 09244485 Chairperson – HCL Technologies Limited
DIN: 02346621
Place: Noida (U.P.), India
Date: April 26, 2024

Particulars pursuant to Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014
A) Conservation of Energy and Water systems implemented in major facilities which involved energy
efficient unit installation, defective coils and filters replacement,
As a responsible corporate, the Company believes that it heat load reduction by room partition & operational control
has got accountability to the future and an imperative role enhancement measures such as AHU timer-based control
to play in addressing global challenges, climate change, and temperature set point changes related activities. This has
and environmental sustainability. The Company has made a enabled the Company to save 1,364.57 MWh of energy and
commitment to conserve the environment by adopting several has helped to reduce 1,123.04 tCO2e of emissions.
“Green Initiatives” and being responsible for energy & water
management in its area of operations. These initiatives will 4. Energy efficient Lighting and Control - The Company
drive energy & water consumption in an efficient, economical, extended its initiative to expand use of LED lightings in all the
and environment friendly manner throughout all its premises. facilities and also adopted operational control enhancement
measures such as installation of motion sensors, daylight
The initiatives and good practices adopted or expanded by the harvesting feature which resulted in optimum usage of lighting.
Company towards conservation of energy and water during FY Energy savings achieved by these initiatives was 2,772.12
2023-24 are described below: MWh of absolute energy consumption thereby reducing
2,281.45 tCO2e emissions.
1. Renewable Energy Purchase - In continuation with its
commitment to reduce “carbon footprint, the Company is 5. Effective Utilization of UPS - Based on the load demand of
committed to substitute 80% of electricity with renewable the UPS systems, capacity of the backup has been optimized
energy by 2030. The source of renewable energy is wind, by shutting down some of the systems. In addition, activation
solar and hydel based electricity. By transitioning electricity of passive filters has been taken up. This optimization measure
supply to renewable sources globally, the Company has resulted in energy savings of 603.90 MWh and emission
so far transitioned 19.02% of its energy requirement to reduction of 497.01 tCO2e.
renewable sources which is equal to 52,056.41 MWh. Out of
this, 25,565.33 MWh for its facilities in India which includes 6. Technology Adoption - Process improvement in the AHU
2,513.52 MWh generated from onsite solar plant installations, Control through rectification and revamping of BMS system
and 26,491.08 MWh for its Geo locations. This has enabled the was implemented. Energy savings achieved by these initiatives
Company to reduce carbon footprint by 23,198.78 tCO2e (Tons was 84.00 MWh of absolute energy consumption and has
of Carbon dioxide equivalent) out of which 21,040.26 tCO2e in helped to reduce 69.13 tCO2e emissions.
India and of 2,158.52 tCO2e in Geo locations.
7. Water Conservation - The Company’s focus on water
2. High Side: Chiller Operational Performance Improvement - conservation was strengthened by reducing the water flow by
By implementing the performance improvement programs such using of aerator filter for all washbasin taps, introducing sensor-
as chiller performance measurement and implementing the based taps, using STP treated water for flushing, landscaping&
control measure, cooling tower retrofit and fills replacement, other soft water applications, rainwater harvesting, using
changing the set temperature as per seasonal changes, neem-based liquid enhanced with an anti-scaling agent in the
condenser descaling activities, the Company was able to save cooling tower and a system with fewer chemicals to water. All
101.40 MWh of energy that helped to reduce 83.45 tCO2e of this has enabled the Company to conserve 14,794 KL of water.
emissions.
HCLTech has reduced Scope-1 & 2 GHG emissions by 25.29%
3. Low Side: HVAC Operational Performance Improvement in absolute terms, with reference to the base year 2019-20
- Efficiency improvement measures of Low Side of HVAC against a target of 20% reduction.
A summary of above-mentioned operational efficiency related interventions is tabulated as below.
Carbon Footprint
Sr. FY 2023-24 Investment
Intervention Particulars Reduction
No. (MWh) (in ₹ Lakhs)
(tCO2e)
1 Renewable Power Purchase (India) 25,565.33 21,040.26 -
2 Renewable Power Purchase (GEO) 26,491.08 2,158.52 -
Total 52,056.41 23,198.78 -
Operational Control related Interventions
3 Chiller Operational Performances Improvement 101.40 83.45 21.56
4 HVAC Operational Performances Improvement 1,364.57 1,123.04 1,377.93
5 Energy Efficient Lighting and Controls 2,772.12 2,281.45 53.89
6 Effective utilization of UPS 603.90 497.01 42.07
7 Technology Adoption 84.00 69.13 2.26
Sub Total 4,925.98 4,054.08 1,497.71
Grand Total 27,252.86

8. Initiatives and Best Practices impacts and strategies for action by disclosing through
CDP in 2023.
a) Transport Sustainability through Electric Vehicles
Regular disclosure drives climate action and so CDP look
Basis the pilot study in Hyderabad and Bangalore in forward to HCL Technologies sharing their environmental
FY23, long term contract through EV’s in FY24 were data for years to come.”
implemented. This achieved overall 149.76 tCo2e
emission reduction compared to diesel operated vehicle. d) CDP recognizes HCLTech as ‘Supplier Engagement
Leader 2023’
b) Green Building Certification
To make truly meaningful reductions that are harmful to
Overall, 13.31 million sq. ft. of building space of the the environment, businesses must cascade action down
Company is certified under different ‘Green Building the entire supply chain. To appreciate such practices,
Certification’ Programs including US Green Building CDP’s annual Supplier Engagement Rating ("SER")
Council (“USGBC”) for Leadership in Energy and program evaluates corporate supply chain engagement
Environment Design (“LEED”), Indian Green Building on climate issues with the aim to accelerate global action
Council (“IGBC”), Building Research Establishment on supply chain emissions.
Environmental Assessment Method (“BREEAM”)
and Comprehensive Assessment System for Built HCLTech retained its position as a leading company
Environment Efficiency (“CASBEE”) etc. on CDP’s 2023 Supplier Engagement Leaderboard, for
taking action to measure and reduce climate risk within its
95.22% (i.e., 12.67 million sq. ft.) of this green building supply chain. The Company has received ‘A’ Score which
certified area, is rated with ‘Platinum’ or equivalent is in the Leadership band. This is higher than the Global
ratings, balance 4.78% is rated with ‘Gold’ or equivalent as well as Asia Regional Average of ‘C’, and higher than
ratings. the IT & Software Development Sector average of ‘C’.
Identifying and calculating emissions in all relevant Scope
All HCLTech campuses are LEED ‘Platinum’ certified by 3 categories is crucial for effective emissions reduction
USGBC or IGBC. Chennai, Bangalore, Madurai, and strategies. The Company’s Supplier Engagement Rating
Noida campuses are also certified under ISO 50001: Trend for last three-years showcases the commitment
2018 Energy Management System. and engagement level.
c) Climate Change Disclosure Quote from “Director of Supply Chain and Reporter
Services, CDP” –
HCLTech has been disclosing its environmental
performance through CDP (formerly the Carbon “It is a pleasure to welcome the 450+ companies that
Disclosure Project) since the Year 2011. CDP recognizes have made it onto CDP’s 2023 Supplier Engagement
companies with high quality disclosure in its annual Leaderboard. The Leaderboard highlights companies
scoring process, with top companies making it onto proactively working with their suppliers to ensure climate
CDP’s self-styled ‘A’ list. A high CDP score is supposed to change action cascades down their supply chains through
be indicative of a company’s environmental awareness, supplier engagement, governance, Scope 3 emissions
advanced sustainability governance and leadership accounting and target-setting.
commitment to address global challenges like Climate
Change etc. As a Supplier Engagement Leader, HCL Technologies is
demonstrating supply chain leadership, a prerequisite for
HCLTech has received an ‘A-’ Score for CDP 2023 the transition towards a net-zero, nature-positive future.”
Climate Change disclosure which is in the ‘Leadership’
band. This is higher than the IT & software development e) Cool roof with high Solar Reflectance Index (“SRI”)
sector average of ‘C’, higher than Asia regional average coating in building terrace area
of ‘C’ and higher than the Global average of ‘C’.
The solar reflective coating aims to achieve better heat
HCLTech commits to reduce absolute Scope 1 and 2 reduction results. It is a thermal reflective paint and stops
GHG emissions by 50% by 2030 from a 2020 base year. excessive solar heat to enter the roof. This paint has been
HCLTech also commits to reduce absolute Scope 3 GHG applied to the roofs of three towers resulting in energy
emissions by 42% within the same timeframe. savings of 11.74 MWh and has helped to reduce 9.66
tCO2e emissions.
Quote from CDP Director –
f) End of Life (“EOL”) replacements and Retrofits
“As the global environmental disclosure system, CDP is
dedicated to building the foundations for a thriving and The Company has performed “End of Life” assessment
sustainable economy and greatly appreciates the support for critical equipment (HVAC systems, UPS etc.), with
of HCL Technologies in our efforts to continue driving an intent to replace / retrofit the inefficient equipment by
transparency and corporate environmental action. adopting latest technology in terms of energy efficiency,
monitoring, and integration capability. The conventional
The situation is urgent, and the global community must DX systems have been replaced by PAC unit with
act now to ensure that we limit global warming to 1.5°C. investment of ₹ 1,299.20 Lakhs giving energy savings
Disclosure is the first key step in addressing current of 635.34 MWh and emission reduction of 522.9 tCo2e.
and future environmental risks through standardized, Through UPS replacement, energy savings of 556.15
comparable data. HCL Technologies has shown its MWh and emission reduction of 457.7 tCo2e was
commitment to transparency around its environmental achieved with investment of ₹ 448.24 Lakhs.

B) Technology Absorption, Adaptation, and Innovation a) AI Force for Software Engineering: A Generative
AI offering for engineering lifecycle transformation
Objective spanning the entire software development cycle
(Requirements planning, software/systems design,
To deploy AI with intention to empower our employees and software/systems development, Quality Assurance,
the businesses safely and responsibly, with fairness and DevSec Ops, Documentation, Support /Maintenance)
transparency, allowing HCLTech to align with emerging laws and that enables enterprises to future-proof and transform
regulations in the respective jurisdiction(s) and to engender trust. their engineering workflows, provide digitally
progressive experiences to their workforce, drive
Approach efficiencies across software development lifecycle
processes, and significantly reduce time to market. By
The AI solutions being deployed are either brand new Gen AI leveraging AI capabilities, organizations can expedite
applications or existing applications that have added Gen AI the development process, accelerate iterations, and
capabilities. swiftly deploy high-quality software products, gaining
a competitive edge in delivering innovative solutions
Our responsible AI practice has established certain guardrails to market.
in identification, development, and use of the AI systems in
delivering value versus tolerating risks. b) AI Force for Product Support: Generative AI
driven support analytics solution is designed to
The use cases have been selected for their Value proposition and enhance operational efficiencies for support teams.
Feasibility considerations in improving employee productivity Whether deployed on-premises or in the cloud,
and user experience and create agility to respond to market this versatile solution seamlessly integrates with
disruptions with innovation, diversity, equity, and inclusion. various data sources to provide actionable insights
and recommendations to stakeholders across the
Overall, sustainability and development are very important support spectrum to reduce ticket resolution time,
considerations. reduce cost of service, and improve CSAT scores.
HCLTech’ s existing mechanisms for Risk Management and c) Automated Intelligence ON ("AION"): An AI
data governance are being extended to include AI, and the lifecycle management platform that uses a Low-
processes for handling AI-related business decisions are being Code / No-Code approach to accelerate AI / ML
refined with participants suitably trained. We ensure humans model development and deployment to production.
are always in the loop for accountability and understanding. AION is also capable of finetuning & testing of private
Large Language models on enterprise data.
The examples of HR focused solutions are Gen AI Copilots
to MS Office, MS Teams and developer productivity with d) TrustifAI: TrustifAI is our framework for Responsible
plan to scale up to 20K users in FY25 and the custom tools AI. This is a Service delivery enabler and can help in
for employee services for ticketing, policy and knowledge ensuring Responsible AI components like Fairness,
library search and retrieval, sentiment analysis, recruiter and Security, Explainability, Ethics in an AI solution.
candidate assistants that enable users to work smarter, with
improved productivity and user experience. e) Graviton: A modern data platform acceleration
suite that enables enterprises to efficiently build,
The other examples include AI and natural language support deploy, monitor and maintain an agile and cost-
for enterprise analytics, search, Sales CRM assistant, efficient modern data platform. Graviton provides a
contracts assistant and solutions for customer sentiment collaboration workspace, centralized control pane,
analysis. and a suite of intelligent data services to facilitate
development and delivery of optimal data products
The corporate functions are envisaging how GenAI can and efficient management of data product lifecycle
radically transform the future of the Function or area with from development to production.
use-cases such as Pre-contract management Copilot, RFx
Responder Copilot , Knowledge Management Copilot and Key Features & Benefits derived:
with a pipeline of use cases in areas of HR like Interview
Studio, Policy Studio and Mentorship Studio, Finance like • End-to-end consulting services and digital
Revenue assurance, Tax category derivation, Deal Evaluation, engineering pathways that help define data
Marketing like Marketing Assets Creation, Marketing Analysis strategy and develop modernization roadmap.
and Digital Presence, ITeS like support chat, Operational
Analytics and Customer feedback analysis. • Initial customer POCs and Pilots related to
Generative AI usage for improving efficiencies
C) Research and Development (“R&D”) across engineering lifecycle and technical
support operations in industries such as Fintech,
I. Specific areas in which R&D was carried out Med devices, Telecom, Retail etc. have shown
efficiencies and productivity improvements in
1. Data Engineering and Artificial Intelligence the range of 13 -18%.
The Company’s Data Engineering and AI offerings Future plan of Action:

comprises of a comprehensive suite of services and
solutions in the domains of software development, • To be prepared for this growth, and our
testing, technical support, AI Lifecycle Management responsibility to our customers is to allow them
and modernization of data platforms, providing a strong to leverage this trend to improve their business
foundation for digital transformation initiatives and help outcomes, create more sustainable revenue flows
businesses operate more efficiently, reduce costs, and and achieve all this the right way, keeping AI ethics
improve customer satisfaction. and responsible AI at the forefront of our work.
2. Metaverse - AR / VR / XR • Continue to invest to maintain our leadership position
in the industry.
The metaverse and XR technologies are one of the
defining technologies of the next decade. However, there 3. Cleantech
are multiple major challenges that need to be overcome
for realizing the potential of Metaverse and XR. Currently HCLTech’s Sustaineering portfolio offers end-to-end
the enterprises and Industrial adoption of the technology sustainability solutions and services underpinned
is higher than the consumer adoption as some of these by strategic partnerships. Our comprehensive and
challenges are better managed at an enterprise scale. At customized services across the value chain help support
HCLTech we have built strong capabilities across all three our clients right from product ideation and design phase
layers such as Wearable (Hardware), Metaverse/ XR to end-of-life and sustenance.
(Application) and 5G (Infrastructure) and we are regarded
as a leader in the space by multiple analysts (Avasant a) mypcm: Product Carbon Analytics
RadarView). We continue to strengthen our capabilities
and maintain our leadership position in the market. Follow The mypcm platform is a cloud based digital solution
below some highlights of the last year, for product carbon footprint ("PCF") and product
cost calculations with real time collaboration and
• Our XTERN Service Delivery Platform ("SDP"), reporting, streamlined version control and project
is a robust cloud-integrated rapid XR use- specific configurations.
case deployment platform. We continue to refine
the platform, add more features and position it as a Key Features & Benefits derived:
leading platform for Industrial adoption.
• Evaluate value chain carbon emissions and
• We are developing the Industrial Metaverse platform identify levers to reduce the product carbon
called ‘Meta Twin‘, which provides the building footprint, while ensuring product cost reduction
blocks in terms of creating virtual world visualization,
integration with digital twin platform and other from b) NIO – Net Zero Intelligence Operations
various data sources, reusable assets to create
immersive experience development and features to NIO is an IOT based enterprise-wide energy and
support use cases like collaborative design reviews, GHG emission management solution that helps
safety & security training and virtual remote operation customers minimize energy footprint and achieve
center.” net-zero while generating reports in popular ESG
reporting standards such as GHG Protocol, GRI etc.
• We are in the process of developing an ‘XR Virtual NIO’s capabilities include integrating with multiple
Co-Pilot’ which is a Gen AI powered Co-Pilot which 3rd party software, automating data ingestion from
enables users to extract relevant insights and data various sources to act as a Data hub and analysing
from the XR/Metaverse applications in real time. emission data to optimize enterprise energy potential
and reduce costs. Measuring energy consumption
• We continue to play a key role in development of new from asset level to enterprise level and applying
wearable hardware for a market leader and we touch optimization analytics on this helps in achieving 7
more than 50% of the products in the market today. to 12% reduction in Energy consumption leading to
The rationale is based on the services we currently reduction in operational costs.
provide to Meta towards their Oculus Quest, Oculus
pro, Aria and RayBan Stories range of products. Key Features & Benefits derived:
These products occupy 50% of the market share
currently in the AR/VR market space. • Reduction in energy consumption translates into
reduction of Scope 1 & 2 carbon emissions by 7
Key Features & Benefits derived: to 10%.
• Accelerated XR application and experience • Adherence to compliance reporting (GHG, GRI,

development through our SDPs, which reduces ISO-50001).
development time by more than 50%.
c) Sustainability in 5G:
• No-code/low-code authoring tools, plug-ins and
accelerators enabling citizen developers to create HCLTech’s Sustainability in 5G is an AI/ML based
highly customizable XR experiences for industry solution that operates and manages the RAN and 5G
specific environments and requirements. Core optimally based on the network traffic thereby
reduces the energy usage considerably.
• Accelerated Hardware testing and validation, game
testing allowing quicker release of the product in the HCLTech’s Sustainability in 5G solution monitors the
marketspace. network parameters across all the three domains
namely Access, Transport and Core. Leveraging the
Future plan of Action: AI/ML algorithms the solution enables dynamic network
optimization and energy management. The AI/ML
• Help more customers to move from PoC and Pilot driven predictions and energy saving functionalities
stage to full scale implementation and thereby increase to analyze in real-time and dynamically optimize the
our revenues from XR and Metaverse services. network resources and improves energy efficiency.
Given that the Radio access network is a significant
• Develop marketing strategy to position our SDPs consumer of the network energy, the dynamic RAN
powerfully and increase their visibility to our optimization features of HCLTech Sustainability in
customers. 5G solution offers significant optimization and energy
efficiency improvement for telecom operators. It also resources. These include reusable building blocks for
monitors the Core and network slice KPI parameters software, tools to automate tasks for developers and
and help to optimize the resource allocation in the testers, and support for industry-leading design patterns
telco cloud infrastructure. and best practices. Our multi-tenant and IoT enabled
platform with a microservices architecture provides all of
4. HCLTech X for Enterprises this in one place.
HCLTech X is a headless, cloud-native digital experience • CARE platform accelerates the development
platform which effortlessly integrates with an existing of secure, scalable and regulatory compliant
technology stack, giving customers the freedom to applications for medical devices and patient
build customized solutions and deliver personalized engagement, including those designed for cloud and
user experiences. Driven by data led intelligent, edge computing environments.
actionable insights, it enables brands with ready-to-
deploy engagement features like video, social media, • It empowers its developers to leverage cutting-edge
notifications, community engagement, loyalty programs, machine learning and AI for comprehensive data
gamification and more. Over and above new customer management, including both telemetry data from
base, this platform aims at retention of existing customer devices and health data from patients.
segments and increase their lifetime value to convert
them into brand fans. • It enables medical device OEMs to offer improved
remote support by enabling them to monitor, control,
With HCLTech X features being industry-agnostic, its and access their devices remotely.
quick time to market to customize the user experience
journeys as per industry has been a crucial driving factor. Key Features & Benefits derived:
Its ability to avoid product lock ins and democratize brands
with the choice of future technologies has remarkably • Get to market faster and stay ahead of the curve
spiked the adoption of platform features. This has been with rapid Medical device connectivity application
catalyzed by seamless integration to customer’s existing development. Reduce costs and complexity with
ecosystem making it easier for customers to incorporate cloud, edge, and analytics/Machine learning
the platform into their workflow. Holistically, being a one integration.
stop shop for driving personalized content experiences,
contextualized brand offerings and driving monetization at • Enable the softwarization of devices to unlock the
scale, has driven the customers out of siloed technology cloud’s computing power and agility, facilitating
environments and build operational efficiency. seamless interaction and transparency between
patients, healthcare professionals, service providers
Key Features & Benefits derived: and payers, with the help of modern AI and data
engineering techniques. It also enables remote
• One single platform with ready to deploy engagement patient monitoring.
features driven through data led insights.
• Remote monitoring and diagnostics helps to
• Low TCO platform yet seamless user experience proactively address device issues, minimizing
with cloud native architecture. downtime and improving customer satisfaction.
• Committed reduction in time to market with pre-built 6. Autonomous Vehicle Technology Demonstrator and
platform component library. Simulation
• Composable architecture assuring no product lock- As the need for both driver and vehicle safety pave the
in, hence democratizing technology options for future way for smarter vehicles, the Company has invested in
integrations. creating technology solutions for autonomous vehicles,
extending to connected car technology to achieve
• Secure and scalable platform compliant with geo- advanced features.
specific governance, risk and compliance ("GRC")
guidelines. • An internal combustion engine (ICE) vehicle has
been retrofitted with the Company’s automotive
Future plan of action engineering technologies to make it a level 3
autonomous vehicle.
• Leverage GenAI based LLM models to enrich DIY
content publishing, AI-based content search, and • The typical use-cases demonstrated are lane keep
media management for brand marketers. assist, automatic emergency braking, obstacle/
pedestrian/traffic sign/free drivable space detections.
• Develop and enhance loyalty, rewards and It also includes predefined path planning using high-
membership features of the platform using precision maps and high-precision GPS.
Blockchain/NFT based technologies.
• The Company has developed and integrated the
• Introduce XR based engagement features to enhance Driver Monitoring System (DMS) to ensure the safety
customer experience with on-tap product 360 view of the driver, occupants and vehicle.
5. Connected Assets in Regulated Environment • Technologies like AI, ML, UWB, V2X and V2I have
(HCLTech CARETM) Platform been integrated for intelligent and dynamic decision
making. The vehicle’s parameters can be remotely
To develop innovative healthcare solutions quickly, controlled using a mobile app with appropriate pre-
healthcare organizations need pre-built tools and authorization.
• Advanced sensor fusion and deep learning algorithms HCL has invested $20+M in creating a 45000+ square
are implemented to ensure that the vehicle functions feet ATMP (Assembly, Test, Mark and Packaging) facility
efficiently in different environmental conditions. in Bangalore. This facility has 1K and 10K clean rooms
Complete drivable scenarios are simulated in our that houses state of art equipment to support complete
labs before it is integrated and tested in the vehicle. post silicon validation activities starting from silicon power
on, wafer sort & functional testing, bench characterization,
• Use-cases are benchmarked and compliant to the manufacturing test, package qualification, reliability
Automotive EURO-NCAP Regulatory standard. testing and failure analysis for engineering & low to
medium volumes.
Key Features & Benefits derived:
The lab will be fully operational in October. As part of the
• Accelerates the development and deployment lab, we are building the following:
of technology solutions for autonomous vehicle
development. • Remote access for customers to remotely run and
view the test results for their wafer/chips
• Some of the concepts developed as part of this program
position the Company at the forefront of emerging • GenAI assisted Post Silicon Validation -- we have a
technologies and are leveraged by global customers demo script which will read the spec from the Design
to accelerate their development and improve time to specifications document, creates a test case, runs in
market of their autonomous driving programs. a target environment and report the test result in an
automated way.
• After ASAP’s acquisition, HCLTech is able to play a
stronger role in ADAS/AD, Electrification, IVI, Exterior a) Wide ranging solutions for Automotive
Lighting, and Software areas in addition to HCL’s applications
existing capabilities with their strong experience in
system and vehicle HIl, SIL, Simulation, Virtual Test The number of Semiconductor chips in a car has
Automation, testing, electrical harness, verification, gone up multi-fold to provide customer experience in
and validation services. e-cockpit, ADAS, V2X, etc.
• HCLTech along with ASAP are investing in developing • The Company designed multiple silicon solutions
advanced solutions for the Software Defined Vehicle, to address the emerging needs of the industry
including Connectivity, in-vehicle and Cloud Platform
engineering, Data Analytics, Virtualization, Digital o MCUs for Body, Control, Sensor
Twin, DevOps, CI/CD and OTA. o Radar Controller SoC for ADAS applications
o UWB SoC for smart access
• HCL ADAS features implemented in autonomous car
are ported into a virtual environment on the cloud by b) Infrastructure Silicon for GenAI
ASAP to integrate into a European OEM vehicle to
demonstrate the complete SDV ecosystem. • Custom chips developed with hardware
accelerators like (Transformers, Variational
• Dedicated Data Platform for Software-defined AutoEncoders (VAEs) and Deep Convolutional
Vehicles: HCLTech’s Dedicated SDV Data Platform GAN (DCGAN) etc.) which phenomenally
enables automakers to easily store and access the improves the performance for specific AI models
vast amounts of information transmitted by state- and Hyper-Local AI models with guaranteed low-
of-the-art connected vehicles, including telemetry, latency and high performance/watts compared
image and video feeds and radar and lidar data. to COTS CPU/GPUs. These chips drive
Deployable on any cloud or on premises, it lowers performance required for Gen-AI workloads that
the total cost of ownership by utilizing ML-driven handle terabytes of data for better content-and-
compression and archiving algorithms in mission- context aware result generation.
optimized pipelines. The platform readily integrates
AI and GenAI use cases, as well as HCLTech’s AI • Extreme compression technology for Deep
Force suite, to streamline R&D, enrich customer learning to offer Near Edge AI solutions in IOT
experiences and promote sustainable operations. & Consumer markets on their existing low MCU
Native support for ROS2 ecosystems and COVESA devices with 256 Kilo bytes memory.
VSS with integrated visualizations using Rerun or
Foxglove complete the package to provide a scalable c) GenAI for Silicon product life cycle development:
solution to tackling the data-related challenges that
forward-thinking automakers face. • Gen AI assisted Pre and Post Silicon & Platform
validation.
7. Semiconductor
• Porting of implementation across foundries and
Complexity of silicon is exponentially growing due to technology nodes.
acceleration of technologies like AI, Metaverse, Mobility,
5G driving the need to come up with high performance, 8. 5G Telecom Solutions
low latency semiconductor designs. The Company
leverages its Plug and Play RISCV and ARM platforms Realizing the transformative potential of digital
to offer Spec-to-Platform solutions and it’s end-to-end connectivity, we began investing in 5G as early as 2016.
design and manufacturing experience to help global
customer to increase their speed of innovation, enabling Today, we create highly differentiated offerings and
custom silicon and platform solutions. solutions in Core Network, RAN, etc. and continue to
invest significantly in trainings and lab infrastructure for
IP development and provide resources to enhance our 5G network functions from various ecosystem
clients’ 5G portfolio. partners and is used as a staging environment
to integrate, configure and validate multivendor
a) O-RAN Contribution: network functions on multi-cloud environments,
enterprise 5G use case development and
• The Company has been contributing to the interoperability testing.
O-RAN Software Community (OSC) since the
Cherry release in December 2020. We recently e) Private 5G Network Solutions:
completed the G release, contributing significantly
to the areas of RIC Platform and RIC Apps. • The Company with its 5G ecosystem partner
has developed private 5G network-in-a-box
• The Company has realized the minimum viable solution for enterprises to adopt 5G for their
product (MVP) by implementing E2E Traffic digital transformation.
Steering and Predictive Load Balancing Use
case in a closed-loop fashion with E2-based • The solution provides the building blocks and
KPIMon and RC xApps having AI-enabled best combination of the elements which can be
intelligence. used to construct a standalone private network
for hosting wireless network infrastructure, smart
• HCLTech’ s 5G Open RAN traffic steering services, IoT device connectivity and numerous
software application, xApp, has received the applications. Our flexible and tailorable
Telecom Infra Project’s (TIP) silver badge. private networks solution aims at meeting the
enterprises’ demand of network connectivity,
b) 5G System integration Framework (5G SF): given their unique objectives and challenges.
• Given the open, distributed, and disaggregated • The Company has developed domain-specific
nature of the 5G network functions, the 5G 5G use cases like AI/ML based Smart Video
System integration Framework (5G SF) Analytics for different scenarios such as Industry
offers flexibility to mix and match the network 4.0, asset track and trace, location-based
functions from various ecosystem players. services and smart city applications to name a
This multivendor implementation calls for a few.
system integrator to on-board, configure and
validate the multivendor network functions in a Key Features & Benefits derived:
staging environment and deploy it in the multi-
cloud production environment. The Company • Accelerates time taken to deploy and integrate
has developed the 5G SF by leveraging its 5G Open 5G network functions in a multi-
Network On-boarding and eXchange (5G NOX), vendor, multi-cloud environment and validate
5G Core Network Slice Manager (5G NSM) interoperability.
and 5G Service Assurance and Analytics (5G
NSAA). Our 5G SF includes the homegrown CI/ • Enables network automation and AI/ML-based
CD/CT tools (RAPID and TURBO). assurance solutions for network operations.
Helps create and manage network slices to
• HCLTech has integrated the partner’s next offer differentiated services and improve 5G
generation firewall solution with Open 5GS core monetization from enterprise customers.
deployed in the P5G lab. Security monitoring in
the standard network interfaces like N2, N3,N4 • Enable Telecom operators to provide Network-
and N6. The logs from partner’s next generation as-a-Service and launch new services for
firewall is monitored and overall network security network monetization.
assurance dashboard is provided in the NSAA
module. • New innovative offerings like Location based
services, Geo fencing, Quality on Demand,
c) 5G Network Monetization Platform ("5G NMP") Network slicing, AI/ML based smart video
analytics like worker safety, Drone based
• With 5G Stand Alone ("5G SA") deployments surveillance helps to enhance customer
picking up globally, the operators are now experience and new revenue streams for the
focusing on new monetization opportunities. telecom operators.
HCLTech Network Monetization Platform
("NMP") comprises of Network Abstraction Layer • We have built multiple IPs in 5G Technologies
to facilitate enterprise applications/use cases for load and traffic management and through our
development and launching new services. It active participation in the O-RAN alliance & TIP,
leverages the Concepts/Principles being driven we are one of the leading service providers in
by the CAMARA program, where enterprise the 5G technology space.
Application Function ("AF") can interact with
multiple 5G cores with the help of APIs exposed 9. HCLSoftware R&D aims to be at the forefront of
by the HCLTech Network Management Platform, innovation, creating solutions that not only address the
and this may help to reduce inter-core complex current challenges but also anticipate the future needs.
configuration for some enterprise 5G use cases. HCLSoftware harness the collective knowledge and
creativity of internal teams and of partners to deliver
d) 5G Lab as-a-Service: innovative solutions for customers. With innovation
being the core of our DNA, our two flagship programs-
• The Company has invested in 5G labs in India, HCLSoftware SPARC and HCL Startup SYNC adopted
Europe and USA. These 5G labs have live
many initiatives to address customer needs and create and engineers, enabling them to strategize and plan
impact across the board. effectively for the next 12-18 months. The latest 2024
edition focuses on Versatility, Scalability and Agility as the
9.1 Software Products Advanced Research Centre three core pillars determining the success of any software
("SPARC") business.
SPARC serves as the hub of intellectual exploration, On the IP Side, we work actively in the U.S. and
fostering collaboration among experts, engineers, and internationally to ensure the enforcement of copyright,
scientists to solve complex technological challenges and trademark, trade secret, and other protections that apply
create cutting-edge software solutions. to our software products, services, business plans, and
branding. We currently have filed for over 380 U.S. and
The key focus areas include AutoML, Generative AI, international patents out of which 258 have been granted.
Causal AI, Productivity & Metaverse.
HCLSoftware recognizes that Open Source is a critical
a) AutoML: Our flagship product AION is aimed to ease part of building software for the future and involving the
adoption of ML. We launched Autopilot version of larger community in the overall software evolution. We
AION. We are also building POCs to enable multiple have created around 200+ open source repositories for
use cases for Digital India with AION. our products like Domino, AppScan, Commerce, DX,
Sametime, Connections, Volt MX, Workload Automation,
b) Generative AI: This remains is at the forefront of etc. to benefit our customers, our developers, and the
our Focus Areas. We have worked collaboratively community.
with BigFix, AppScan, Unica product teams for
these POCs. Some examples include Automated 9.3 Core Engineering at HCLSoftware
RFP responses (Commerce), Taint Propagation
(AppScan), Personalized Image generation (Unica). We develop most of our products and services internally
through the following core product engineering groups,
c) Causal AI: This POC simplifies the process of causal highlights for few of them are follows-
inference on the historic data by using simple English
text. Some applications include drop off analytics, a) Cloud Engineering
customer churn, renewals.
SoFy (Solution Factory)
d) Productivity: Our productivity-focused research
aims to optimize processes and elevate collaboration. HCL SoFy is a cloud-native solution marketplace that
Key launches in this area include: enables customers, partners and HCL employees to
“Test Drive” HCL Software cloud native products and
• InnerSource for sharing reusable assets across complimentary HCL Partner products hands-on in a
dev teams. cloud environment.
• Figma to ReactJS conversion for converting UX Key features & Benefits derived
to code with minimal effort.
• Easy deployment of cloud-native HCLSoftware
• HawkInspector, an extension to enhance the to any cloud-native environment.
security posture of GitHub Copilot by proactively
identifying and alerting users about files • Pre-built business scenarios with sample data
containing sensitive information and personally and apps to simulate real-world use cases.
identifiable data.
• Cloud-native repository to access HCLSoftware
Additionally, we are also created a digital product containers and Helm charts.
marketplace that enables Make in India
movement. Currently, it is being piloted with our • Easily search for any cloud native HCL product
Geometric product portfolio. and business solutions.
9.2 HCL Startup SYNC New Innovations this year
HCL Startup SYNC serves as a dynamic program and • Online ordering. SoFy has been extended to
platform within our R&D framework, functioning as become HCL Software Marketplace to try, buy.
both an open-innovation hub and a startup accelerator. Online ordering has been enabled for AppScan
Its primary role is to amplify the efforts of our internal on Cloud.
R&D teams by immersing them in an environment ripe
with fresh ideas and cutting-edge technologies from • Product-specific marketplaces - Domino, DX and
startups. The essence of Startup SYNC lies in its ability LEAP marketplaces are collaborative spaces
to promote the exchange of knowledge and ideas. This where users can discover, download, and try out
cross-pollination enhances the agility and efficiency of add-ons contributed by community members
our product teams, driving innovation forward at a faster from HCL, business partners and independent
pace. developers.
Additionally, team SYNC conducts thorough research • Request Quote and Lead management
annually to identify and analyze the latest trends capabilities - customers can request a quote for
in the software industry. This research serves as a select HCL products and solutions.
valuable resource for our product leaders, managers,

b) Business Application and Industry Cloud • Engineered for Effective Dealer Operations
resulting in higher ROI and real time visibility.
HCL Business Cloud is a simplified BizApps
marketplace which provides faster time to market c) Hybrid Data Cloud
& re-platforming opportunities. It addresses new
mid-market requirements and provides functional Customers demand a data platform that is
expansion opportunities. It provides multiple sources dependable, flexible, and easy to use and can
of data, integrations, and simplicity at great speed span their data infrastructure across clouds and on-
and efficiency, with faster time-to-market & re- premises. HCLSoftware delivers on that promise with
platforming opportunities. its cloud data platform, which provides data analytics,
data integration, data quality, and data management
New Solution: HCL Commerce Cloud capabilities.
HCL Commerce Cloud delivers the best of Commerce Actian Cloud Data Platform
with the power of the cloud. Our solution offers the
richest set of Commerce capabilities for B2B, B2C, Transform business by simplifying how companies
B2B2C and D2C all on one proven platform and connect, manage, and analyse data.
make easy to consume commerce, so you can sell
more, faster. Key Features & Benefits derived
Key Features & Benefits derived • Real-time vectorized analytics of relational data
with unmatched performance.
• Sell More, Faster with An Integrated and
Composable Solution. • Expansive connector library including support
for Salesforce, NetSuite, SAP, AWS, Azure,
• Auto Scaling and Peak Event Support means Google Cloud, etc., as well as support for REST
customers only pay for what they need with our and SOAP based connectivity.
‘Pay-as-you-go’ predictable pricing model.
• Self-service data mapping capabilities via
• Scalable performance to a 99.9% SLA. a simple user interface to simplify the task
of integrating information from all business
New Solution: HCL Marketing Cloud applications and getting to know your customer.
HCL Marketing Cloud delivers the best of marketing • Identify and fix data anomalies as you prepare
automation with the power of the cloud. Our solution data for corporate AI and ML initiatives.
offers the richest set of end-to-end Marketing
capabilities from Planning to Execution, including d) Total Experience (TX) Cloud
Analysis of Multi-Channel Marketing Campaigns all
on one proven platform. The combination of HCL’s DXP, Low-code, and no-
code capabilities aimed at citizen and professional
Key Features & Benefits derived developers help companies transform digitally such
as supplier, dealer, and agent portals, eGov initiatives
• Smarter Customer Engagement- Fuelled by AI. for citizens, digital workplaces for employees, and
smarter worker initiatives for factory, retail, and field
• Simplified Marketing Operations- Reliable, service people.
Secure & Flexible.
Volt MX
• Faster Time to Value- Easy-to-Consume, Rapid
Adoption & Lower TCO. HCL Volt MX is an industry-leading multi-experience
low-code app-dev platform for citizen and professional
New Solution: HCL Aftermarket Cloud developers to deliver pixel perfect, consumer-grade
digital solutions rapidly across all channels ranging
HCL Aftermarket Cloud is a SaaS offering that helps from mobiles, tablets, desktop, web, kiosk, smart
enterprises differentiate through service excellence. watches and IoT.
With HCL Aftermarket Cloud, one can streamline the
service value chain, deliver unmatched aftermarket Key Features & Benefits derived
services, and attain the sustainability goals.
• High fidelity multi experiences on any device.
Key Features & Benefits derived
• True low-to-pro code app dev with no limit’s
• Simplify the parts buying experience resulting integration and automation.
in accurate order fulfilment and improved
operational efficiency. • Open development and deployment strategies.
• Streamline field processes and service delivery • Modernize applications, integrate with data &
by providing the required information, tools and processes from any system.
spare parts.
• Enable true no-code development to citizen
• Optimize End-to-End Inhouse Service developers with full IT governance.
Management for enhanced service profitability.

What’s New • Wide suite of enterprise app and tools
integrations to fulfil most common use cases.
• AI-Assisted development named Volt IQ built
into the IDE, helps developers with design New Solutions: BigFix Runbook AI: BigFix Runbook
suggestions, code optimization, application AI enables continuous optimization and expansion
translation and much more. of automation scope by fetching Structured and
Unstructured Data, analysing and identifying what to
• Admin dashboard for ease of governing citizen automate, and configuring Runbook for automated
developed applications. ticket resolution.
Digital Experience Key Features & Benefits derived
HCL DX is purpose-built to develop, deliver, and • Improve the MTTR – Mean Time to Repair – IT
manage business-critical, self-service transactional task (incidents, service requests etc.)
B2C, B2B, and B2E digital experiences.
• Dramatically reduce human errors due to
Key Features & Benefits derived manual execution of activities on a device.
• Improve user experience with less code as well • Minimize IT Cost by empowering admins to
as easy integration and automation. accomplish any operation without specific
knowledge of the OS or Application.
• Cloud-native deployment lowers the Total Cost
of Ownership (“TCO”). IntelliOps
• Integrates applications, content, and processes This is an AI-first full stack integrated offering aimed
to form unique self-service solutions. at organizations that require an infusion of advanced
AIOps to boost their operations ecosystem for
What’s New: resilient, predictive, and continuously available digital
services aligned to core business objectives.
• Accelerate development with 200+ connectors
to popular backend systems, data, and Key Features & Benefits derived
applications.
• Enhanced security and compliance using patch
• Easy deployments with new full cloud service compliance reporting & management.
options.
• Cost savings & resource optimization with
e) Intelligent Operations (IO) Cloud software asset management and asset
discovery.
Transforming and simplifying IT and Business
operations by leveraging AI and Cloud. • Improved system reliability and performance
using pro-active server & network monitoring.
BigFix
• Enhanced data interpretation and
New Solutions: BigFix Workspace: The solution knowledge retrieval using GenAI driven text
unifies every user endpoint, increases user contextualization.
satisfaction, reduces helpdesk calls, improves
security,& helps to consolidate tools and processes. • Enhanced data interpretation and knowledge
retrieval with zero shot learning & use of pre-
Key features & Benefits derived trained models for knowledge retrieval.
• Automates Endpoint Management for Every iControl

User Endpoint.
It enables the Enterprise Control Centre, delivers
• New set of C-Suite Security KPIs proving cyber real-time business flow observability, bringing insight
risk reduction. to leaders from CXOs down to the level of on-ground
operations teams into business-relevant controls
• Automation to significantly improve end user by creating meaningful views from both business
experience with less IT operations. and technology perspectives. Using Gen AI and
Advanced ML it enhances resilience and minimizes
New Solutions: BigFix AEX: A conversational AI the risk.
platform for automating a wide range of industry
use cases like resolving issues at user end without Key Features & Benefits derived
service desk interaction.
• Available on Google Marketplace.
• Effortlessly migrate flows and targets across
• Leverages NLP & ML to converse in natural environments
language and learns as you go.

• Better UI/UX with enhanced operational visibility. • SAST Scanning.
• Data-driven decision-making using data model • Readiness for regulated markets.

for ad-hoc reporting.
Investing in the future- Our success is based on
• Streamlined data monitoring with flexible target our ability to create new and compelling products,
performance view, amber warnings. services, and experiences for our users, to initiate
and embrace disruptive technology trends, to enter
HCL Automation Orchestration - UNO new geographic and product markets, and to drive
broad adoption of our products and services. We
HCL UNO (Universal Orchestrator) is a hyper plan to continue to make significant investments in
automation enabler that offers visibility, business a broad range of product research and development
process mapping, End-to-end orchestration, rule activities, and as appropriate we will coordinate
engines, and workflow modelling, optimizing our research and development across operating
productivity for organizations. segments and leverage the results across the
company.
II) Expenditure on R&D for the years ended March 31,
• Multi-cloud and hybrid business & IT tasks 2024 and March 31, 2023 are as follows:
orchestration (RPA, Data pipelines).
(₹ in crores)
• Serverless orchestration for cloud-native
applications. Particulars Financial Year ended
March 31, March 31,
• AI-assisted automation with Clara, the Virtual 2024 2023
assistant.
Amount charged to the 544 552
• Continuous planning, policy-driven, to support statement of profit and
fast applications’ DevOps cycles. loss
R&D expenditure as a 1.13% 1.19%
• Easy administration and self-scaling with percentage of revenues
microservices and Kubernetes deployment.
D) Foreign Exchange Earnings and Outgo
The Company is an export-oriented unit and majority of
• Business resilience in the context of the cloud its business are from certain clients outside India. During
transformation. the financial year under review, a substantial portion of the
revenue of the Company was derived from the exports.
• Compliance of the mission critical processes -
auditing ready. The foreign exchange earned and spent by the Company
during the financial year, on accrual basis, is as follows:
• Streamlined business execution and SLA
achievements. (₹ in crores)
• Mainframe to Cloud modernization with superior Financial Year ended

Workload Automation and Orchestration. Particulars March 31, March 31,
2024 2023
f) Security and Compliance Cloud-
Foreign exchange earnings 44,927 40,884
Enabling observability, remediation and analytics Foreign exchange outgo
across security and compliance
- Expenditure in foreign currency 6,559 6,451
HCL AppScan - CIF value of imports 42 366
New Solution: AppScan 360 0 - Dividend remitted in foreign 2,210 2,041
currency
HCL AppScan 360˚, an extension to AppScan 8,811 8,858
portfolio and a cloud-native application security
platform built on modern unified architecture and
has multiple deployment options(self-managed on- For and on behalf of the Board of Directors of
prem, private cloud, public cloud, as-a-service) and HCL Technologies Limited
consumption models
Key Features & Benefits derived Roshni Nadar Malhotra

Place: Noida (U.P.), India Chairperson
• Cloud native centralized platform allowing Date: April 26, 2024 DIN: 02346621
flexible deployment.

Directors’ Responsibility Statement as required under Section 134(3)(c) of
the Companies Act, 2013
a) The financial statements have been prepared in accordance with the accounting standards issued by the Institute of Chartered
Accountants of India and the requirements of the Companies Act, 2013 to the extent applicable to the Company. There have been no
material departures from prescribed accounting standards while preparing these financial statements;
b) The Board of Directors has selected the accounting policies described in the notes to the accounts, which have been consistently
applied, except where otherwise stated. The estimates and judgments relating to the financial statements have been made on a
prudent basis, in order that the financial statements reflect in a true and fair manner, the state of affairs of the Company as at March
31, 2024 and the profit of the Company for the year ended on that date;
c) The Board of Directors has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
d) The annual accounts have been prepared on a going concern basis;
e) The Board of Directors has laid down internal financial controls to be followed by the Company and that such internal financial
controls are adequate and are operating effectively; and
f) The Board of Directors has devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems are adequate and operating effectively.
For and on behalf of the Board of Directors of


Place: Noida (U.P), India Chairperson
Date: April 26, 2024 DIN: 02346621

CORPORATE GOVERNANCE REPORT
HCL Technologies Limited (“HCLTech” or the “Company”) term interests of shareholders and other stakeholders. This is
believes that good governance facilitates efficient, effective and reflected in the Company’s governance practices, through which
entrepreneurial management that can deliver stakeholder value it strives to maintain an active, informed and independent Board.
over long term. It is about commitment to values and ethical The Board ensures that the Company complies with all relevant
business conduct. It is a set of laws, regulations, processes and laws, regulations, governance practices, secretarial, accounting
customs affecting the way a company is directed, administrated, and auditing standards. It identifies key risk areas and key
controlled or managed. Good corporate governance forms the performance indicators of the Company’s business and constantly
foundation for successful and integral organizations, institutions, monitors these factors.
and markets. It is based on the principles of integrity, fairness,
equity, transparency, accountability, and commitment to values. The Board is entrusted with the ultimate responsibility of the
These practices stem from an organization’s culture and mindset, management, general affairs, direction and performance of
and their effectiveness depends on regular review, preferably by the Company and has been vested with the requisite powers,
independent parties. authorities and duties.
The Company has developed a corporate governance framework 3. BOARD SIZE AND COMPOSITION
which ensures effective board governance procedures, strong
internal control systems, accountability and transparency. The The Board is at the core of the Company’s corporate governance
Company has implemented various codes and policies to ensure practices and oversees how the management serves and protects
best corporate governance practices at all levels. By upholding the interest of all the stakeholders. The Company believes that an
these practices, the Company aims to create an efficient and active, well informed and diversified Board is necessary to achieve
sustainable environment that benefits its stakeholders in the highest standards of corporate governance.
long run. The Company is committed in seeking opportunities for
improvements on an ongoing basis. The Board of the Company has an optimum combination of
Executive Director, Non-Executive Non-Independent Directors and
1. PHILOSOPHY ON CODE OF GOVERNANCE Independent Directors. The composition of the Board of Directors
is in conformity with Regulation 17 of the SEBI (Listing Obligations
The corporate governance philosophy of the Company is based and Disclosure Requirements) Regulations, 2015, as amended
on the following principles: from time to time, (“Listing Regulations”) and Sections 149 & 152
of the Companies Act, 2013, as amended from time to time (“Act”).
Follow the spirit and not just the letter of the law. Corporate
governance standards should go beyond the law. As on March 31, 2024, the Board of Directors of the Company
Be transparent and maintain high degree of disclosure levels. consists of fourteen directors of which one is a Managing Director
When in doubt, disclose. (designated as Chief Executive Officer & Managing Director (“CEO
& Managing Director”), two are Non-Executive Non-Independent
Make a clear distinction between personal convenience and Directors and eleven are Independent Directors. In line with the
corporate resources. Board’s Diversity policy, there are a five women directors.
Communicate externally, in a truthful manner, about how the Further, the Board has appointed Ms. Lee Fang Chew (DIN:
Company runs internally. 02112309) as an Additional Director to hold office as an Independent
Have a simple and transparent corporate structure driven solely Director of the Company for a term of five consecutive years
by business needs. w.e.f. April 25, 2024. The approval of the shareholders for her
appointment as an Independent Director shall be taken through
Comply with the laws of all the countries in which the Company postal ballot in due course.
operates.
Management is the trustee of shareholders’ capital and not the The brief profile of Board Members is available on the website of
owner. the Company at https://www.hcltech.com/leadership
Corporate governance is an integral part of the philosophy of

the Company in its pursuit of excellence, growth and value
creation. In addition to complying with the statutory requirements,
effective governance systems and practices towards improving
transparency, disclosures, internal control and promotion of ethics
at workplace have been institutionalized. The Company recognizes
that good governance is a continuing exercise and reiterates its
commitment to pursue highest standards of corporate governance Independent Directors Men Women
in the overall interest of its stakeholders.
Non-Independent
2. BOARD OF DIRECTORS (Executive & Non-Executive)
The Board of Directors (“Board”) determines the purpose and

values of the Company. The primary role of the Board is that of Appointment / Re-appointment of Directors
trusteeship so as to protect and enhance stakeholders’ value
through strategic supervision. (i) As per the provisions of Section 152 and other applicable
provisions of the Act and the Rules made thereunder and
The Board exercises leadership, integrity and judgment in in terms of the Articles of Association of the Company,
directing so as to achieve continuing prosperity and to act in the Mr. Shikhar Malhotra (DIN - 00779720) who was liable to
best interest of the Company. The Board plays a critical role in retire by rotation at the Annual General Meeting (“AGM”) of
overseeing how the management serves the short-term and long- the Company held on August 22, 2023 had offered himself for
re-appointment. The Board of Directors of the Company, after competencies and skills that are required for an Independent
considering the relevant experience, expertise and integrity Director in the context of the Company’s business. She
and recommendations of the Nomination and Remuneration comes with business knowledge and experience in sales &
Committee (“NRC”), recommended to the shareholders the marketing, software development coupled with finance/audit
re-appointment of Mr. Shikhar Malhotra (DIN - 00779720) as responsibilities which has enriched her understanding of the
a director, liable to retire by rotation. The said re-appointment overall business perspective. In the opinion of the Board, Ms.
was approved by the shareholders with requisite majority at Lee Fang is a person of integrity and her appointment as an
the AGM of the Company held on August 22, 2023. Independent Director of the Company will add significant value
and strength to the Board, and therefore her appointment on
(ii) After considering the relevant experience, expertise, integrity, the Board would be in the interest of the Company.
proficiency, and exposure of Ms. Bhavani Balasubramanian
(DIN-09194973) in auditing listed companies and The Board, after considering the recommendations of the
multinationals in India and abroad and considering her NRC, appointed Ms. Lee Fang Chew (DIN - 02112309) as an
leadership experience and expertise across Finance, Audit, Additional Director to hold office as an Independent Director
Risk Management, Strategy, Diversity, and based on the of the Company, not liable to retire by rotation, for a term of five
recommendations of the NRC and in terms of Sections 161 of consecutive years, w.e.f. April 25, 2024 to April 24 , 2029 . The
the Act, and Articles of Association of the Company, the Board Board has recommended her appointment as Independent
appointed Ms. Bhavani Balasubramanian (DIN - 09194973) Director to the shareholders. The approval of the shareholders
as an Additional Director to hold office as an (Independent will be taken via Postal Ballot.
Director) of the Company effective January 12, 2024 and
recommended her appointment as an Independent Director (iv) As per the provisions of Section 152 of the Act, the Rules made
of the Company not liable to retire by rotation for a term of thereunder and in terms of the Articles of Association of the
five consecutive years, w.e.f. January 12, 2024 to January Company, Mr. C. Vijayakumar (DIN - 09244485) shall be liable
11, 2029, to the shareholders. The said appointment was to retire by rotation at the ensuing AGM and being eligible,
approved by the shareholders via special resolution approved has offered himself for re-appointment as the Director of the
through Postal Ballot on March 6, 2024. Company, liable to retire by rotation. The Board of Directors
of the Company, after considering the relevant experience,
(iii) The Board after considering Ms. Lee Fang Chew’s core expertise and integrity and recommendations of the NRC,
competencies & skills including her vast experience in leading recommend to the shareholders the re-appointment of
and managing complex and large technology organizations Mr. C. Vijayakumar (DIN - 09244485) as a director, liable to
around the world is of the view that she has the core retire by rotation, at the ensuing AGM of the Company.
4. COMPOSITION OF THE BOARD AND NUMBER OF DIRECTORSHIP(S) AND COMMITTEE MEMBERSHIP(S) / CHAIRPERSONSHIP(S)
HELD AS ON MARCH 31, 2024 IN HCL TECHNOLOGIES LIMITED AND OTHER PUBLIC LIMITED COMPANIES IS AS FOLLOWS:
Name of Director and Position in the No. of No. of No. of No. of Directorship in other
DIN Company Directorships Committee Committee shares listed entities
in Public memberships Chairmanships held in the (catagory of Directorship)4
Limited in Public in Public Company
Companies Limited Limited
Companies (1) Companies (1)
Ms. Roshni Nadar Chairperson & 2 1 - 696 HDFC Asset Management
Malhotra (2) Non-Executive Company Limited
(DIN - 02346621) Non-Independent
Director
Mr. C. Vijayakumar CEO &Managing 1 - - 7,64,423 -
(DIN - 09244485) Director
Ms. Bhavani Non-Executive 3 3 2 Nil 1. Sundram Finance
Balasubramanian Independent Limited(3)
(DIN - 09194973) Director 2. Sundaram Home
Finance Limited
Mr. Deepak Kapoor Non-Executive 4 5 2 Nil 1. TATA Steel Limited
(DIN - 00162957) Independent 2. Delhivery Limited
Director
Mr. S. Madhavan Non-Executive 5 8 3 5,000 1. ICICI Bank Limited
(DIN - 06451889) Independent 2. Procter & Gamble
Director Health Limited
3. Eicher Motors Limited
4. Sterlite Technologies
limited
Dr. Mohan Non-Executive 1 - - Nil -
Chellappa Independent
Ms. Nishi Vasudeva Non-Executive 5 5 1 50 1. Tata Power Renewable
(DIN - 03016991) Independent Energy Limited(3)
Director 2. Tata Projects Limited(3)
3. CRISIL Limited
Ms. Robin Ann Non-Executive 1 1 - Nil -
Abrams Independent

Name of Director and Position in the No. of No. of No. of No. of Directorship in other
DIN Company Directorships Committee Committee shares listed entities
in Public memberships Chairmanships held in the (catagory of Directorship)4
Limited in Public in Public Company
Companies Limited Limited
Companies (1) Companies (1)
Dr. S. Shankara Non-Executive 1 - - Nil -
Sastry Independent
Mr. Shikhar Malhotra (2) Non-Executive 1 1 - Nil -
(DIN - 00779720) Non-Independent
Director
Mr. R. Srinivasan Non-Executive 2 - - Nil -
(DIN - 00575854) Independent
Director
Mr. Simon John Non-Executive 1 - - Nil -
England Independent
Mr. Thomas Sieber Non-Executive 1 1 - Nil -
(DIN - 07311191) Independent
Director
Ms. Vanitha Non-Executive 1 - - Nil -
Narayanan Independent
Notes:
(1) In accordance with Regulation 26 of the Listing Regulations, Membership(s) / Chairpersonship(s) of only Audit Committees and
Stakeholders’ Relationship Committees in all public limited companies have been considered.
(2) Mr. Shikhar Malhotra and Ms. Roshni Nadar Malhotra are related as Husband and Wife. No other Director is related to any other
Director on the Board.
(3) These Companies are high value debt listed public companies.
(4) The catagory of Directorships in all the companies is Non-Executive Independent Director.
5. SUMMARY OF DIRECTORS’ SKILLS / EXPERTISE
In order to effectively discharge their duties, it is necessary that collectively the Directors hold the appropriate balance of skills, experience
and expertise. The Board possesses diverse skills and expertise across its members, that enables the Board to take decisions
comprehensively and effectively on all matters.
The Board’s current Skills Matrix includes the following attributes:

Ms. Mr. C. Ms. Mr. Mr. S. Dr. Mohan Ms. Nishi Ms. Dr. S. Mr. Mr. R. Mr. Mr. Ms.
Roshni Vijaya Bhavani Deepak Madhavan Chellappa Vasudeva Robin Shankara Shikhar Srinivasan Simon Thomas Vanitha
Nadar kumar Balasub- Kapoor Ann Sastry Malhotra John Sieber Narayanan
Malhotra ramanian Abrams England
Leadership Y Y Y Y Y Y Y Y Y Y Y Y Y Y
Innate leadership
skills including the
ability to represent the
organization and set
appropriate Board and
organization culture.
Demonstrated strengths
in talent development,
succession planning
and bringing change
and long-term future
growth.
Strategic Planning Y Y Y Y Y Y Y Y Y Y Y Y Y Y
and Analysis
Ability to critically
identify and assess
strategic opportunities
and threats and develop
effective strategies in
the context of long-
term objectives and the
organizations’ relevant
policies and priorities.

Information Y Y - - - Y Y Y Y Y Y Y - Y
Technology
Reasonable knowledge
and experience in
technology with an
ability to foresee
technological trends
and changes, apply
new technology and
bring about innovations
in business strategies.
Governance Y Y Y Y Y Y Y Y Y Y Y Y - Y
Understanding of the
various governance
and compliance
requirements under
various applicable
laws, supporting a
strong Board base
and management
accountability,
transparency,
and protection of
shareholder interests.
Financial Y Y Y Y Y Y Y Y Y Y Y Y - Y
Wide ranging
knowledge and
financial skills,
oversight for risk
management and
internal controls and
proficiency in financial
management and
financial reporting
processes.
Diversity Y Y Y - Y Y Y Y Y Y Y Y Y Y
An appropriate mix
of varied cultures,
ethnicity, geography,
gender, age,
philosophies, life
experiences and other
diversity perspectives
that expand the
Board’s understanding
of the needs of diverse
stakeholders and a
better ability to respond
to changes.
Mergers & Y Y Y Y Y Y Y Y Y Y Y Y - Y
Acquisitions
Significant experience
in mergers and
acquisitions and other
business combinations,
with strong insight of
risks and opportunities,
valuations and
diligence processes,
structural impact on
the organization, and
ability to leverage
integration planning.

Global Business Y Y Y Y Y Y - Y Y Y Y Y Y Y
Understanding of
diversified business
environments,
economic, political,
cultural and regulatory
framework across the
globe, and a broad
perspective on global
market opportunities.
Marketing and Y Y - - - Y Y Y Y Y Y Y - Y
Communications
Ability to analyze
the market and
technological impacts,
developing strategies
for brand awareness
and brand building
and enhancing market
share.
6. MEMBERSHIP ON OTHER BOARDS • Attending the meeting of the Board & its Committees
and also attending the Annual General Meeting & other
Executive Director is allowed to serve on other corporate boards General Meetings of the shareholders.
or government bodies whose interest is germane to the future of
software business or on the board of key economic institutions B. Exercise business judgement: In discharging their fiduciary
or those organisations whose primary objective is to benefit the duties of care and loyalty, the Directors are expected to
society. exercise their business judgement to act in what they
reasonably believe to be in the best interests of the Company
Non-Executive Directors are expected not to serve on the boards and its stakeholders.
of competing companies. Other than this, there is no limitation on
the directorships except those imposed by law and good corporate C. Understand the Company and its business: The Directors
governance practices. have an obligation to remain informed about the Company and
its business, including the principal operational and financial
7. DIRECTORS’ RESPONSIBILITIES objectives, strategies and plans of the Company, relative
standing of the business segments within the Company
A. In addition to the duties and responsibilities entrusted on the and vis-a-vis the competitors of the Company, factors that
Directors of the Company as per the provisions of the Act and determine the Company’s success, results of operations and
the Listing Regulations, it is the elementary responsibility of financial condition of the Company.
the Directors to oversee the management of the Company
and in doing so, serve the best interests of the Company and D. Establish effective systems: The Directors are responsible
its stakeholders. This responsibility inter-alia shall include: for determining that effective systems are in place for
periodically and timely reporting by the management to the
• Reviewing and approving fundamental operating, financial Board on important matters concerning the Company including
and other corporate plans, strategies and objectives. the following:
• Establishing a corporate environment that promotes • Current business and financial performance, degree of
timely and effective disclosure (including robust and achievement of approved objectives and the need to
appropriate controls, procedures and incentives), fiscal address forward-planning issues.
responsibilty, high ethical standards and compliance with
all applicable laws and regulations. • Compliance programs to assure the Company’s
compliance with laws and corporate polices.
• Evaluating the performance of the Company and its
senior executives. • Material litigation, governmental and regulatory matters.
• Evaluating the overall effectiveness of the Board and its

Committees.

8. BOARD AND COMMITTEE MEETINGS - FUNCTIONING AND PROCEDURE
Calendar The calender for the Board and Committee meetings for the forthcoming financial year are decided in advance and
published as part of this Report.
Frequency The Board meets at least once in a quarter to review the financial results and other items of the agenda. Whenever necessary,
additional meetings are held. In case of business exigencies or urgency of matters, resolutions are passed by circulation.
Location The venue of attending the Board / Committee meetings is informed well in advance to all the Directors. Every Director
is expected to attend the meetings in person. The Company effectively uses videoconferencing facility to enable the
participation of Directors who are not able to attend the meetings in person.
Matters All divisions / departments of the Company are advised to schedule their work plans in advance, particularly with
regard to matters requiring discussions / approval / decision of the Board and / or its Committee(s). All such matters are
communicated to the Company Secretary in advance so that the same can be included in the agenda for the Board /
Committee meetings, after seeking approval of the Chairperson of the Board / respective Committee.
Meeting Meetings are governed by the structured agenda. The agenda for each Board / Committee meeting is circulated in
material advance to the Directors. The agenda items are backed by the comprehensive background information. All material
/ agenda information is incorporated in the agenda facilitating meaningful and focused discussions in the meeting. Every Director
distributed in is free to suggest items for inclusion in the agenda. Also, the Company has adopted a web-based application for
advance transmitting Board / Committee Agenda(s).
Presentations The Board is given presentations covering operational performance, financials and major updates on business
by opportunities, business strategy, risk management practices, treasury / forex update, tax update, litigation update,
management changes in applicable law(s), etc.
Access to The Directors are provided free access to communicate with the officers and employees of the Company. Management
employees is encouraged to invite the Company personnel to any Board / Committee(s) meeting at which their presence and
expertise would help the Board to have a full understanding of the matters being considered.
Availability of The information placed before the Board includes annual operating plans and budgets including operating and capital
information expenditure budgets, financial results of the Company both consolidated and standalone basis, financials of each of the
to Board subsidiaries and investments made by the subsidiaries, risk assessment and minimization procedures, update on the state
members of the market for the business as well as on the strategy, minutes of subsidiaries, minutes of all the Board Committees,
related party transactions, details of the treasury investments, details of foreign exchange exposure, update on statutory
and secretarial compliance reports and reports of non-compliances, if any, information on recruitment / remuneration
of senior officers, show cause / demand notices, if any, details of joint ventures or collaboration agreements, significant
changes in the accounting policies, significant changes in laws, sale of any material nature, etc.
Post meeting The guidelines for Board and Committee meetings facilitate an effective post meeting follow up review and reporting
follow-up process for the decisions taken by the Board and Committee(s) thereof. The important decisions taken at the Board /
mechanism Committee meetings are promptly communicated to the concerned departments / divisions. Action taken report on the
decisions of the previous meeting(s) is placed at the subsequent meetings of the Board / Committee(s) for information
and review by the Board / respective Committee(s).
9. BOARD MEETINGS AND ATTENDENCE
Four Board Meetings were held during FY 2023-24. These meetings were held on April 19-20, 2023, July 12, 2023, October 12, 2023 and
January 12, 2024. The necessary quorum was present at all the meetings and Independent Directors were also present in such meetings.
The maximum interval between any two meetings did not exceed 120 days.
The following table gives the attendance of the Directors at the Board Meetings held during FY 2023-24 and at the last AGM:
Name of the Directors No. of Board No. of Board meetings Attendance (%) Whether last
meetings held during attended by Director AGM attended
Director’s tenure during his / her tenure
Ms. Roshni Nadar Malhotra 4 4 100 Yes
Mr. C. Vijayakumar 4 4 100 Yes
Ms. Bhavani Balasubramanian* 1 1 100 NA
Mr. Deepak Kapoor 4 4 100 Yes
Mr. S. Madhavan 4 4 100 Yes
Dr. Mohan Chellappa 4 4 100 Yes
Ms. Nishi Vasudeva 4 4 100 Yes
Ms. Robin Ann Abrams 4 4 100 Yes
Dr. S. Shankara Sastry 4 4 100 No
Mr. Shikhar Malhotra 4 4 100 Yes
Mr. R. Srinivasan 4 4 100 Yes
Mr. Simon John England 4 4 100 Yes
Mr. Thomas Sieber 4 4 100 Yes
Ms. Vanitha Narayanan 4 4 100 Yes
*Ms. Bhavani Balasubramanian was appointed as an Independent Director of the Company w.e.f. January 12, 2024.
10. DECLARATION BY INDEPENDENT DIRECTORS the criteria such as composition of Committees, effectiveness of
Committees, etc. In addition, the Chairperson of the Board was
Every Independent Director, at the first meeting of the Board also evaluated on the key aspects of her role.
in which he / she participates as a Director and thereafter at
the first meeting of the Board in every financial year, gives a 13. FAMILIARISATION PROGRAMME FOR INDEPENDENT
declaration that he / she meets the criteria of Independence DIRECTORS
as provided under Section 149 of the Act and applicable rules
made thereunder and Regulation 16(1)(b) & 25(8) of the Listing The Independent Directors are provided with necessary
Regulations. The Company has received necessary declarations documents, reports and internal policies to enable them to
from each Independent Director that he / she meets the criteria of familiarize with the Company’s procedures and practices. Further,
Independence in terms of the Act and Listing Regulations. periodic presentations are made at the Board and Committee
meetings, on business and performance updates of the Company,
Based on the disclosures received from all the Independent global business environment, business strategy and risks involved.
Directors and also in the opinion of the Board, the Independent Quarterly updates on relevant statutory changes are provided to
Directors fulfill the conditions as specified in the Act and the Listing the Directors in the Board meetings.
Regulations and are independent of the Management of the
Company. Upon appointment, the Independent Directors are issued a letter of
appointment setting out in detail the terms of appointment including
11. MEETING OF THE INDEPENDENT DIRECTORS their roles, function, responsibilities and their fiduciary duties as a
Director of the Company. A draft letter is available on the website
In terms of the provisions of the Act and the Listing Regulations, of the Company. The weblinks of the familiarisation programme
the Independent Directors of the Company shall meet at least once and the draft appointment letter have been provided at the end of
in a financial year, without the presence of Executive and Non- this report.
Independent Directors and members of the management. The
Independent Directors of the Company met on March 22, 2024 14. BOARD DIVERSITY
inter-alia discussed and reviewed:
The Company recognizes its obligation to maintain a diverse Board.
• the performance of Non-Independent Directors and the Board The Company considers that the concept of diversity incorporates
as a whole; several different aspects, such as professional experiences,
business perspectives, skills, knowledge, gender, age, culture,
• the performance of the Chairperson of the Company, taking educational background and ethnicity.
into account the views of the Executive Directors and Non-
Executive Directors; and The Company believes that Board diversity enhances decision
making capability and a diverse Board is more effective in dealing
• quality, quantity and timeliness of flow of information between with organizational changes and less likely to suffer from group
the Company management and the Board that is necessary for thinking.
the Board to effectively and reasonably perform their duties.
The Board Diversity policy of the Company is available on the
12. BOARD EVALUATION website of the Company and the weblink for the same has been
provided at the end of this report.
The Board, pursuant to the provisions of the Act and the Listing
Regulations has carried out an Annual Evaluation of its own 15. BOARD COMMITTEES
performance, performance of the Board Committees and of the
individual Directors (including the Independent Directors) on The Board Committees play a crucial role in the governance
various parameters. structure of the Company and are being set out to deal with
specific areas / activities which concern the Company and need
The criteria for the evaluation of the performance of the Board, the a closer review. They are set up under the formal approval of the
Committees of the Board and the individual Directors, including the Board to carry out their clearly defined roles. The Board supervises
Chairperson of the Board was approved by the Nomination and the execution of its responsibilities by the Committees and is
Remuneration Committee (“NRC”) of the Company. responsible for their actions.
The Board considered the aforesaid evaluation done by the Keeping in view the requirements of the Act as well as the Listing
independent Directors in their meeting and undertook the annual Regulations, the Board has approved the terms of reference of
performance evaluation that included review of the Board evaluation the various committees which set forth the purposes, goals
framework, performance of the Board as a whole, performance and responsibilities of the Committees. All observations,
of the Board Committees, performance of Individual Directors recommendations and decisions of the Committees are placed
including Independent Directors and fulfilment of the independence before the Board for information and / or for approval.
criteria and their independence from the management.
All decisions / recommendations made by various Board
The Board evaluated the performance of the Board as a whole Committees during FY 2023-24 were noted / accepted by the
after seeking inputs from all the directors on the basis of criteria Board.
such as Board composition and structure, effectiveness of board
processes, information and functioning, etc. The performance 16. FREQUENCY AND LENGTH OF MEETINGS OF THE
of the individual directors (including the Independent Directors) COMMITTEES OF THE BOARD AND AGENDA
was reviewed by the Board on the basis of criteria such as
contribution of individual Director to the Board and Committee The Chairperson of each Committee of the Board, in consultation
meetings, preparedness on the issue to be discussed, meaningful with the appropriate members of the management determine the
and constructive contribution and inputs in the meetings etc. The frequency and length of the meetings of the Committees and develop
performance of the Board Committees was evaluated by the Board the Committees agenda. The agenda of the Committee meetings is
after seeking inputs from the Committee members on the basis of shared in advance with all the members of the Committee.

17. CHAIRPERSONSHIP/ MEMBERSHIP OF DIRECTORS IN COMMITTEES OF THE BOARD OF DIRECTORS OF THE COMPANY
AS ON MARCH 31, 2024
S. Director Audit Nomination Stakeholders’ Corporate Finance Risk ESG &

No. Committee and Relationship Social Committee Management Diversity
Remuneration Committee Responsibility Committee Equity
Committee Committee Inclusion
Committee
Executive Director
1 Mr. C Vijayakumar NA NA NA NA NA NA NA
Non-Independent Non-Executive Directors
Ms. Roshni Nadar
2 NA NA Member Chairperson Member NA Member
Malhotra
Mr. Shikhar
3 NA NA Member NA Member NA NA
Malhotra
Independent Non-Executive Directors
Ms. Bhavani
4 Member NA NA NA NA Member NA
Balasubramanian
5 Mr. Deepak Kapoor Member NA NA NA NA Member NA
6 Mr. S. Madhavan Chairperson NA Chairperson Member Chairperson Chairperson NA
Dr. Mohan
7 NA Member NA Member NA NA NA
Chellappa
8 Ms. Nishi Vasudeva Member NA NA NA NA Member NA
Ms. Robin Ann
9 Member Member NA NA NA Member Chairperson
Abrams
Dr. S. Shankara
10 NA NA NA NA NA NA NA
Sastry
11 Mr. R. Srinivasan NA Member NA NA Member NA NA
Mr. Simon John
12 NA Member NA NA NA NA Member
England
Mr. Thomas
13 Member NA NA NA Member Member NA
Sieber
Ms. Vanitha
14 NA Chairperson NA NA NA NA NA
Narayanan
Notes:
1) Mr. Thomas Sieber, Independent Director, was co-opted as a Member of the Audit Committee and Risk Management Committee
w.e.f. July 12, 2023.
2) Mr. Simon John England, Independent Director was co-opted as a Member of the Nomination and Remuneration Committee w.e.f.
July 12, 2023.
3) Ms. Vanitha Narayanan, Independent Director, was appointed as the Chairperson of the Nomination and Remuneration Committee
in place of Mr. R. Srinivasan who continues as a Member of the Committee w.e.f. July 12, 2023.
4) Ms. Roshni Nadar Malhotra, Chairperson of the Board, ceased to be Member of the Nomination and Remuneration Committee w.e.f.
July 12, 2023.
5) Ms. Bhavani Balasubramanian, Independent Director, was co-opted as a Member of the Audit Committee and Risk Management
Committee w.e.f. January 12, 2024.

18. Details of Board Committees c) Review Audit Plan
The details of the Committees are as follows: Review with the statutory auditors their plans for, and the
scope of, their annual audit and other examinations.
A. Audit Committee
d) Conduct of Audit
The Audit Committee of the Company comprises of six
members. The Committee is chaired by Mr. S. Madhavan, Discuss with the statutory auditors the matters required to
an Independent Director of the Company. Ms. Bhavani be discussed for the conduct of the audit.
Balasubramanian, Mr. Deepak Kapoor, Ms. Nishi Vasudeva,
Ms. Robin Ann Abrams and Mr. Thomas Sieber are the other e) Review and examination of Audit Results
members of the Committee, all of whom are Independent
Directors. Review and examination with the statutory auditors the
proposed report on the annual audit, areas of concern,
The Company Secretary acts as a Secretary to the Committee. the accompanying management letter, if any, the reports
of their reviews of the Company’s interim financial
Terms of Reference statements, and the reports of the results of such other
examinations outside of the course of the statutory
The terms of reference of Audit Committee are as under: auditors’ normal audit procedures that they may from time
to time undertake.
a) Statutory Auditors
f) Review and examination of Financial Statements
Recommend to the Board the appointment, re-
appointment and if required, the replacement or removal of Review and examination of the Company’s financial
the statutory auditors, including filing of a casual vacancy, reporting process and the disclosure of its financial
fixation of audit fee / remuneration, terms of appointment information to ensure that the financial statements are
and also provide prior approval of the appointment of and accurate, sufficient and credible and evaluation of internal
the fees for any other services rendered by the statutory financial controls and risk management systems, to obtain
auditors. Provided that the statutory auditors shall not reasonable assurance based on evidence regarding
render services prohibited to them by Section 144 of the processes followed and their appropriate testing that
Companies Act, 2013 or by professional regulations. such systems are adequate and comprehensive and are
working effectively. The Audit Committee shall review with
The Committee shall take into consideration the appropriate officers of the Company and the statutory
qualifications and experience of the firm proposed to be auditors, the annual financial statements of the Company
considered for appointment as auditors as specified under prior to submission to the Board or public release thereof,
Section 141 of the Companies Act, 2013 and whether focusing primarily on:
these are commensurate with the size, nature of business
and requirements of the Company and also consider i) Matters required to be included in the Director’s
any completed and pending proceedings against the Responsibility Statement to be included in the
proposed firm of Auditors before the Institute of Chartered Board’s report in terms of Section 134(5) of the
Accountants of India or any competent authority or any Companies Act, 2013;
Court.
ii) Any changes in accounting policies and practices and
The Committee shall recommend to the Board, the name reasons for the same;
of the audit firm who may replace the incumbent auditor
on the expiry of their term. iii) Major accounting entries based on exercise of
judgment by management;
b) Review and monitor Independence and Performance
of Statutory Auditors and Effectiveness of Audit iv) Qualifications in draft audit report;
Process
v) Significant adjustments made in the financial
In connection with recommending the firm to be retained statements arising out of audit;
as the Company’s statutory auditors, review and monitor
the information provided by the management relating vi) The going concern assumption;
to the independence of such firm and performance and
effectiveness of audit process, including, among other vii) Compliance with accounting standards;
things, information relating to the non-audit services
provided and expected to be provided by the statutory viii) Compliance with stock exchange and legal
auditors. requirements concerning financial statements;
The Committee is also responsible for: ix) Any related party transactions i.e. transactions of
the Company with its subsidiaries, promoters or the
i) actively engaging in dialogue with the statutory management, or their relatives, etc. that may have
auditors with respect to any disclosed relationship conflict with the interest of the Company at large;
or services that may impact the objectivity and
independence of the statutory auditors, and x) Contingent liabilities;
ii) recommending that the Board takes appropriate xi) Status of litigations by or against the Company; and
action in response to the statutory auditors’ report to
satisfy itself of their independence. xii) Claims against the Company and their effect on the
accounts.
The definition of the term “Financial Statement” shall be i) Review the performance of the Internal and External
the same as under section 2(40) of the Companies Act, Auditors
2013.
Review with the management the performance of
g) Review Quarterly Financial Statements the statutory and internal auditors and the existence,
adequacy and effective functioning of the internal control
Reviewing with the management, the quarterly / interim systems including internal control system over financial
financial statements before submission to the Board for reporting, based on appropriate and effective evidence
approval. and such other matters as may be required.
h) The Audit Committee shall perform the following Risk j) Oversight Role
Management Functions
Oversight of the Company’s financial reporting process
i) Assist the Board in overseeing the responsibilities and the disclosure of its financial information to ensure the
with regard to the identification, evaluation and financial statements are correct, sufficient and credible.
mitigation of operational, strategic and external
environmental risks; k) Review Internal Audit function
ii) Review and approve the Risk management Policy Review the adequacy of the internal audit function,
and associated framework, processes and practices; including the structure of the internal audit department,
adequate staffing and the qualifications, experience,
iii) Assist the Board in taking appropriate measures to authority and autonomy of the person heading the
achieve a prudent balance between risk and reward department, the reporting structure, coverage and
in both ongoing and new business activities; frequency of internal audit.
iv) Evaluating significant risk exposures including l) Review Internal Audit plans
business continuity planning and disaster recovery
planning; Review with the senior internal audit executive and
appropriate members of the staff of the internal auditing
v) Assessing management’s actions in mitigating the department, the plans for and the scope of their ongoing
risk exposures in a timely manner; audit activities and also review and approve the periodicity
and programme for conducting the internal audit.
vi) Promote enterprise-wide Risk Management and
obtain comfort based on adequate and appropriate m) Review Internal Audit reports
evidence that the Management of the Company
ensures the implementation and effective functioning Review with the senior internal auditing executive and
of the entire risk management process and embedding appropriate members of the staff of the internal auditing
of a comprehensive risk management culture in the department the periodic reports of the findings of the
Company at every stage of its operations; audit and reports and the necessary follow up and
implementation of correction of errors and other necessary
vii) Assist the Board in maintenance and development of actions required. The Audit Committee shall also review
a supportive culture, in relation to the management the findings of any internal investigations by the internal
of risk, appropriately embedded through procedures, auditors into the matters where there is suspected fraud
training and leadership actions so that all employees or irregularity or a failure of the internal control system of
are alert to the wider impact on the whole organization a material nature and ensure that proper corrective action
of their actions and decisions; is taken. Any such matters shall be reported to the Board
if necessary and appropriate.
viii) Maintaining an aggregated view on the risk profile
of the Company/ Industry in addition to the profile of n) Review systems of Internal Financial Controls
individual risks;
Review with the statutory auditor and the senior
ix) Ensure the implementation of and compliance with internal auditor to the extent deemed appropriate by
the objectives set out in the Risk Management Policy; the Chairperson of the Committee, the adequacy of
the Company’s internal financial controls as defined in
x) Advise the Board on acceptable levels of risk section 134 of the Companies Act 2013.
appetite, tolerance and strategy appropriate to the
size and nature of business and the complexity and o) Review and ensure the existence, adequacy
geographic spread of the Company’s operations; and effective functioning of a Vigil Mechanism
/ Whistleblower Policy appropriate to the size,
xi) Review and reassess the adequacy of this charter complexity and geographic spread of the Company
periodically and recommend any proposed changes and its operations
to the Board for approval from time to time; and
The Vigil mechanism / Whistleblower Policy shall provide
xii) The Committee shall have access to any internal for adequate safeguards against victimization of all
information necessary to fulfill its oversight role. As persons referring any matter under the mechanism and
and when required the Committee may assign tasks shall also provide for direct access to the Chairperson
to the Internal Auditor, the Company’s internal Risk of the Audit Committee in appropriate or exceptional
management team and any external expert advisors cases. Matters referred and the action taken shall be
considered necessary for any task and they will regularly reported to the Committee once a quarter or
provide their findings to the Committee. more frequently. The mechanism and policy shall cover

whistleblower and complaint references of all kinds, and make appropriate recommendations to the Board.
including alleged fraud by or against the Company, abuse
of authority, misbehavior and ill treatment and unfair v) Review of other Information
treatment of all kinds including all allegations and charges
of harassment, sexual or otherwise, whether made by a The Audit Committee shall mandatorily review the
named complainant or anonymously. Complaints which following information:
are prima facie frivolous in the view of the Ombudsperson
Function or the Whistleblower Committee of the Company i) Management discussion and analysis of financial
or other Committee or group of individuals responsible for condition and results of operation;
investigating complaints and taking suitable action may
be closed with appropriate reasons recorded. If any of ii) Statement of related party transaction submitted by
the members of the Committee have a conflict of interest the management;
in a given case, they should recuse themselves and the
others on the Committee would deal with the matter on iii) Management letters / letters of internal control
hand. weaknesses issued by the statutory auditors;
p) Review other matters iv) Internal audit reports relating to internal control
weaknesses;
Review such other matters in relation to the accounting,
auditing and financial reporting practices and procedures v) The appointment, removal and terms of remuneration
of the Company as the Committee may, in its own of the Chief Internal Auditor;
discretion, deem desirable in connection with the review
functions described above. vi) Inter-corporate loans and investments including
review of utilization of loans and/or advances from /
q) Reporting to Board investment by the Company in any of its subsidiary
exceeding the prescribed limit of the asset size of the
Report its activities to the Board in such manner and at subsidiary as provided in SEBI (Listing Obligations &
such times, as it deems appropriate. Disclosure Requirements), Regulations, 2015;
r) Investigation vii) Valuation of undertakings and assets of the Company

whenever necessary; and
The Audit Committee has the authority to investigate
any matter in relation to the items specified in Section viii) Internal control system in regard to prevention of
177 of the Companies Act, 2013 or referred to it by the insider trading.
Board and for this purpose; it shall have full access to
the information contained in the records of the Company. w) Basis of Related Party Transactions
It may also investigate any activity within its term of
reference. It has the authority to look into the reasons The statement in summary form of transactions with
for substantial defaults in the payment to the depositors, related parties in the ordinary course of business shall be
debenture holders, shareholders (for non-payment of placed periodically before the audit committee.
declared dividends) and creditors, if any and any other
instance of a failure of legal compliance. Details of individual transactions with related parties,
which are not in the normal course of business, shall be
s) Seek information / advice placed before the audit committee.
The Audit Committee may seek information from any Details of individual transactions with related parties
employee and may obtain from external independent or others, which are not on arm’s length basis shall be
sources any legal or other professional advice it considers placed before the Audit Committee together with the
necessary in the performance of its duties. It may also management justification for the selection of the related
secure attendance of independent professional persons party and the price and other terms agreed.
with suitable qualifications and relevant experience in
specific matters, if it considers this necessary. Approval or any subsequent modification of all
transactions of the Company with related parties.
t) Approval for appointment of Chief Financial Officer
On satisfying itself adequately regarding the reasons for
The Committee shall approve the appointment of the the related party transactions undertaken and the terms
CFO (the whole-time Finance Director or any other and conditions agreed including price and the observation
person heading the finance function) after assessing the of the arms’ length principle, with suitable explanations for
qualifications, experience and background etc. of the any departures, the Committee shall periodically approve
candidate. the related party transactions.
u) Review and monitor the Statement of Uses and Explanation:

Application of Funds
a) “Related Party Transaction” means a transaction
Review and monitor, with the management, the statement envisaged as a related party transaction defined
of uses / application of funds raised through an issue under the Companies Act, 2013 or under SEBI (Listing
(public, rights preferential issue etc.), the statement of Obligations and Disclosure Requirements), Regulations,
funds utilized for purposes other than those stated in 2015 (including any amendments thereof).
the offer document/prospectus/notice and the report
submitted by the monitoring agency, monitoring the b) “Related Party” means a related party as defined under
utilization of proceeds of the public issue or rights issue, the Companies Act, 2013, rules made thereunder and
under applicable accounting standards and SEBI (Listing 2023, June 27, 2023, July 12, 2023, August 18, 2023,
Obligations and Disclosure Requirements) Regulations, September 26, 2023, October 12, 2023, December
2015 (including any amendments thereof). 19, 2023, January 12, 2024 and March 28, 2024. The
necessary quorum was present at all the meetings. The
x) To attend Annual General Meeting maximum interval between any two meetings did not
exceed 120 days.
The Chairman of the Audit Committee shall attend the
Annual General Meetings of the Company to provide any Attendance details of each member at the Audit Committee
clarification on matters relating to its scope sought by the meetings held during FY 2023-24 are as follows:
members of the Company.
Name of the Position No. of No. of % of
The statutory auditors of the Company shall be special Committee meetings meetings atten-
invitees to the Audit Committee meetings, and they shall Member held attended dance
participate in discussions related to the audit and reviews Mr. S. Madhavan Chairperson 9 9 100
of the financial statements of the Company and any other
matter that in the opinion of the statutory auditors needs Ms. Bhavani Member 1 1 100
to be brought to the notice of the Committee or any matter Balasubramanian
in which they are invited by the Committee to participate. Mr. Deepak Kapoor Member 9 8 88.88
y) Subsidiary Companies Ms. Nishi Vasudeva Member 9 8 88.88
Ms. Robin Ann Member 9 9 100
The Audit Committee of the holding company shall also Abrams
review the financial statements, in particular the inter-
corporate loans and investments made by or in the Mr. Thomas Sieber Member 6 6 100
subsidiary companies.
Notes:
z) Reporting of Fraud by the Auditors
1) Mr. Thomas Sieber, Independent Director, was co-opted
In case the auditor has sufficient reason to believe that an as a member of the Audit Committee w.e.f. July 12, 2023.
offence involving fraud is being or has been committed
against the Company by officers or employees of the 2) Ms. Bhavani Balasubramanian, Independent Director,
Company, or by the Company the Auditor shall forward was co-opted as a member of the Audit Committee w.e.f.
his report to the Committee and the Committee shall send January 12, 2024.
its reply or observations to the Auditor and such matters
shall be reported to the Board by the Committee. 3) The Audit Committee granted leave of absence to
Mr. Deepak Kapoor and Ms. Nishi Vasudeva who had
aa) Cost Auditor expressed their inability to attend the meeting.
If the Company is required by the Companies Act, 2013 B. Nomination and Remuneration Committee
or other legal provision to appoint a Cost Auditor to have
a cost audit conducted, the Committee shall take into The Company’s Nomination and Remuneration Committee
consideration the qualifications and experience of the (“NRC”) comprises of five members, all of whom are
person proposed for appointment as the cost auditor and Independent Directors. The Committee is chaired by Ms.
recommend such appointment to the Board, together with Vanitha Narayanan, Dr. Mohan Chellappa, Ms. Robin Ann
the remuneration to be paid to the cost auditor. Abrams, Mr. R. Srinivasan and Mr. Simon John England are
the other members of the Committee.
ab) Review of the Terms of Reference of the Audit
Committee Terms of Reference
The Committee shall review and reassess the adequacy The terms of reference of the NRC are as under:
of the terms of reference of the Audit Committee on
a periodical basis, and where necessary obtain the a) Succession planning for certain key positions in the
assistance of the Management the Group’s external Company viz. Directors, Chief Executive Officer (CEO),
auditors and external legal counsel. Chief Operating Officer (COO), Chief Financial Officer
(CFO) and Senior Management. The Committee to
ac) Registered Valuer identify, screen and review candidates, inside or outside
the Company and provide its recommendations to the
The Audit Committee shall prescribe the terms and Board ("Board").
conditions and the appointment of a registered valuer
having the requisite qualifications and experience. b) Review and recommend to the Board the appointment
and removal of Directors / Key Managerial Personnel and
ad) Review of scheme of restructuring persons in senior management.
The Audit Committee shall review and provide its c) Review of criteria to carry out the performance evaluation
comment on rationale, cost-benefits and impact of of the Board as a whole and individual Directors.
schemes involving merger, demerger, amalgamation etc.,
on the company and its shareholders. d) Recommend to the Board a policy relating to remuneration
of Directors, Key Managerial Personnel and other
Nine meetings of the Audit Committee were held during employees.
FY 2023-24. These meetings were held on April 20,

The Nomination and Remuneration Committee while Name of the
No. of No. of % of
formulating the aforesaid policy shall ensure that – Position meetings meetings atten-
Committee Member
held attended dance
i) The level and composition of remuneration is Mr. R. Srinivasan Member 6 6 100
reasonable and sufficient to attract, retain and
motivate Directors of the quality required to run the Mr. Simon England Member 3 3 100
company successfully;
Notes:
ii) Relationship of remuneration to performance is clear
and meets appropriate performance benchmarks; and 1. Mr. Simon John England, Independent Director, was
co-opted as a member of the NRC and Ms. Roshni Nadar
iii) Remuneration to Directors, Key Managerial Personnel Malhotra, Chairperson of the Board, Non-Independent,
and Senior Management involves a balance between Non-Executive Director, ceased to be a member of the
fixed and incentive pay reflecting short and long-term NRC w.e.f. July 12, 2023.
performance objectives appropriate to the working of
the company and its goals. 2. Ms. Vanitha Narayanan, Independent Director, was
appointed as the Chairperson of the NRC w.e.f. July 12,
e) Formulate the criteria for determining the qualifications, 2023 in place of Mr. R. Srinivasan who continues as a
positive attributes and independence of Directors. member of the NRC.
f) Devise a Policy on Board Diversity. Remuneration Policy for Directors, Key Managerial
Personnel and other employees
g) Review and approve / recommend the remuneration for
the Senior Management / Key Managerial Personnel of I. Scope of the Policy
the Company.
The Remuneration Policy (“Policy”) applies to the
h) Approve inclusion of senior officers of the Company as Directors, Key Managerial personnel and other
part of the Senior Management. employees of HCL Technologies Limited (“Company”)
and its subsidiaries.
i) Approve promotions of the Senior Management / Key
Managerial Personnel. II. Background
j) Regularly review the Human Resource function of the A transparent, fair and reasonable process for determining
Company. the appropriate remuneration at all career levels and
roles as prevalent in the Company is required to ensure
k) Approve grant of stock options to the employees and / or that the Shareholders remain informed and confident in
Directors (excluding Independent Directors and Promoter the management of the Company.
Directors) of the Company and subsidiary / associate
companies and perform such other functions and III. Objective
take such decisions as are required under the various
Employees Stock Option Plans of the Company. The objectives of this policy are:
l) Discharge such other function(s) or exercise such a) To create a transparent system of determining the
power(s) as may be delegated to the Committee by the appropriate level of remuneration throughout all
Board from time to time. career levels and roles of the Company;
m) Make reports to the Board as appropriate. b) Motivate the directors, Key Managerial personnel
and other employees, to perform to their maximum
n) Review and reassess the adequacy of this charter potential;
periodically and recommend any proposed changes to
the Board for approval from time to time. c) To reward performance and meritocracy, based on
review of achievements on a regular basis and is
During FY 2023-24, the NRC met six times on April 12, 2023, in consonance and benchmarked with the existing
May 23, 2023, July 6, 2023, October 5, 2023, January 8, 2024 industry practices;
and February 13, 2024. The necessary quorum was present
at all the meetings. d) Allow the Company to compete in each relevant
employment market;
Attendance details of each member at NRC meetings held
during the FY 2023-24 are as follows: e) Provide consistency in remuneration and benefits
throughout the Company;
No. of No. of % of
Name of the
Position meetings meetings atten- f) Align the performance of the business with the
Committee Member
held attended dance performance of key individuals and teams within the
Ms. Vanitha Narayanan Chairperson 6 6 100 Company.
Ms. Roshni Nadar Member 3 3 100
IV. Remuneration Policy for Directors
Malhotra
Dr. Mohan Chellappa Member 6 6 100 (a) Executive Directors
Ms. Robin Ann Abrams Member 6 6 100
The remuneration of the Executive Directors will be
recommended by the Nomination and Remuneration
Committee (“Committee”) to the Board of Directors C. Stakeholders’ Relationship Committee
(“Board”) and after approval by the Board the same
will be put up for the shareholder’s approval. The Company’s Stakeholders’ Relationship Committee (“SRC”)
comprises of three members with one member as Independent
(b) Non-Executive Directors Director. The Committee is chaired by Mr. S. Madhavan,
Independent Director. Ms. Roshni Nadar Malhotra and Mr.
Non-Executive Directors will be paid commission as Shikhar Malhotra are the other members of the Committee.
approved by the Board within the limits approved by
the shareholders of the Company. The amount of such Mr. Manish Anand, Company Secretary, is the Compliance
commission, taken together for all Non-Executive Officer of the Company.
Directors, will not exceed 1% of the net profits of the
Company in a financial year calculated as per the Terms of Reference
requirements of Section 198 of the Companies Act,
2013 (“Act”). The said commission shall be decided The Stakeholders’ Relationship Committee has been formed
each year by the Board of Directors and distributed to undertake the following activities:
amongst the Non-Executive Directors based on their
evaluation, and contribution at the Board and certain a) To review and take all necessary actions for redressal of
Committee meetings as well as the time spent on grievances and complaints of security holders as may be
operational matters other than at meetings. required in the interests of the security holders.
The Company shall reimburse the travelling, hotel b) To approve requests of re-materialisation of shares /
and other out-of-pocket expenses incurred by the securities, issuance of split and duplicate shares / security
Directors for attending the meetings and for other certificates.
work on behalf of the Company.
During FY 2023-24, the Committee met eight times on April 12,
V. Remuneration Policy for Key Managerial Personnel 2023, July 19, 2023, August 16, 2023, September 26, 2023,
and other employees December 14, 2023, January 12, 2024, February 1, 2024 and
February 20, 2024. The necessary quorum was present at all
The Company’s Remuneration policy of Key Managerial the meetings.
Personnel (other than Executive Directors covered above)
and other employees is driven by their success and Attendance details of each member at SRC meetings held
performance of the Company. Through its compensation during the FY 2023-24 are as follows:
programme, the Company endeavors to attract, retain,
develop and motivate a high-performance workforce. Name of the No. of No. of % of
The Company follows a compensation mix of fixed pay, Committee Position meetings meetings atten-
performance-based variable pay, benefits and perquisites, Member held attended dance
long term cash incentive plans and equity based reward Mr. S Chairperson 8 8 100
plans. Individual performance pay is determined by Madhavan
business performance and the performance of the
individuals measured through periodic appraisal process. Ms. Roshni Member 8 8 100
The Company will ensure that level and composition of Nadar
remuneration is reasonable and sufficient to attract, retain Malhotra
and motivate all employees to contribute to their potential Mr. Shikhar Member 8 8 100
and in turn run the Company successfully. Malhotra
The Company may consider on case-to-case basis for Investors’ Grievances
granting the personal loan to the employees on a specific
request by the employees. The following table shows the Investors’ complaints received
during FY 2023-24:
VI. Disclosure
Particulars No. of Complaints
The Policy shall be disclosed in the Board Report, Investor complaints pending at the NIL
Annual Report, website and such other places as may be beginning of the year
required by the Act and rules framed thereunder, Equity
Listing Agreement entered into with the stock exchanges Investor complaints received during 15
(including any statutory modification(s) or re-enactment the year
thereof) and such other laws for the time being in force. Investor complaints disposed off 15
during the year
VII. Implementation
Investor complaints remaining NIL
This Policy has been approved and adopted by the unresolved at the end of the year
Board of the Company after the recommendation of the
Committee of the Company. Any revisions to the Policy D. Risk Management Committee
will be submitted to the Board for consideration and
approval upon recommendation by the Committee. The Risk Management Committee ("RMC") of the Company
comprises of six members. The Committee is chaired by Mr.
The above policy is also available at the website of the S. Madhavan, Independent Director of the Company. Ms.
Company and weblink for the same is provided at the end Bhavani Balasubramanian, Mr. Deepak Kapoor, Ms. Nishi
of this report. Vasudeva, Ms. Robin Ann Abrams and Mr. Thomas Sieber
are the other members of the Committee, all of whom are
Independent Directors.
Terms of Reference m) The Committee shall have access to any internal
information necessary to fulfill its oversight role. As
The terms of reference of the Risk Management Committee and when required the Committee may assign tasks
are as under: to the Internal Auditor, the Company’s internal Risk
management team, seek necessary information from any
a) To assist the Board of Directors (“Board”) in overseeing Employee and any external expert advisors considered
the responsibilities with regard to the identification, necessary for any task and they will provide their findings
evaluation, monitoring and mitigation of internal and to the Committee.
external risks, in particular including financial, operational,
strategic sectoral, sustainability (particularly, ESG related n) To review the appointment, removal and terms of
risks), information cyber security risks, privacy and data remuneration of the Chief Risk Officer (if any).
protection risks or any other risk as may be determined by
the Risk Management Committee (“Committee”). o) To coordinate its activities with other committees, in
instances where there is any overlap with activities of
b) To assist the Board in taking appropriate measures to such committees, as per the framework laid down by the
achieve a prudent balance between risk and reward in Board.
both ongoing and new business activities.
During FY 2023-24, the Committee met four times on June 27,
c) To formulate a detailed Risk Management Policy and 2023, September 26, 2023, December 19, 2023 and March 28,
periodically review and approve it, at least once in two 2024. The necessary quorum was present at all the meetings.
years, including by considering the changing industry The maximum interval between any two consecutive meetings
dynamics and evolving complexity associated framework, did not exceed 180 days.
processes and practices.
Attendance details of each member at the Risk Management
d) To ensure there is an appropriate global privacy Committee meetings held during FY 2023-24 are as follows:
compliance program in place for the Company to mitigate
significant privacy risks. Name of the Position No. of board No. of % of
Committee meetings meetings atten-
e) To evaluate significant risk exposures including business Member held attended dance
continuity planning and disaster recovery planning to Mr. S. Madhavan Chairperson 4 4 100
ensure a Business Continuity Plan (“BCP”) is in place for
the Company. Ms. Bhavani Member 1 1 100
Balasubramanian
f) To assess management’s actions in mitigating the risk Mr. Deepak Member 4 3 75
exposures in a timely manner. Kapoor
g) To promote enterprise-wide Risk Management and obtain Ms. Nishi Member 4 3 75
comfort based on adequate and appropriate evidence Vasudeva
that the Management of the Company ensures the Ms. Robin Ann Member 4 4 100
implementation and effective functioning of the entire risk Abrams
management process and embedding of a comprehensive
risk management culture in the Company at every stage Mr. Thomas Member 3 3 100
of its operations Sieber
h) To keep the board informed of all its decisions, Notes:

recommendations and actions to be taken and to
assist the Board in maintenance and development of a 1) Mr. Thomas Sieber, Independent Director, was co-opted
supportive culture, in relation to the management of risk, as a member of the RMC w.e.f. July 12, 2023.
appropriately embedded through procedures, training and
leadership actions so that all employees are alert to the 2) Ms. Bhavani Balasubramanian, Independent Director,
wider impact on the whole organization of their actions was co-opted as a member of the RMC w.e.f. January 12,
and decisions. 2024.
i) To maintain an aggregated view on the risk profile of the 3) The RMC granted leave of absence to Mr. Deepak
Company / industry in addition to the profile of individual Kapoor and Ms. Nishi Vasudeva who had expressed
risks. their inability to attend the meeting.
j) To ensure the implementation of and compliance with E. Corporate Social Responsibility Committee
the objectives set out in the Risk Management Policy
including evaluating the adequacy of risk management The Company’s Corporate Social Responsibility (“CSR”)
systems. Committee comprises of three members including two
Independent Directors. The Committee is chaired by Ms.
k) To advise the Board on acceptable levels of risk appetite, Roshni Nadar Malhotra. Dr. Mohan Chellappa and Mr. S.
tolerance and strategy appropriate to the size and nature Madhavan, Independent Directors of the Company, are the
of business and the complexity and geographic spread of other members of the Committee.
the Company’s operations.
Terms of Reference
l) To review and reassess the adequacy of this charter
periodically and recommend any proposed changes to The terms of reference of the CSR Committee are as under:
the Board for approval from time to time.

a) Formulate and recommend to the Board, a CSR Policy. Nadar Malhotra, Mr. Shikhar Malhotra, Mr. Thomas Sieber and
Mr. R Srinivasan are the other members of the Committee.
b) Recommend the amount of expenditure to be incurred on
CSR activities. Terms of Reference
c) Formulate and recommend to the Board the Annual The terms of reference of the Finance Committee are as
Action Plan, which shall include: under:
i) the list of CSR projects or programs that are approved a) Review and provide its recommendations to the Board on
to be undertaken in areas or subjects specified in the proposals regarding capital structure plans including
Schedule VII of the Companies Act, 2013. any specific equity / debt financing plans.
ii) the manner of execution of such projects or programs; b) Review on a half yearly basis the actual performance of
the Company against the budgets.
iii) the modalities of utilization of funds for the projects or
programs; c) Review and provide its recommendations to the Board on
the capital expenditure plans, beyond the limits delegated
iv) Implementation schedules for the projects or to the CFO or CEO & Managing Director, as per the
programs; Delegation of Authority.
v) monitoring mechanism for the projects or programs; However, the Committee shall have the power to approve
capital expenditure plans involving investment in capital
vi) reporting mechanism for the projects or programs; projects up to $250 million in a financial year.
and
d) Evaluate the performance of and returns on approved
vii) details of need and impact assessment, if any, for the capital expenditure.
projects undertaken by the company.
e) Review and approve the proposals for mergers,
d) Institute a transparent monitoring mechanism for acquisitions and divestitures and provide its
implementation of CSR projects or programs or activities recommendations to the Board.
undertaken by the Company.
f) Evaluate the performance of acquisitions.
e) Monitor the Annual Action Plan for the CSR activities of
the Company from time to time. g) Review at a conceptual level the broad approach and
the elements (including tax) considered for setting up
f) Monitor the CSR Policy from time to time. subsidiaries or branches in various geographies.
g) Recommend to the Board, the treatment of short / excess h) Plan and prepare strategies for managing the foreign
spending in any financial year, as per the provisions of the exchange exposure – the Committee to approve the
Companies Act, 2013 and the Rules made thereunder. hedging policy and monitor its performance.
h) Review the need for Impact Assessment, if any, for the i) Approve the investment policy and review the performance
projects or programmes. thereof.
The CSR Policy of the Company is available on the website of j) Recommend dividend policy to the Board.
the Company and the weblink for the same has been provided
at the end of this report. k) Review and approve the insurance coverage and program
for the Company.
During FY 2023-24, the CSR Committee met two times on
April 12, 2023 and October 5, 2023. The necessary quorum l) Approve opening / closing of bank accounts of the
was present at all the meetings. Company and change in signatories for operating the
bank accounts of the Company.
Attendance details of each member at the CSR Committee
meetings held during FY 2023-24 are as follows: However, this authority will not extend to such activities
related to the subsidiaries of the Company and its joint
Name of the Position No. of No. of % of ventures.
Committee meetings meetings atten-
Member held attended dance m) Review the progress/transformation of the Finance
Ms. Roshni Chairperson 2 2 100 function at periodic intervals.
Nadar Malhotra
n) Periodic review of the initiatives / activities carried out on
Dr. Mohan Member 2 2 100 investors relations front.
Chellappa
Mr. S. Madhavan Member 2 2 100 o) To perform any other activities or responsibilities assigned
to the Committee by the Board of Directors from time to
F. Finance Committee time.
The Finance Committee of the Company comprises of five p) To delegate authorities from time to time to the Executives
members, with three of its members as Independent Directors. / Authorised persons to implement the decisions of the
The Committee is chaired by Mr. S Madhavan. Ms. Roshni Committee within the powers authorised above.

During FY 2023-24, the Committee met four times on May 24, c) Individuals with Disabilities –
2023, August 22, 2023, November 20, 2023 and February 8,
2024. The necessary quorum was present at all the meetings. i) To ensure non-discrimination and recognition of the
diversity of people with disabilities.
Attendance details of each member at the Finance Committee
meetings held during FY 2023-24 are as follows: ii) To ensure that job opportunity announcements
contain language emphasizing hiring for individuals
Name of the Position No. of No. of % of with disabilities and accordingly identify the roles/
Committee meetings meetings atten- open positions available.
Member held attended dance
Mr. S. Madhavan Chairperson 4 4 100 iii) To ensure implementation of inclusive global policies.
Ms. Roshni Nadar Member 4 4 100 iv) To ensure specialized training is provided to all
Malhotra employees for ensuring accessible workplace.
Mr. Shikhar Member 4 4 100
Malhotra v) To track and monitor employment of individuals with
disabilities (“IWD”) on a quarterly basis.
Mr. R. Srinivasan Member 4 4 100
Mr. Thomas Sieber Member 4 4 100 Matters related to ESG:
G. ESG & Diversity Equity Inclusion Committee a) To review emerging risks and opportunities associated
with sustainability/ESG issues relative to the Company
In order to affirm, guide and support the commitment of the that have the potential to impact reputation and business
Company towards ESG and to drive gender diversity, the performance including, but not limited to the following:
Company has in place a Committee of the Board named as
ESG & Diversity Equity Inclusion Committee. i) Environment - Nature of core business and impact
of business on environment, Emissions / Waste
The ESG & Diversity Equity Inclusion Committee of the Disposals / Effluents discharge, Climate change, the
Company comprises of three members, out of which two energy transition, emissions, including Greenhouse
are Independent Directors. The Committee is chaired by Ms. Gases (“GHGs”) and emissions reductions
Robin Ann Abrams. Ms. Roshni Nadar Malhotra and Mr. Simon technologies, carbon pricing.
John England are the other members of the Committee.
ii) Social - Impact of company’s product / service on
Terms of Reference society, Employee relationship, Diversity & Equality,
Social impacts such as human rights and stakeholder
The terms of reference of the ESG & Diversity Equity Inclusion relations.
Committee are as under:
iii) Governance - Promoters’ track record towards
Matters related to Diversity & Inclusion: minority shareholders, Capital Allocation track
record, Board related metrics, Auditors related
a) Gender Diversity – metrics, Business & Accounting Disclosures, quality
and significant legislative and regulatory changes,
i) To support the progression of women into senior including policy proposals and modifications that
roles. could materially impact the Company’s business.
ii) To ensure fair representation of women candidates in b) To approve the immediate and long-term plans and
the hiring process. strategy for sustainability/ESG and satisfy itself that such
strategies are integrated into the Company’s strategic
iii) To ensure fairness in promotion, compensation, plan. The Committee shall also approve the annual
rewards and leadership development process. sustainability/ ESG goals, metrics and targets for the
Company and shall assess the performance against the
iv) To build the leadership pipeline to achieve balanced targets, standards, metrics or methodologies from time to
gender ratio to all the levels of leadership. time.
v) To manage bias in talent review and succession c) To guide the management on the Company’s public
planning. disclosures with respect to ESG matters, including any
ESG disclosures for inclusion in the Company’s Annual
b) Culture and Ethnicity – Report, Website and other documents which are intended
to be disclosed to the public and/or the Company’s
i) To measure culture via setting of cultural indicators. shareholders, and the Company’s engagement with
stakeholders, including any proposals, concerns and
ii) To promote inter-cultural competence. other ESG issues that shareholders wish to bring to the
Company.
iii) To ensure high impact leadership transitions.
d) To retain such outside counsel, experts and other
iv) To create a culturally balanced diverse workforce. advisors, as the Committee may deem appropriate in its
sole discretion.
v) To empower people of different ethnicity and diverse
cultural backgrounds. e) To review and assess the aforesaid terms periodically
and recommend any proposed changes for the Board’s
approval.
During FY 2023-24, the Committee met four times on May 9, been no change in the overall remuneration of Mr. C.
2023, August 21, 2023, November 7, 2023, and February 9, Vijayakumar, as approved by the shareholders, since his
2024. The necessary quorum was present at all the meetings. appointment.
Name of the Position No. of board No. of % of 2. During FY 2023-24, he did not receive any remuneration
Committee meetings meetings atten- from the Company, however, he received remuneration
Member held attended dance including cash component of LTI from HCL America Inc.,
Ms. Robin Ann Chairperson 4 4 100 a step-down wholly owned subsidiary of the Company.
Abrams He received USD 2.36 million as the cash component of
the LTI. The perquisite value of the performance based
Ms. Roshni Member 4 4 100 RSUs exercised by him during FY 2023-24 was USD 4.56
Nadar Malhotra million.
Mr. Simon John Member 4 3 75
England 3. The Performance-linked bonus of USD 1.14 million paid in
FY 2023-24 was related to performance for the previous
Note: financial year 2022-23.
The ESG & Diversity Equity Inclusion Committee granted leave 4. During FY 2021-22, a part of the LTI, to be paid in
of absence to Mr. Simon Jonh England who had expressed future years, was converted into the Restricted Stock
his inability to attend the meeting. Units (“RSUs”). During FY 2023-24, 44,732 RSUs were
granted under the RSU Plan of the Company. The details
19. CRITERIA FOR MAKING PAYMENTS TO EXECUTIVE AND of the RSUs granted, vested and exercised by Mr. C.
NON-EXECUTIVE DIRECTORS OF THE COMPANY Vijayakumar are given hereunder.
The Remuneration Policy of the Company is aimed at Particulars Performance Tenure Based RSUs
rewarding performance, based on a review of achievements Based RSUs
on a regular basis and is in consonance with existing industry Date of Grant 20-Dec-21 20-Dec-21 06-July-23
practices.
No. of RSUs 9,00,060 3,27,295 44,732
The criteria for making payments to Executive and Non- Exercise Price per RSU ₹ 2/- ₹2/- ₹2/-
Executive Directors of the Company are as under:
Vesting Date-
A. Executive Director:
31-Jul-23 3,37,523 - -
On the recommendations of the Board and the NRC, the 31-Mar-25 - 3,27,295 -
shareholders of the Company approved the appointment of
31-Jul-25 5,62,537 - -
Mr. C. Vijayakumar as the CEO & Managing Director of the
Company along with remuneration payable to him in the AGM 31-Jul-24 - - 44,732
of the Company held on August 27, 2021. RSUs Exercised during 3,37,523 - -
FY 2023-24
In terms of the shareholders’ approval for the appointment
of Mr. C. Vijayakumar as the CEO & Managing Director, the The vested RSUs are to be exercised within 6 months from the
appointment may be terminated by either party by giving to date of vesting.
the other party six months’ prior notice of such termination.
However, the Company will have an option to terminate the B. Non-Executive Directors:
services on immediate basis or by a shorter notice by paying
remuneration in lieu thereof. During the financial year under review, the Company paid
sitting fees to its Non-Executive Directors for attending the
The remuneration paid to Mr. C. Vijayakumar during the meetings of the Board of Directors, Audit Committee and
financial year ended March 31, 2024, is as under: Finance Committee of the Company. The Company also paid
commission to its Non-Executive Directors as per the limits
Particulars FY 2023-24 approved by the Board and the shareholders of the Company.
(USD Million)
The sitting fees and commission to the Non-Executive
Base Salary 1.96 Directors for the year ended March 31, 2024, are as under:
Performance linked Bonus 1.14 (₹ in crores)
LTI- cash component 2.36 Name of the Director Sitting fees Commission
paid for payable for
LTI – perquisite value of the RSUs exercised 4.56 FY 2023-24 FY 2023-24
during FY’24
Ms. Roshni Nadar 0.02 0.92
Benefits, Perquisites, Allowances, etc. 0.04 Malhotra
Total 10.06 Ms. Bhavani 0.01 0.19
Notes: Balasubramanian
Mr. Deepak Kapoor 0.02 0.86
1. Mr. C. Vijayakumar was appointed as the Managing
Director of the Company w.e.f. July 20, 2021 with the Mr. S. Madhavan 0.03 1.06
designation as ‘CEO & Managing Director’. There has Dr. Mohan Chellappa 0.01 1.15

Name of the Director Sitting fees Commission COBEC is a set of guiding principles and covers all directors,
paid for payable for employees, third party vendors, consultants and customers
FY 2023-24 FY 2023-24 across the world. COBEC also includes the duties of
Independent Directors as mentioned in Schedule IV of the Act.
Ms. Nishi Vasudeva 0.02 0.86
COBEC Policy is periodically reviewed taking into account the
Ms. Robin Ann Abrams 0.03 1.41 prevailing business and ethical practices. COBEC Policy is also
posted on the website of the Company and the weblink for the
Dr. S. Shankara Sastry 0.01 1.08
same has been provided at the end of this report. All Board
Mr. Shikhar Malhotra 0.02 0.80 members and senior management personnel have confirmed
compliance with COBEC Policy for FY 2023-24. A declaration to
Mr. R. Srinivasan 0.02 1.30
this effect signed by the Chairperson and the CEO & Managing
Mr. Simon John England 0.01 1.29 Director of the Company is provided in this report.
Mr. Thomas Sieber 0.03 1.37
23. CODE FOR PREVENTION OF INSIDER TRADING
Ms. Vanitha Narayanan 0.01 1.29
The Company has comprehensive codes and polices on
There are no other pecuniary relationships or transactions of prevention of Insider Trading and fair disclosure in line with
the Non-Executive Directors with the Company. the SEBI (Prohibition of Insider Trading) Regulations, 2015
(as amended from time to time). The Code of Conduct
20. SUCCESSION PLANNING on Prohibition of Insider Trading (‟Insider Trading Code”)
inter-alia prohibits trading in the shares (including derivatives)
Succession Planning aids the Company in identifying and of the Company by the Designated Persons (as defined under
developing internal people with the potential to fill certain the Insider Trading Code) and their immediate relatives, while
key positions in the Company viz. Chief Executive Officer, in possession of unpublished price sensitive information
Chief Operating Officer, Chief Financial Officer and Senior in relation to the Company and its group companies. The
Management. It increases the availability of experienced and Company, within two trading days of receipt of the information
capable employees that are prepared to assume these roles under the initial and continual disclosures from the Designated
as they become available. Succession Planning is a part of Persons (as defined under the Insider Trading Code), discloses
the charter of the NRC of the Company. The Committee shall the same to the extent required, to all the Stock Exchanges,
identify, screen and review candidates, inside or outside the where the shares of the Company are listed.
Company and provide its recommendations to the Board.
24. ANTI-BRIBERY AND ANTI-CORRUPTION POLICY
21. INDEPENDENCE OF STATUTORY AUDITORS
To ensure that the Company is conducting its business
The Board ensures that the statutory auditors of the Company activities with honesty, integrity and highest possible ethical
are independent and have an arm’s length relationship with standards and to demonstrate the Company’s commitment
the Company. towards prevention, deterrence and detection of fraud, bribery
and other corrupt business practices, the Company has in
TOTAL FEES PAID TO STATUTORY AUDITORS place an Anti-Bribery and Anti-Corruption (“ABAC”) Policy that
applies to the employees at all levels, directors, consultants,
a) Fees for Audit Services agents and other persons associated with the Company, its
affiliates and subsidiaries. The Policy covers matters relating
For FY 2023-24, ₹ 10 crores were paid / incurred by the to hospitality, offset obligations, employment of relatives,
Company and its subsidiaries to the Statutory Auditors guidance on gifts, political / charitable contributions, extortion
and their network firms in India and ₹ 12 crores were paid / blackmail responses etc. ABAC Policy is available on the
/ incurred by the Company and its overseas subsidiaries website of the Company and the weblink for the same has
to the firms which are member firms and / or licensees been provided at the end of this report.
of the international organization of which the Statutory
Auditor of the Company is a sub-licensee. The fees were The Company has embarked on the journey to align its
paid for audit services related to the Company and some ABAC framework with the ISO 37001:2016 Anti-Bribery
of its subsidiaries and included fee for review / audit of Management Systems (“ABMS”) certification. This journey
IFRS financial statements on a consolidated basis. has helped strengthen the ABAC framework to encourage
all employees and business associates to understand and
b) Fees for Non-Audit Services embrace the ethical standards and make informed and ethical
decisions. The certification agency, the British Standards
For FY 2023-24, a total fee of ₹ 0.5 crore was paid / Institution (“BSI”), has issued the ISO 37001:2016 certificate
incurred by the Company and its subsidiaries for all dated December 17, 2023 to the Company re-certifying for a
non-audit services availed (in India and overseas), on further period of 3 years till December 16, 2026.
a consolidated basis to the Statutory Auditors of the
Company, their network firms and to the firms which HCLTech has received the coveted designation as one of
are member firms and / or licensees of the international World’s Most Ethical Companies 2024 by Ethisphere, a
organization of which the Statutory Auditor of the global leader in defining and advancing the standards of
Company is a sub-licensee ethical business practices. HCLTech received this recognition
after completing the World’s Most Ethical Companies
22. CODE OF BUSINESS ETHICS AND CONDUCT POLICY assessment process, which requires companies to provide
over 240 different proof points on their culture of ethics;
The Board has prescribed a Code of Business Ethics and environmental, social, and governance (ESG) practices;
Conduct (“COBEC”) Policy that provides for transparency, ethics and compliance program; diversity, equity, & inclusion;
ethical conduct, a gender friendly workplace, legal compliance and initiatives that support a strong value chain.
and protection of Company’s property and information.

25. PREVENTION AND REDRESSAL OF SEXUAL policy is available on the website of the Company and the
HARASSMENT AT WORKPLACE POLICY weblink for the same has been provided at the end of this
report.
As per the requirement of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition & Redressal) Act, 2013 27. GENERAL BODY MEETINGS
(‘POSH Act’) and Rules made thereunder, in order to provide
a safe and healthy work environment free of any hassles The location and time of the AGMs held and details of special
and all kinds of harassment including sexual harassment resolutions passed thereat during the preceding 3 years are
and to prevent and redress such harassment complaints, the as follows:
Company has in place Prevention and Redressal of Sexual
Harassment at Workplace Policy. This policy applies to all Financial Date Time (IST) Venue Details of
employees of the Company, its group companies and joint Year Special
ventures operating out of India like regular, temporary, ad-hoc, Resolution
daily wagers, contractual staff, vendors, clients, consultants, passed
trainees, probationers, apprentices, contract labor and all 2022-23 August 22, 11:00 A.M. Via Video No special
visitors to the Company. Any complaints about harassment 2023 Conferencing resolution
shall be treated under this Policy. This Policy is not confined to passed.
the actual working place of the employees in the sense of the
physical space in which paid work may be performed as per the 2021-22 August 16, 11:00 A.M Via Video No special
prescribed duty hours but also includes any place visited by the 2022 Conferencing resolution
employee arising out of or during the course of employment. passed.
The Company has constituted a committee for the redressal 2020-21 August 27, 11:00 A.M. Via Video Re-appointment
of all sexual harassment complaints. These matters are also 2021 Conferencing of Mr. Deepak
being reported to the Audit Committee. During the year ended Kapoor as an
March 31, 2024, the Company has received 87 complaints Independent
on sexual harassment and out of which 76 complaints were Director of
disposed off (excluding 16 complaints that were outstanding the Company
as on April 1, 2023 and disposed off subsequently by March for a second
31, 2024) and internal review was in progress as on March 31, term of five
2024, in respect of remaining 11 complaints. consecutive
years w.e.f.
26. WHISTLEBLOWER POLICY / VIGIL MECHANISM July 26, 2022.
The principles of trust through transparency and accountability 28. DETAILS OF RESOLUTIONS PASSED THROUGH POSTAL
are at the core of the Company’s existence. To ensure BALLOT
strict compliance with ethical and legal standards across
the Company, a Whistleblower Policy is in place to provide During the year under review, the Company has sought
appropriate avenues to the Directors, employees, contractors, approval of the shareholders by way of special resolution
contractors’ employees, clients, vendors, internal or external through postal ballot / remote e-voting facility for the following
auditors, consultants, law enforcement / regulatory agencies or matter:
other third parties to bring to the attention of the management
any issues which are perceived to be of unethical behavior • Appointment of Ms. Bhavani Balasubramanian (DIN-
including breach of Company’s Code of Conduct to regulate, 09194973) as an Independent Director of the Company,
monitor and report Insider Trading by Designated Persons and not liable to retire by rotation, for a term of five consecutive
their immediate relatives, including any incident involving leak years w.e.f. January 12, 2024 to January 11, 2029.
or suspected leak of unpublished price sensitive information,
actual or suspected fraud or violation of the Company’s A. Procedure followed for Postal Ballot / Remote E-voting
Code of Business Ethics and Conduct. All cases registered
under the Whistleblower Policy of the Company are reported The postal ballot was conducted in accordance with the
to the external Ombudsperson who carries out preliminary provisions of Sections 108 and 110 and other applicable
investigation. provisions of the Act, read with Rule 20 and 22 of the
Companies (Management and Administration) Rules, 2014
Complaints received against any EX-band (i.e. Executive ("Management Rules") and Regulation 44 of the Listing
Vice Presidents) and “C” Level Officers (CEO / CFO / CPO Regulations. The shareholders were requested to provide
/ President/ Corporate Officers) or complaints against any their assent or dissent through remote e-voting only. The
Director or Chairperson of the Company are overseen by the Company availed services of National Securities Depository
Chairperson of the Audit Committee and disciplinary action Limited for the purpose of providing remote e-voting facility.
is decided by the Audit Committee. Complaints against other
employees are investigated by an independent team which M/s. Nityanand Singh & Co., Company Secretaries, were
is overseen by the Ethics Committee. The Whistleblower has appointed as the Scrutinizer for conducting the postal ballot
direct access to the Chairperson of the Audit Committee in through / remote e-voting process in a fair and transparent
appropriate or exceptional cases and the Chairperson of the manner in accordance with the Act and the Management
Audit Committee is authorized to prescribe suitable directions Rules made thereunder.
in this regard. The identity of the Whistleblower is kept
confidential. The Postal Ballot Notice ("Notice") was sent to the shareholders
in electronic form to the e-mail addresses registered with the
The Audit Committee reviews the policy and its implementation Depository Participant(s) and Company’s Registrar & Share
on periodic basis and is provided a quarterly update on the Transfer Agent. For shareholders whose e-mail addresses
status of various complaints received and investigated. The were not registered, the Company also published a notice in

the newspaper declaring the details of completion of dispatch 29. SUBSIDIARY COMPANIES AND POLICY ON MATERIAL
through electronic mode and giving an opportunity to those SUBSIDIARY
shareholders who have not registered their e-mail addresses
for registering the same in order to obtain the electronic copy The Company has formulated and adopted a Policy for
of the Notice. determining Material Subsidiary in line with the requirements
of the Listing Regulations. The Policy aims to set out the
The Company fixed a cut-off date to reckon paid-up value principles for determining a material subsidiary. The said
of equity shares registered in the name of shareholders for policy is available on the website of the Company and the web
the purpose of voting. Further, shareholders were advised to link for the same has been provided at the end of this report.
cast their votes through remote e-voting only during the voting
period fixed for this purpose. During FY 2023-24, the following were the material subsidiaries
of the Company as per the criteria given in Regulation 16(1)(c)
After completion of scrutiny of e-votes, the scrutinizer of the Listing Regulations:
submitted his report and the results of postal ballot (through
remote e-voting) to the Chairperson for declaration. The Name Date of Place of Name of the Date of
results were placed on the website of the Company at of the Incorpo- Incorpo- Statutory Appointment
www.hcltech.com and were also intimated to the Stock Company ration ration Auditor of Statutory
Exchanges and National Securities Depository Limited. The Auditor
resolutions were deemed to have been passed on the last HCL 07-Nov- United M/s. BSR September
date of remote e-voting. America 1988 States of & Co. LLP 18, 2023
Inc. America (ICAI Number
B. Details of Voting Pattern 101248W/W-
00022),
Based on Scrutinizer’s Report, the details of voting pattern in Chartered
respect of the resolution passed are as under: Accountants
S. Particulars No. of No. of votes % of total HCL 10-Dec- Bermuda M/s. BSR September
No. shareholders cast votes cast Bermuda 1997 & Co. LLP 25, 2023
who voted Limited (ICAI Number
101248W/W-
1 Total number 00022),
of votes cast Chartered
6,094 248,50,11,069 99.89
in favour of the Accountants
Resolution
2 Total number The Audit Committee of the Company reviews the financial
of votes cast statements in particular the inter-corporate loans and
211 27,97,837 0.11 investments made by or in the subsidiary companies. The
against the
Resolution minutes of the Board meetings as well as the statement of
significant transactions and arrangements entered into by the
Total 6,305 248,78,08,906 100.00 unlisted subsidiary companies, if any, are placed before the
Board of Directors of the Company from time to time.
Invalid Votes NA NA NA
30. CEO / CFO CERTIFICATION
C. Special resolutions proposed to be passed through
Postal Ballat The Certificate by the CEO & Managing Director and the Chief
Financial Officer of the Company on the financial statements
The Board in its meeting held on April 25-26, 2024 has for FY 2023-24 as stipulated in Regulation 17(8) of the Listing
approved for seeking approval of shareholders through postal Regulations read with Part B of Schedule II was placed before
ballot, (via remote e-voting process only) on the following the Board. The said Certificate forms part of this Annual Report
special businesses: for FY 2023-24.
a) Appointment of Ms. Lee Fang Chew (DIN - 02112309) as 31. DISCLOSURES

an Independent Director of the Company.
A. Related party transactions
b) Approval of ‘HCL Technologies Limited - Restricted Stock
Unit Plan 2024’ and Grant of Restricted Stock Units to the During FY 2023-24, the Company has not entered into any
Eligible Employees of the Company thereunder. materially significant related party transactions that may have
any potential conflict with the interest of the Company at large.
c) Grant of Restricted Stock Units to the Eligible Employees
of Subsidiaries and/or Associate Companies of the B. Compliances by the Company
Company under the ‘HCL Technologies Limited -
Restricted Stock Unit Plan 2024’. The Company has complied with the applicable requirements
of the Stock Exchanges, SEBI and other statutory authorities
d) Authorization for secondary acquisition of equity shares on all matters relating to capital markets during the last three
of the Company by HCL Technologies Stock Options years. No penalties or strictures have been imposed on the
Trust for implementation of ‘HCL Technologies Limited - Company by the Stock Exchanges, SEBI or any other statutory
Restricted Stock Unit Plan 2024’ and providing financial authorities relating to the above during the last three years.
assistance in this regard.

C. Other Disclosures portfolio of businesses. The website has an entire section
dedicated to Company’s profile, its core values, corporate
a) The Company has in place the Whistleblower Policy governance, business lines and industry sections. An
which provides the Whistleblower, direct access to the exclusive section on ‘Investors’ enables them to access
Chairperson of the Audit Committee in appropriate or information at their convenience. The entire Annual Report
exceptional cases. Further, no employee has been as well as quarterly, half-yearly, annual financial statements,
denied access to the Audit Committee. press releases, quarterly shareholding patterns and quarterly
corporate governance reports are available in downloadable
b) During the financial year under review, the Company did format as a measure of added convenience to the investors.
not raise any money through public issue, right issues,
preferential issue or qualified institutional placement and C. News Releases, Presentations, etc.: Official news / media
there was no unspent money raised through such issues. releases, detailed presentations made to media, analysts,
institutional investors, etc. are displayed on the Company’s
c) Maintenance of cost records and requirement of cost website https://www.hcltech.com/investor-relations Official
audit as prescribed by the Central Government under media releases are also sent to the Stock Exchanges.
the provisions of the Section 148(1) of the Act are not
applicable to the business activities carried out by the D. Annual Report: The Annual Report containing, inter-alia,
Company. Accordingly, such cost accounts and records the Audited Annual Standalone Financial Statements,
are not maintained by the Company. Audited Annual Consolidated Financial Statements, Auditor’s
Report on these Standalone and Consolidated financial
d) In terms of the provisions of the Listing Regulations, the statements, Directors’ Report, Management Discussion and
Company has in place an “Archival Policy” and a “Policy Analysis Report, Corporate Governance Report, Business
for Determination of Materiality of Events or Information”. Responsibility and Sustainability Report and other important
Both the policies are available on the website of the information is circulated to members and others entitled thereto
Company and the weblinks for the same have been as per the provisions of the applicable laws and regulations.
provided at the end of this report. The Annual Report of the Company for FY 2023-24 shall be
available on the Company’s website in a user-friendly and
e) Credit Ratings: downloadable form.
i) For Bank Limits: E. Intimation to the Stock Exchanges: The Company intimates
to the Stock Exchanges all price sensitive information or such
ICRA Limited has re-affirmed its long-term rating other matters which in its opinion are material and of relevance
[ICRA]AAA (Stable) and short-term rating [ICRA] to the Shareholders.
A1+ to the Company in respect of its bank limits
during the financial year under review. F. NSE Electronic Application Processing System: As per the
mandate received from the National Stock Exchange of India
ii) For Senior Unsecured Notes: Limited (“NSE”), the Company has been uploading its financial
information, shareholding pattern, Report on Corporate
• S&P Global Ratings (“S&P”) re-affirmed the Governance and press releases etc. on the dedicated website
A-/Stable/-- credit rating to the Company, which is of NSE https://neaps.nseindia.com/NEWLISTINGCORP.
the Guarantor to the USD 252.207 million senior
unsecured notes (“Notes”) outstanding as on G. BSE Listing Centre: As per the mandate received from
March 31, 2024 issued by HCL America Inc., a step- the BSE Limited (“BSE”), the Company has been uploading
down wholly owned subsidiary of the Company its financial information, shareholding pattern, Report on
incorporated under the laws of California. Corporate Governance and press releases etc. on the
dedicated website of BSE https://listing.bseindia.com/
• Fitch Ratings Limited (“Fitch”) re-affirmed the LoginAuth.aspx
long-term rating of A- with stable outlook to the
Company. Fitch has also assigned long-term rating H. Online Portal-Singapore Exchange Securities Trading
of A- to the Notes issued by HCL America Inc. Limited: As the Unsecured Notes of HCL America Inc., a step-
down wholly owned subsidiary of the Company, are listed on
f) No disclosure was required to be made by the Company the Singapore Exchange Securities Trading Limited (“SGX”),
under clause 5A of paragraph A of Part A of Schedule III the necessary filings and intimations filed by the Company on
of the Listing Regulations. NSE and BSE have also been filed on the dedicated website
of SGX SGX Stargate
g) The Company has not given any loans and advances to
the firms / companies in which the Directors are interested. I. Designated exclusive e-mail ID: The Company has the
following designated e-mail ID: [email protected]
32. MEANS OF COMMUNICATION exclusively for investors servicing.
A. Financial Results, Newspapers in which results normally 33. GREEN INITIATIVES DRIVE BY THE MINISTRY OF
published: The quarterly, half-yearly and annual financial CORPORATE AFFAIRS, GOVERNMENT OF INDIA
results of the Company are generally published in leading
newspapers in India inter-alia, in Mint (all editions) and The Company, as a corporate entity, is committed to protect
Hindustan Hindi (Delhi Edition). The results are also displayed and conserve the natural environment in its operations and
on the Company’s website https://www.hcltech.com/investors/ services. As a responsible corporate citizen, the Company
results-reports. welcomes and supports the ‘Green Initiative’ taken by the
Ministry of Corporate Affairs, Government of India, enabling
B. Website: The Company’s website i.e. www.hcltech.com electronic delivery of documents to the shareholders at their
provides comprehensive information on the Company’s e-mail addresses registered with the Depository Participants /
Registrar & Share Transfer Agent.
The Annual Report (2023-24) and the Notice of the The Management is committed to build investor relations
Thirty-Second AGM will be sent to all the members in the on the pillars of trust, consistency and transparency. Its
manner prescribed in the applicable laws and regulations. The proactive approach has enabled the investor community to
Shareholder may request for a physical copy of the same. better understand the nature of the Company’s business,
management strategies and operational performance over a
Shareholders holding shares in demat form are requested to period of time.
register their e-mail addresses with their respective depository
participants and shareholders holding shares in physical 35. CERTIFICATE FROM PRACTICING COMPANY SECRETARY
form are requested to register their e-mail addresses with the ON NON-DISQUALIFICATION OF DIRECTORS
Registrar & Share Transfer Agent, to ensure electronic delivery
of all necessary documents / communication by the Company. As required under Regulation 34(3) and Schedule V of the
Listing Regulations, certificate dated April 26, 2024 obtained
34. INVESTOR RELATIONS - ENHANCING INVESTOR from M/s. Chandrasekaran Associates, Practicing Company
DIALOGUE Secretaries confirming that none of the Directors on the Board
of the Company have been debarred or disqualified from being
As a listed entity and a responsible corporate citizen, the appointed or continuing as directors of companies by SEBI /
Company recognizes the imperative need to maintain continuous Ministry of Corporate Affairs or any such statutory authority, is
dialogue with the investor community. The objective of Investor enclosed as Annexure 1 to this Report
Relations is to keep investors abreast of significant developments
that determine Company’s overall performance while at the 36. ANNUAL SECRETARIAL COMPLIANCE REPORT
same time addressing investor concerns. This translates into
disseminating timely, accurate and relevant information that As required under Regulation 24A of the Listing Regulations,
helps investors in making informed investment decisions. the Annual Secretarial Compliance Report dated April 26, 2024
issued by M/s. Chandrasekaran Associates, Practicing Company
To ensure effective communication, Conference Calls, Secretaries is available on the website of the Company at
Management Interviews, Face to Face Investor Meetings are https://www.hcltech.com/investor-relations/secretarial-compliance-report
conducted for a direct interaction of market participants with
the management team.
37. GENERAL SHAREHOLDER INFORMATION
a) Annual General Meeting: Shall be specified in the AGM Notice

Date
Time
Venue
b) Financial Year April 1, 2023 to March 31, 2024
c) Date of Book Closure Book Closure, if any, shall be specified in the AGM Notice.
d) Dividend Payment Date There is no final dividend recommended by the Board.
e) Listing of Equity Shares on National Stock Exchange of India Ltd. (NSE)

stock exchanges in India Exchange Plaza, 5th Floor, Plot No. C/1, G Block,
Bandra Kurla Complex, Bandra East, Mumbai – 400 051, India.
Tel.: +91-22-2659 8100, Fax: +91-22-26598210
BSE Limited (BSE)

Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai – 400 001, India
Tel.: +91-22-22721233, Fax: +91-22-22721919
f) Stock Codes NSE – HCLTECH

BSE – 532281
g) ISIN for Equity Shares INE860A01027
k) Listing Fees Paid to all Stock Exchanges for the year 2023-24
l) Corporate Identification L74140DL1991PLC046369

Number (CIN) of the Company
m) Registered Office 806, Siddharth, 96, Nehru Place,

New Delhi – 110 019, India
Tel.: +91-11-26436336
Website: www.hcltech.com

n) Registrar & Shares Transfer M/s Link Intime India Private Limited
Agent (RTA) Unit- HCL Technologies Limited
C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai,
Maharashtra - 400 083
SEBI Registration No.: INR000004058
Corporate Identity Number: U671 90MH1 999PTC1 18368
Telephone: +91 22 -49186270
Fax: +91 22-4918 6060
E-mail: [email protected]
o) Share Transfer System In terms of Regulation 40(1) of Listing Regulations, as amended from time to time, transfer,
transmission and transposition of securities shall be effected in dematerialized form only.
Further, SEBI vide its Circular no. SEBI/ HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8 dated
January 25, 2022 mandated that the processing of service requests for issue of duplicate
shares certificate, claim from unclaimed Suspense account, renewal / exchange of
securities, sub-division / splitting of share certificates / consolidation of securities / folios,
transmission and transposition shall be in dematerialized form only. After processing the
service request, a letter of confirmation (‘LC’) will be issued to the shareholders. The
said LC shall be valid for a period of 120 days, within which the shareholder would need
to make a request to the Depository Participant for dematerializing those shares. If the
shareholder fails to submit the request within 120 days, then the Company shall credit
those shares in the Suspense Escrow Demat account of the Company. Shareholders
can claim these shares transferred to Suspense Escrow Demat account on submission
of necessary documentation.
Transfer of shares in dematerialized form is done through the depositories with no

involvement of the Company.
p) Reconciliation of Share As required under Regulation 76 of the SEBI (Depositories and Participants) Regulations,
Capital Audit Report 2018, the reconciliation of share capital audit report on the total admitted capital with
National Securities Depository Limited (“NSDL”) and Central Depository Services (India)
Limited (“CDSL”) and the total issued and listed capital for each of the quarter in FY
2023-24 was carried out. The audit reports confirm that the total issued / paid-up share
capital is in agreement with the total number of shares in physical form and the total
number of dematerialized shares held with NSDL and CDSL.
q) Dematerialization of Shares The shares of the Company are under compulsory dematerialization (“Demat”) category
and Liquidity and consequently, shares of the Company can be traded only in electronic form.
The system for getting the shares dematerialized is as under:
a) Share certificate(s) along with Demat Requisition Form ("DRF") is to be submitted by
the shareholder to the Depository Participant ("DP") with whom he / she has opened
a Demat Account.
b) DP processes the DRF and generates a unique number viz. DRN.
c) DP forwards the DRF and share certificates to the Company’s Registrar & Shares
Transfer Agent.
d) The Company’s Registrar & Shares Transfer Agent after processing the DRF
confirms or rejects the request to the Depositories.
e) Upon confirmation, the Depository gives the credit to shareholder in his / her
depository account maintained with DP.
As on March 31, 2024 about 99.98% of the equity shares issued by the Company were
held in dematerialized form.
The Company’s equity shares are regularly traded on NSE and BSE, in dematerialized
form.
The Company’s ISIN in NSDL and CDSL for Equity Shares is INE860A01027.
Since the trading in the shares of the Company can be done only in electronic form, it is
advisable that the shareholders who have the shares in physical form get their shares
dematerialized.
r) Outstanding GDRs / ADRs / The Company has not issued any GDRs / ADRs / warrants or other instruments, which
Warrants or any Convertible are pending for conversion.
Instruments, conversion date
and likely impact on equity

s) Commodity price risk or The Company does not deal in commodities and hence the disclosure pursuant to SEBI
foreign exchange risk and Master Circular dated July 11, 2023 is not required to be given. For details on foreign
hedging activities exchange risk and hedging activities, please refer to Management Discussion and
Analysis Report which forms part of this Annual Report.
t) Compliance Certificate on the The certificate dated April 26, 2024 obtained from the Statutory Auditors of the Company,
Corporate Governance from M/s. B S R & Co. LLP, confirming compliance with the Corporate Governance requirements
the Auditors as stipulated under Schedule V read with Regulation 34(3) of the Listing Regulations, is
enclosed as Annexure 2 to this Report
u) Stock Market Data

The details of the monthly high and low prices of the Equity Shares of the Company and its comparison to broad based indices BSE
Sensex and NSE Nifty for period April 1, 2023 to March 31, 2024 are as follows:
Month Share price on BSE BSE-Sensex

High Low Volume High Low
(₹) (₹) (₹) (₹)
April 2023 1,113.90 1,016.45 15,15,765 61,209.46 58,793.08
May 2023 1,153.35 1,048.00 20,90,162 63,036.12 61,002.17
June 2023 1,194.10 1,106.80 12,43,299 64,768.58 62,359.14
July 2023 1,202.70 1,087.75 16,17,663 67,619.17 64,836.16
August 2023 1,192.85 1,112.00 23,32,079 66,658.12 64,723.63
September 2023 1,311.00 1,171.05 15,67,527 67,927.23 64,818.37
October 2023 1,282.25 1,210.00 19,06,536 66,592.16 63,092.98
November 2023 1,346.75 1,250.55 14,72,941 67,069.89 63,550.46
December 2023 1,509.25 1,308.40 29,99,234 72,484.34 67,149.07
January 2024 1,617.65 1,417.35 35,49,971 73,427.59 70,001.60
February 2024 1,696.50 1,551.20 21,56,665 73,413.93 70,809.84
March 2024 1,683.00 1,507.50 23,85,714 74,245.17 71,674.42
Source: This information is compiled from the data available from the website of BSE.
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Note: HCL share price and Sensex values as on April 1, 2023 have been baselined to 100.

Month Share Price on NSE NSE-Nifty
High Low Volume High Low
(₹) (₹) (₹) (₹)
April 2023 1,113.00 1,016.25 5,35,65,715 18,089.15 17,312.75
May 2023 1,153.35 1,048.30 4,43,99,585 18,662.45 18,042.40
June 2023 1,194.00 1,105.95 3,80,02,166 19,201.70 18,464.55
July 2023 1,202.60 1,087.05 6,92,18,168 19,991.85 19,234.40
August 2023 1,195.00 1,111.90 5,50,44,604 19,795.60 19,223.65
September 2023 1,311.30 1,171.10 4,70,92,480 20,222.45 19,255.70
October 2023 1,281.50 1,208.55 5,06,27,101 19,849.75 18,837.85
November 2023 1,346.80 1,250.65 3,86,17,412 20,158.70 18,973.70
December 2023 1,509.90 1,308.30 5,72,32,293 21,801.45 20,183.70
January 2024 1,619.60 1,417.15 7,19,48,873 22,124.15 21,137.20
February 2024 1,697.35 1,551.45 5,57,85,788 22,297.50 21,530.20
March 2024 1,683.00 1,508.20 5,59,69,973 22,526.60 21,710.20
Source: This information is compiled from the data available from the website of NSE.
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Note: HCL share price and Nifty 50 values as on April 1, 2023 have been baselined to 100.
v) Shareholding as on March 31, 2024
i) Distribution of shareholding as on March 31, 2024
Number of Equity No. of Shareholders No. of Shares Shares

Shares held Shareholders (%) (%)
1 – 500 8,59,129 96.94 3,68,16,814 1.36
501 – 1,000 13,762 1.55 1,01,46,958 0.37
1,001 – 2,000 5,863 0.66 85,09,520 0.31
2001-3000 1,835 0.21 45,30,928 0.17
3001-4000 903 0.10 32,18,280 0.12
4001-5000 577 0.07 26,40,405 0.10
5001-10,000 1,273 0.14 92,44,402 0.34
10,001 and above 2,929 0.33 263,85,57,789 97.23
Total 8,86,271 100.00 271,36,65,096 100.00

ii) Categories of equity shareholders as on March 31, 2024
Category No. of Shares Voting strength %

held
Promoters 16,50,301,111 60.81
Foreign Portfolio Investors / Foreign Institutional Investors / Foreign Banks /
Foreign Nationals 5,33,295,642 19.65
Mutual Funds 21,69,29,750 7.99
Alternate Investment Funds 40,91,362 0.15
Financial Institutions / Banks/ Insurance Companies / Provident or Pension
Funds/ Sovereign Wealth Funds/ NBFCs registered with RBI 18,56,66,167 6.84
Non Institution (Resident Individual, HUF and Trust) 9,58,69,737 3.53
Bodies Corporate (Domestic) 7,709,484 0.28
NRIs / OCBs 1,37,54,380 0.51
Central Government/State Government(s)/President of India / Investor Education
and Protection Fund 3,41,088 0.01
Clearing Members 31,796 0.00
Employee Trust (HCL Technologies Stock Options Trust) 56,74,579 0.21
Grand Total 271,36,65,096 100.00
w) Transfer of Unpaid / Unclaimed Dividend to Investor Education and Protection Fund (IEPF)
Pursuant to the provisions of Section 124 of the Act, the dividend amounts which have remained unpaid or unclaimed for a period of
seven years from the date of transfer to the unpaid dividend account have been transferred by the Company to the Investor Education
and Protection Fund (“IEPF”) established by the Central Government pursuant to Section 125 of the Act. Shareholders who have not
encashed their dividend warrants relating to the dividend specified in table below are requested to immediately send their request for
issue of duplicate warrants. Once the unclaimed dividend is transferred to the IEPF, the same can be claimed from the IEPF Authority
after following the procedures prescribed in the IEPF Rules.
Dividend Dividend Amount/ per share

Year Date of Declaration Due Date of transfer to IEPF
Type (₹)
Interim May 11, 2017 6.00 June 10, 2024
2017-2018
Interim July 27, 2017 2.00 August 26, 2024
Interim October 25, 2017 2.00 November 24, 2024
Interim January 19, 2018 2.00 February 18, 2025
Interim May 2, 2018 2.00 June 1, 2025
2018-2019
Interim May 9, 2019 2.00 June 8, 2026
Interim August 7, 2019 2.00 September 6, 2026
2019-2020 Interim October 23, 2019 2.00 November 22, 2026
Final September 29, 2020 2.00 October 29, 2027
2020-21 Interim October 16, 2020 4.00 November 15, 2027
Interim April 23, 2021 16.00 May 23, 2028
2021-22

Dividend Dividend Amount/ per share
Year Date of Declaration Due Date of transfer to IEPF
Type (₹)
2022-23
2023-24
2024-25 Interim April 26, 2024 18.00 May 25, 2031
The Company sends regular reminders to the shareholders to claim their dividends in order to avoid the transfer of dividends /
shares to the IEPF Authority. Notices in this regard are also published in the newspapers and the details of unclaimed dividends and
shareholders whose shares are liable to be transferred to the IEPF Authority, are uploaded on the website of the Company and the
weblink for the same has been provided at the end of this report.
x) Financial Calendar (tentative and subject to change)
Financial reporting for the first quarter ending June 30, 2024 2nd Week of July, 2024
Financial reporting for the second quarter and half year ending September 30, 2024 2nd/3rd Week of October, 2024
Financial reporting for the third quarter ending December 31, 2024 2nd/3rd Week of January 2025
Financial reporting for the fourth quarter and year ending March 31, 2025 3rd/4th Week of April 2025
AGM for the year ending March 31, 2025 July / August 2025
y. Address for Shareholders’ correspondence
The Secretarial Department Link Intime India Private Limited

HCL Technologies Limited (Unit: HCL Technologies Limited)
2nd Floor, Corporate Towers, Plot No. 3A, Sector -126, Noida-201 304, C-101, 247 Park, L.B.S. Marg, Vikhroli (West),
UP, India Mumbai, Maharashtra - 400 083
Tel.: +91 120 4306000 Tel.: + 91 22 49186060,
Fax:- +91 120 4680330 Toll Free: 1800 1020 878
E-mail ID: [email protected] E-mail: [email protected]
z. Centres’ Locations
The Company do not have any manufacturing plants but have development centers and offices in India and overseas. All the global
locations including India locations are available on the website of the Company at https://www.hcltech.com/global-presence
38. COMPLIANCE WITH MANDATORY AND NON-MANDATORY REQUIREMENTS
The Listing Regulations provides certain mandatory requirements which have to be fulfilled by the Company. The Company has
complied with all the mandatory requirements of the Listing Regulations. Specifically, the Company confirms compliance with
corporate governance requirements as stipulated in regulations 17 to 27, clauses (b) to (i) of regulation 46(2) and paragraphs C, D
and E of Schedule V of the Listing Regulations, as applicable.
The Listing Regulations further states certain non-mandatory requirements which may be implemented as per the discretion of the
Company. The Company complies with the following non-mandatory requirements:
a) Shareholders’ Rights
The clause states that half-yearly declaration of financial performance including summary of the significant events in the last six
months, may be sent to each shareholder. The Company communicates with investors regularly through e-mail, telephone and face
to face meetings either in investor’s conferences, Company visits or on road shows.
The Company leverages the internet in communicating with its investors. After the announcement of the quarterly results, a business
television channel in India telecasts discussions with the management. This enables a large number of retail investors in India
to understand the Company’s operations better. The announcement of quarterly results is followed by media briefing in press
conferences and earning conference calls. The earning calls are also webcast live on the internet. Further, transcripts of the earnings
calls are posted on the website of the Company and the weblink for the same has been provided at the end of this report.
The quarterly financial results are also published in English and Hindi daily newspapers.

b) Audit Qualifications
It is always the Company’s endeavor to present unqualified financial statements.
c) Separate posts of Chairperson and CEO
The positions of the Chairperson and the CEO are held by separate individuals. Ms. Roshni Nadar Malhotra, Non-Executive Director
is the Chairperson of the Company and Mr. C. Vijayakumar is the CEO and Managing Director of the Company. The Chairperson and
the CEO are not related to each other.
d) Reporting of Internal Auditor
The internal auditor reports directly to the Audit Committee of the Company.
39. PARTICULARS OF SENIOR MANAGEMENT OF THE COMPANY
The name and designation of the Senior management persons of the Company as on March 31, 2024 are given below::
S. No. Name Designation

1. Prateek Aggarwal Chief Financial Officer
2. Rahul Singh Chief Operating Officer- Corporate Functions
3. Ramachandran Sundararajan Chief People Officer
4. Vijay Anand Guntur Chief Technology Officer & Head of Ecosystems
5. Manish Anand Company Secretary
The details of the changes in Senior Management during the period under review are as follows:
S. No. Name Designation Remarks

1. Appa Rao V Chief Delivery Officer – Nearshore & New Vistas locations Resigned w.e.f. November 22, 2023
2. Anand Birje Head of Digital Business Services Resigned w.e.f. May 05, 2023
40. LIST OF WEBLINKS REFERRED IN DIRECTORS’ REPORT AND CORPORATE GOVERNANCE REPORT
Particulars Website Link

Annual Return https://www.hcltech.com/investor-relations/annual-reports
Anti-Bribery and Anti-Corruption Policy https://www.hcltech.com/investors/governance-policies/abacpdf
Archival Policy https://www.hcltech.com/investors/governance-policies/preservationofdocspolicypdf
Board Diversity Policy https://www.hcltech.com/investors/governance-policies/diversitypolicy
Code of Practices and Procedures for fair
disclosure of Unpublished Price Sensitive https://www.hcltech.com/investors/governance-policies/fair-disclosure-codepdf
Information (‘Fair Disclosure Code’)
Corporate Social Responsibility Policy https://www.hcltech.com/investors/governance-policies/csrpolicypdf
Code of Business Ethics and conduct https://www.hcltech.com/investors/governance-policies/cobecpdf
Details of unclaimed dividends and shares liable
https://www.hcltech.com/investors/iepf-details
to be transferred to IEPF
Dividend Distribution Policy https://www.hcltech.com/investors/governance-policies/ddppdf
Financial Results https://www.hcltech.com/investors/results-reports
Financial Statements of Subsidiaries https://www.hcltech.com/investors/subsidiaries-financials
Familiarization Programme for Independent
https://www.hcltech.com/investors/governance-policies/familarizationprogidpdf
Director
Investors’ Section https://www.hcltech.com/investors
Letter of Appointment of Independent Director https://www.hcltech.com/investors/governance-policies/loaidspdf

Particulars Website Link
Policy on Related Party Transactions https://www.hcltech.com/investors/governance-policies/rptpolicypdf
Policy for determining Material Subsidiary https://www.hcltech.com/investors/governance-policies/materialsubsidiarypolicypdf
Policy for Determination of Materiality of Events
https://www.hcltech.com/investors/governance-policies/determinationofmaterialityofeventspolicypdf
or Information
Remuneration Policy https://www.hcltech.com/investors/governance-policies/rempolicypdf
Transcripts of Earnings Calls https://www.hcltech.com/investors/results-reports
Whistleblower Policy https://www.hcltech.com/investors/governance-policies/whistleblowerpolicypdf

ANNEXURE - 1
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members
806, Siddharth, 96, Nehru Place,
New Delhi-110019
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of HCL Technologies Limited
having CIN L74140DL1991PLC046369 and registered office at 806, Siddharth, 96, Nehru Place, New Delhi-110019 (hereinafter referred
to as ‘the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation
34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status
at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers and declarations
received from respective Directors. We hereby certify that as on Financial Year ended on March 31, 2024 none of the Directors on the
Board of the Company as stated below have been debarred or disqualified from being appointed or continuing as Directors of companies
by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority:
Director Identification Original Date of Appointment
S.No. Name of Director(s)
Number in the Company
1 Ms. Bhavani Balasubramanian 09194973 12/01/2024
2 Mr. Deepak Kapoor 00162957 26/07/2017
3 Mr. Subramanian Madhavan 06451889 15/01/2013
4 Dr. Mohan Chellappa 06657830 06/08/2019
5 Ms. Nishi Vasudeva 03016991 01/08/2016
6 Mr. Srinivasan Ramanathan 00575854 19/04/2011
7 Ms. Robin Ann Abrams 00030840 13/09/1999
8 Ms. Roshni Nadar Malhotra 02346621 29/07/2013
9 Mr. Shikhar Neelkamal Malhotra 00779720 22/10/2019
10 Mr. Simon John England 08664595 16/01/2020
11 Dr. Sosale Shankara Sastry 05331243 24/07/2012
12 Mr. Thomas Sieber 07311191 17/10/2015
13 Ms. Vanitha Narayanan 06488655 19/07/2021
14 Mr. Vijayakumar Chinnaswamy 09244485 20/07/2021
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the
Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the
future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.
For Chandrasekaran Associates

Company Secretaries
FRN: P1988DE002500
Peer Review Certificate No.: 4186/2023
Senior Partner
Membership No. F1644
Certificate of Practice No. 715
UDIN: F001644F000220104

Place: Delhi

ANNEXURE - 2
INDEPENDENT AUDITORS’ CERTIFICATE ON COMPLIANCE WITH THE CORPORATE GOVERNANCE REQUIREMENTS UNDER
SEBI (Listing Obligations and Disclosure Requirements) REGULATIONS, 2015
TO THE MEMBERS OF HCL Technologies Limited
1. This certificate is issued in accordance with the terms of our engagement letter dated 18 December 2019.
2. We have examined the compliance of conditions of Corporate Governance by HCL Technologies Limited (“the Company”), for the
year ended 31 March 2024, as stipulated in regulations 17 to 27, clauses (b) to (i) of regulation 46(2) and paragraphs C, D and E
of Schedule V of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as
amended from time to time (“Listing Regulations”) pursuant to the Listing Agreement of the Company with Stock Exchanges.
Management’s Responsibility
3. The compliance of conditions of Corporate Governance as stipulated under the listing regulations is the responsibility of the Company’s
Management including the preparation and maintenance of all the relevant records and documents. This responsibility includes
the design, implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of
Corporate Governance stipulated in the Listing Regulations.
Auditors’ Responsibility
4. Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of
the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the
Company.
5. Pursuant to the requirements of the Listing Regulations, it is our responsibility to provide a reasonable assurance whether the
Company has complied with the conditions of Corporate Governance as stipulated in Listing Regulations for the year ended 31 March
2024.
6. We conducted our examination of the above corporate governance compliance by the Company in accordance with the Guidance
Note on Reports or Certificates for Special Purposes (Revised 2016) and Guidance Note on Certification of Corporate Governance,
both issued by the Institute of the Chartered Accountants of India (the “ICAI”), in so far as applicable for the purpose of this certificate.
The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms
that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the above-mentioned Listing Regulations.
9. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
Restriction on use
10. The certificate is addressed and provided to the Members of the Company solely for the purpose of enabling the Company to comply
with the requirement of the Listing Regulations and should not be used by any other person or for any other purpose. Accordingly,
we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is
shown or into whose hands it may come without our prior consent in writing.
For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248W/W-100022
Rakesh Dewan
Partner
Membership No:092212
UDIN:24092212BKFADW7775
Place: Gurugram
Date: 26 April, 2024

DECLARATION BY CHIEF EXECUTIVE OFFICER PURSUANT TO REGULATION 34(3) OF THE SEBI (LISTING
OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
We, Roshni Nadar Malhotra, Chairperson and C. Vijayakumar, Chief Executive Officer & Managing Director of HCL Technologies Limited
(“the Company”) confirm that the Company has adopted a Code of Business Ethics and Conduct (“Code of Conduct”) for its Board
members and senior management personnel and the Code of Conduct is available on the Company’s website.
We, further confirm that the Company has in respect of the financial year ended March 31, 2024, received from its Board members as well
as senior management personnel affirmation as to compliance with the Code of Conduct.

Roshni Nadar Malhotra C. Vijayakumar
Chairperson Chief Executive Officer & Managing Director
DIN: 02346621 DIN: 09244485

___________________________________________________________________________________________________________
CERTIFICATE BY CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO) PURSUANT
TO REGULATION 17(8) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2015
The Board of Directors

New Delhi
Dear members of the Board,
1. We have reviewed the financial statements and the cash flow statement of the Company for the year ended March 31, 2024 and to
the best of our knowledge and belief -
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be
misleading;
(ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting
standards, applicable laws and regulations.
2. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are fraudulent,
illegal or violative of the Company’s code of conduct.
3. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the
effectiveness of internal control systems of the Company pertaining to financial reporting. We have not come across any reportable
deficiencies in the design or operation of such internal controls.
4. We have indicated to the Auditors and the Audit Committee –
(i) that there are no significant changes in internal control over financial reporting during the year;
(ii) that there are no significant changes in accounting policies during the year; and
(iii) that there are no instances of significant fraud of which we have become aware and that there is no involvement of the
management or employee having a significant role in the Company’s internal control system over financial reporting.
Roshni Nadar Malhotra C. Vijayakumar

Chairperson Chief Executive Officer & Managing Director
DIN: 02346621 DIN: 09244485
Prateek Aggarwal Goutam Rungta

Chief Financial Officer Corporate Vice President- Finance


Business Responsibility and Sustainability Reporting (BRSR)- HCLTech
BRSR Statement of Director
Dear Stakeholders,
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Robin Abrams
Chairperson – ESG & DEI Committee

SECTION A: GENERAL DISCLOSURES
, Details of the listed entity

1. Corporate Identity Number (CIN) of the Listed Entity /'/3/&
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S. Particulars Total Male Female Others
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FY 2023-24 FY 2022-23 FY 2021-22
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Conduct (NGBRC):
Stakeholder Grievance Redressal Mechanism in Place FY 2023-24 FY 2022-23
group from (Yes/No) If Yes, then provide web-link for
whom the grievance redress policy Number Number Re- Num- Num- Re-
complaint is of com- of com- marks ber of ber of marks
received plaints plaints com- com-
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the year resolu- during ing
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close of year tion at
the year close
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year
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26. Overview of the entity’s material responsible business conduct issues.

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or
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SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This section is aimed at helping businesses demonstrate the structures, policies, and processes put in place towards adopting
the NGRBC principles and core elements.
Disclosure questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1. a. Whether your entity’s
policy/policies cover
each principle and its <HV <HV <HV <HV <HV <HV <HV <HV <HV
core elements of the
NGRBCs. (Yes/No)
b. Has the policy been
approved by the Board? <HV <HV <HV <HV <HV <HV <HV <HV <HV
(Yes/No)
3
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entity against the
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goals and targets along-
with reasons in case the
same are not met
Governance, leadership, and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets and
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authority responsible 0DQDJLQJ'LUHFWRU±0U&9LMD\DNXPDU
for implementation
and oversight of the
business responsibility
policy/policies
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of the Board/ Director
responsible for 0V5RELQ$QQ$EUDPV ',1
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10. Details of review of NGRBCs by the company:
Subject for review Indicate whether the review was undertaken by Director/
committee of the board/ any other committee
Performance against above policies and follow up action <HVWKH(6* '(,&RPPLWWHHUHYLHZVWKHSHUIRUPDQFH
Frequency (Annually/ Half yearly/ Quarterly/ Any other – Quarterly
please specify)
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Frequency (Annually/ Half yearly/ Quarterly/ Any other – Quarterly
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of its policies by an external agency? %565 QRQFRUHDQG6XVWDLQDELOLW\5HSRUW'19
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12. If answer to question (1) above is “No” i.e., not all principles are covered by a policy, reasons to be stated: 1RW$SSOLFDEOH
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
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PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is ethical, transparent,
and accountable
Essential Indicators
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non-monetary action has been appealed.
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link to the policy.
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Leadership Indicators
1. $ZDUHQHVVSURJUDPPHVFRQGXFWHGIRUYDOXHFKDLQSDUWQHUVRQDQ\RIWKHSULQFLSOHVGXULQJWKH¿QDQFLDO\HDU
Total number Topics/principles covered under the training % of value chain partners
of awareness covered (by value of
programmes held business done with
such partners) under the
awareness programmes
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yes, provide details of the same.
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PRINCIPLE 2: Businesses should provide goods and services in a manner that is sustainable and safe.
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environmental and social impacts to total R&D and capex investments made by the entity, respectively.
FY 2023-24 FY 2022-23 Details of improvements in environmental and social
(r in Crore) (r in Crore) impacts
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2. a) Does the entity have procedures in place for sustainable sourcing? (Yes/No)
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b) If yes, what percentage of inputs were sourced sustainably?
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3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the end of life, for
(a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
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4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste
collection plan is in line with the EPR plan submitted to Pollution Control Boards? If not, provide steps taken to address the
same.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry)
or for its services (for service industry)? If yes, provide details in the following format?
NIC Code Name of % of total Boundary for which the Whether conducted Results communicated in
product / Turnover Life Cycle Perspective by an independent the public domain (Yes/No) If
service contributed / Assessment was external agency yes, provide the web-link.
conducted (Yes/No)
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describe the same along-with action taken to mitigate the same.
Name of product / service Description of the risk/concern Action taken
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry)
or providing services (for service industry).
Indicate input material Recycled or reused input material to total material
FY 2023-24 FY 2022-23
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely
disposed of.
5. Reclaimed products and their packaging materials (as a percentage of products sold) for each product category.

PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their value chains.
1. a. Details of measures for the well-being of employees.

Category % of employees covered by
Total Health insurance* Accident 0DWHUQLW\EHQH¿WV 3DWHUQLW\EHQH¿WV Day care facilities
(A) insurance
Number % (B/A) Number % (C/A) Number % (D/A) Number % (E/A) Number % (F/A)
(B) (C) (D) (E) (F)
Permanent employees
Male 1$ 1$
)HPDOH 1$ 1$
Others 1$ 1$ 1$ 1$
Total 227,481 227,481 100% 227,481 100% 66,268 100% 160,982 100% - -
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C. Spending on measures towards well-being of employees and workers (including permanent and other than permanent)
in the following format:
FY 2023-24 FY 2022-23
Cost incurred on well-being measures as a % of total revenue of the
company.
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No. of No. of workers Deducted and No. of No. of workers Deducted and
employees covered as deposited with employees covered as deposited with
covered as a % of total the authority covered as a % of total the authority
a % of total workers (Y/N/N.A.) a % of total workers (Y/N/N.A.)
employees employees
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3. Accessibility of workplaces
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the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
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4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a
web link to the policy.
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5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Gender Permanent employees
Return to work rate Retention rate
Male
)HPDOH
Total 99.80% 73.97%
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and workers?
If yes, give details of the mechanism in brief.
(If Yes, then give details of the mechanism in brief)
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7. Membership of employees and workers in association(s) or Unions recognized by the listed entity:
Category FY 2023-24 FY 2022-23
Total No. of employees/ % Total No. of employees/ %
employees workers in the respective (B/A) employees/ workers in the respective (D/C)
workers in category, who are part workers in category, who are part
the respective of the association(s) or the respective of the association(s) or
category (A) Union (B) category (C) Union (D)
Total permanent

employees
Male
)HPDOH
Others
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8. Details of training given to employees and workers:

FY 2023-24 FY 2022-23
On Health and On skill On Health and On skill
Category
Total (A) safety measures upgradation Total (D) safety measures upgradation
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male
Female
Others
Total 227,481 38,480 16.92% 211,212 92.8% 225,944 14,481 6.4% 177,442 78.5%
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9. Details of performance and career development reviews of employees and workers:

Total (A)* No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male
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Total 214,560 214,560 100%
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10. Health and safety management system:
a) Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes,
what is the coverage of such a system?
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b) What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by
the entity?
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c) Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks
(Yes/No)
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d) Do the employees/ workers of the entity have access to non-occupational medical and healthcare services? (Yes/No)
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11. Details of safety related incidents, in the following format:

Safety incident/number Category FY 2023-24 FY 2022-23
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12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
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13. Number of complaints on the following made by employees and workers

FY 2023-24 FY 2022-23
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authorities or third parties)
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risks/concerns arising from assessments of health & safety practices and working conditions.
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1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees (Y/N) (B)
Workers (Y/N)
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2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the
value chain partners.
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reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose
family members have been placed in suitable employment:
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members have been placed in suitable employment
FY 2023-24 FY 2022-23 FY 2023-24 FY 2022-23
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4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career
endings resulting from retirement or termination of employment? (Yes/ No)
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5. Details on assessment of value chain partners

% of value chain partners (by value of business done with such partners) that were assessed
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of health and safety practices and working conditions of value chain partners.
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PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders.
1. Describe the processes for identifying key stakeholder groups of the entity.
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1. Provide the processes for consultation between stakeholders and the board on economic, environmental, and social topics
or if consultation is delegated, how is feedback from such consultations provided to the board.
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topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were
incorporated into the policies and activities of the entity.
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3. Provide details of instances of engagement with, and actions are taken to, address the concerns of vulnerable/ marginalized
stakeholder groups.
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PRINCIPLE 5: Businesses should respect and promote human rights.
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format:
Total (A) No. of employees/ % (B / A) Total (C) No. of employees/ % (D /C)
workers covered workers covered
(B) (D)
Employees
3HUPDQHQW
Other than

SHUPDQHQW
Total employees 237,248 2,26,332 95.39% 241,352 224,207 92.90%

2. Details of minimum wages paid to employees and workers
Total Equal to More than Total Equal to More than
(A) minimum wage minimum wage (D) minimum wage minimum wage
No. (B) % (B / No. (C) % (C / No. (E) % (E / No. (F) % (F /
A) A) D) D)
Employees Permanent
Male
)HPDOH
Others
Other Than Permanent
Male
)HPDOH
Others
3. Details of remuneration/salary/wages
a. Median remuneration/wages:
Male Female
Number Median remuneration/ salary/ Number Median remuneration/ salary/
wages of respective category wages of respective category
(r Lakhs /per annum) (r Lakhs /per annum)
%RDUGRI'LUHFWRUV %R'
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b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
FY 2023-24 FY 2022-23
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4. Do you have a focal point (individual/ committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business? (Yes/No)
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5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
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6. Number of complaints on the following made by employees and workers:
FY 2023-24 FY 2022-23
Filed during Pending Remarks Filed During Pending Remarks
the year resolution at the the year resolution at the
end of year** end of year**
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related issues
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in the following format:
FY 2023-24 FY 2022-23
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8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases
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9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
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10. Assessments of the year

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entity or statutory authorities or third parties)
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assessments at Question 9 above.
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2. Details of the scope and coverage of any human rights due diligence conducted
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with Disabilities Act, 2016?
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4. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners) that were assessed
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assessments at Question 4 above
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1. Details of total energy consumption (in Joules or multiples) and energy intensity:
Parameter FY 2023-24 FY 2022-23
From Renewable Sources
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Total energy consumed from renewable sources (A+B+C) 187403.10 GJ 178,785.52 GJ
From non-renewable sources
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Total energy consumed (A+B+C+D+E+F) 985,172.42 GJ 1,017,497.43
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trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been
achieved. In case targets have not been achieved, provide the remedial action taken if any.
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3. Provide details of the following disclosures related to water, in the following format:
Water withdrawal by source (in kiloliters)
L 6XUIDFHZDWHU
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Total volume of water withdrawal (in kiloliters) (i + ii + iii + iv + v) 748,299 872,688
Total volume of water consumption (in kiloliters) 737,685 863,373
Water intensity per rupee of turnover (water consumed / turnover) ./0LOOLRQൠ
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4. Provide the following details related to water discharged:

Water discharge by destination and level of treatment (in kiloliters).
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Total water discharged (in kiloliters)
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Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency.

5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.
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6. Please provide details of air emissions (other than GHG emissions) by the entity:
Parameter Unit FY 2023-24 FY 2022-23
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7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity:
Total Scope 1 emissions %UHDNXSRIWKH*+*LQWR&2, 0HWULFWRQQHVRI

&+12+)&V3)&V6)1)LIDYDLODEOH &2HTXLYDOHQW
Total Scope 2 emissions %UHDNXSRIWKH*+*LQWR&2, 0HWULFWRQQHVRI

&+12+)&V3)&V6)1)LIDYDLODEOH &2HTXLYDOHQW
Total Scope 1 and Scope 2 emissions per rupee of 07&2(TXLYDOHQW
turnover 7RWDO6FRSHDQG6FRSH*+*HPLVVLRQV 0LOOLRQൠ
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Total Scope 1 and Scope 2 emission intensity per rupee 3HU0LOOLRQൠ
of turnover adjusted for Purchasing Power Parity (PPP)
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Total Scope 1 and Scope 2 emission intensity in terms of 1$ 1$
physical output
Total Scope 1 and Scope 2 emission intensity RSWLRQDO ± 1$ 1$
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8. Does the entity have any project related to reducing greenhouse gas emission? If yes, then provide details. <HV+&/7HFKKDV
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9. Provide details related to waste management by the entity, in the following format:
Total waste generated (in metric tonnes)
3ODVWLFZDVWH $
(ZDVWH %
%LRPHGLFDOZDVWH & ,QGLDRSHUDWLRQV
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Total (A+B + C + D + E + F + G + H) 2,409.92 1,992.16
Waste intensity per rupee of Turnover 7RWDOZDVWHJHQHUDWHG5HYHQXHIURP
RSHUDWLRQV SHUPLOOLRQൠ
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP)
7RWDOZDVWHJHQHUDWHG5HYHQXHIURPRSHUDWLRQVDGMXVWHGIRU333 SHUPLOOLRQൠ
Waste intensity in terms of physical output 1$ 1$
Waste intensity RSWLRQDO ±WKHUHOHYDQWPHWULFPD\EHVHOHFWHGE\WKHHQWLW\ 1$ 1$
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations
(in metric tonnes)
Category of waste
L 5HF\FOHG
LL 5HXVHG
LLL 2WKHUUHFRYHU\RSHUDWLRQV
Total 1,914 1,610
For each category of waste generated, total waste disposed of by nature of disposal method (in metric tonnes)
Category of waste
L ,QFLQHUDWLRQ 8
LL /DQG¿OOLQJ
(iii) Other disposal operations
Total 9 8
of the external agency
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company to reduce the usage of hazardous and toxic chemicals in your products and processes and the practices adopted
to manage such wastes.
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biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones, etc.) where environmental approvals/
clearances are required, please specify details in the following format:
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12. Details of Environmental Impact Assessments of projects undertaken by the entity based on applicable laws, in the current
¿QDQFLDO\HDU
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13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India, such as the Water (prevention
and control of pollution) Act, Air (prevention and control of pollution) Act, Environment Protection Act, and rules there
under (Y/N). If not, provide details of all such non-compliances, In the following format:
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1. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
For each facility / plant located in areas of water stress, provide the following information:
(i) Name of the area: 1RW$SSOLFDEOH

(ii) Nature of operations:1RW$SSOLFDEOH
(iii) Water withdrawal, consumption and discharge1RW$SSOLFDEOH
2. Please provide details of total Scope 3 emissions & their intensity:

Total Scope 3 emissions %UHDNXSRIWKH*+*LQWR&2&+, 0HWULFWRQQHVRI

12+)&V3)&V6)1)LIDYDLODEOH &2HTXLYDOHQW
07&2H0LOOLRQ
Total Scope 3 emissions per rupee of turnover
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Total Scope 3 emission intensity RSWLRQDO ±WKHUHOHYDQW 1$ 1$
PHWULFPD\EHVHOHFWHGE\WKHHQWLW\
3. With respect to the ecologically sensitive areas reported at Question 10 of essential indicators above, provide details
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activities.
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well as the outcome of such initiatives:
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5. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link
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adaptation measures have been taken by the entity in this regard.
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7. Percentage of value chain partners (by the value of business done with such partners) that were assessed for environmental
impacts
S. No. No. of value chain % of value chain partners (by 'LVFORVHDQ\VLJQL¿FDQWDGYHUVHLPSDFWWRWKH
partners that were value of business done with such environment, arising from the value chain of the
assessed partners) that were assessed entity. What mitigation or adaptation measures
have been taken by the entity in this regard
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responsible and transparent.
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b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such a body) the
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S. No. Name of the trade and industry chambers/ associations Reach of trade and industry
chambers/ associations
(State/National)
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2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity,
based on adverse orders from regulatory authorities.
Name of authority Brief of the case Corrective action taken
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1. Details of public policy positions advocated by the entity:

S. No. Public policy Method resorted Whether information Frequency of review by board Web-link, if
advocated for such available in the public (Annually/ half yearly/ quarterly / available
advocacy domain? (Yes/No) others – please specify)
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PRINCIPLE 8: Businesses should promote inclusive growth and equitable development.
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current
¿QDQFLDO\HDU
1RW$SSOLFDEOH
2. Provide information on the project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your
entity:
1RW$SSOLFDEOH
3. Describe the mechanisms to receive and redress grievances of the community.
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4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2023-24 FY 2022-23
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5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on
a permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost
Location FY 2023-24 FY 2022-23
Rural
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Metropolitan
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(Reference: Question 1 of essential indicators above):
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by government bodies:
S. No. State Aspirational district $PRXQWVSHQW ,Qൠ
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3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising
marginalized/vulnerable groups?
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and others
(b) From which marginalized/vulnerable groups do you procure?
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(c) What percentage of total procurement (by value) does it constitute?
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PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner.
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
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2. Turnover of products and/or services as a percentage of turnover from all products/services that carry information about:
As a % to total turnover
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3. Number of consumer complaints in respect of the following:

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4. Details of instances of product recalls on account of safety issues.
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to the policy.
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by regulatory authorities on the safety of products/services.
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7. Provide the following information relating to data breaches:
a. Number of instances of data breaches-

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Level of Assurance
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Level of Assurance
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Conclusion
Reasonable level of Assurance- BRSR 9 Core Attributes
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Statement of Competence and Independence

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Purpose and Restriction on Distribution and Use

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Digitally signed by Digitally signed by
Sarkar, Chandan Kakaraparthi,
Date: 2024.06.12 Venkata Raman
18:08:57 +05’30’ Date: 2024.06.13
10:32:37 +05’30’
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Annex I
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Stipulated as per %565&RUHSURYLGHGE\WKHFRPSDQ\
Sr. No. Attribute BRSR Core Measurement Unit FY 24 Comments

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Annex II
Sites selected for audits
S. No Site Location
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Standalone
Ind AS
Financial Statements
Standalone Financial Statements 215

INDEPENDENT AUDITORS’ REPORT
To the Members of HCL Technologies Limited Basis for Opinion
Report on the Audit of the Standalone Financial Statements We conducted our audit in accordance with the Standards on Auditing
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Opinion under those SAs are further described in the Auditor’s Responsibilities
for the Audit of the Standalone Financial Statements section of our
:H KDYH DXGLWHG WKH VWDQGDORQH ¿QDQFLDO VWDWHPHQWV RI +&/ report. We are independent of the Company in accordance with the
7HFKQRORJLHV /LPLWHG WKH ³&RPSDQ\´ ZKLFK FRPSULVH WKH Code of Ethics issued by the Institute of Chartered Accountants of
standalone balance sheet as at 31 March 2024, and the standalone India together with the ethical requirements that are relevant to our
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LQFRPH VWDQGDORQH VWDWHPHQW RI FKDQJHV LQ HTXLW\ DQG WKH$FW DQG WKH 5XOHV WKHUHXQGHU DQG ZH KDYH IXO¿OOHG RXU RWKHU
VWDQGDORQHVWDWHPHQWRIFDVKÀRZVIRUWKH\HDUWKHQHQGHGDQG ethical responsibilities in accordance with these requirements and
QRWHV WR WKH VWDQGDORQH ¿QDQFLDO VWDWHPHQWV LQFOXGLQJ PDWHULDO the Code of Ethics. We believe that the audit evidence we have
accounting policies and other explanatory information. REWDLQHG LV VXႈFLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU RXU
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In our opinion and to the best of our information and according to
WKHH[SODQDWLRQVJLYHQWRXVWKHDIRUHVDLGVWDQGDORQH¿QDQFLDO Key Audit Matter
statements give the information required by the Companies Act,
³$FW´ LQWKHPDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZ Key audit matters are those matters that, in our professional
in conformity with the accounting principles generally accepted in MXGJPHQWZHUHRIPRVWVLJQL¿FDQFHLQRXUDXGLWRIWKHVWDQGDORQH
,QGLDRIWKHVWDWHRIDႇDLUVRIWKH&RPSDQ\DVDW0DUFK ¿QDQFLDO VWDWHPHQWV RI WKH FXUUHQW SHULRG 7KHVH PDWWHUV ZHUH
DQGLWVSUR¿WDQGRWKHUFRPSUHKHQVLYHLQFRPHFKDQJHVLQHTXLW\ DGGUHVVHG LQ WKH FRQWH[W RI RXU DXGLW RI WKH VWDQGDORQH ¿QDQFLDO
DQGLWVFDVKÀRZVIRUWKH\HDUHQGHGRQWKDWGDWH statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Description of Key Audit Matter
Evaluation of tax positions and litigations

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The key audit matter How the matter was addressed in our audit
The Company is required to estimate its income tax liabilities ,Q YLHZ RI WKH VLJQL¿FDQFH RI WKH PDWWHU ZH DSSOLHG WKH IROORZLQJ DXGLW
in accordance with the tax laws applicable in India. Further, SURFHGXUHV LQ WKLV DUHD DPRQJ RWKHUV WR REWDLQ VXႈFLHQW DSSURSULDWH
there are matters of interpretation in terms of application of audit evidence:
tax laws and related rules to determine current tax provision
and deferred taxes. x WHVWLQJWKHGHVLJQLPSOHPHQWDWLRQDQGRSHUDWLQJHႇHFWLYHQHVVRIWKH
Company's key controls over identifying uncertain tax positions and
The Company has material tax positions and litigations on matters involving litigations/disputes.
a range of tax matters. This requires management to make
VLJQL¿FDQWMXGJPHQWVWRGHWHUPLQHWKHSRVVLEOHRXWFRPHRI x obtaining details of tax positions and tax litigations for the year
uncertain tax positions and litigations and their consequent and as at 31 March 2024 and holding discussions with designated
impact on related accounting and disclosures in the management personnel.
VWDQGDORQH¿QDQFLDOVWDWHPHQWV x assessing and analysing select key correspondences with tax
authorities and inspecting external legal opinions obtained by
management for key uncertain tax positions and tax litigations.
x evaluating underlying evidence and documentation to determine
whether the information provides a basis for amounts provided/not
provided in the books of account.
x involving our internal tax specialists and evaluating management’s
underlying key assumptions in estimating the tax provisions and
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x in respect of tax positions and litigations, assessing the computation
of provisions and consequent impact on related accounting and
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Other Information
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for the other information. The other information comprises the our responsibility is to read the other information and, in doing so,
information included in the Company’s annual report, but does not consider whether the other information is materially inconsistent with
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the audit or otherwise appears to be materially misstated. If, based
2XURSLQLRQRQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVGRHVQRWFRYHU on the work we have performed, we conclude that there is a material
the other information and we do not express any form of assurance misstatement of this other information, we are required to report that
conclusion thereon. fact. We have nothing to report in this regard.

Management's and Board of Directors' Responsibilities for x Evaluate the appropriateness of accounting policies used and the
the Standalone Financial Statements reasonableness of accounting estimates and related disclosures
made by the Management and Board of Directors.
The Company’s Management and Board of Directors are responsible
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FRPSUHKHQVLYH LQFRPH FKDQJHV LQ HTXLW\ DQG FDVK ÀRZV RI WKH audit evidence obtained, whether a material uncertainty exists
Company in accordance with the accounting principles generally UHODWHG WR HYHQWV RU FRQGLWLRQV WKDW PD\ FDVW VLJQL¿FDQW GRXEW
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$6 VSHFL¿HGXQGHU6HFWLRQRIWKH$FW7KLVUHVSRQVLELOLW\DOVR conclude that a material uncertainty exists, we are required to
includes maintenance of adequate accounting records in accordance draw attention in our auditor’s report to the related disclosures
with the provisions of the Act for safeguarding of the assets of LQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVRULIVXFKGLVFORVXUHVDUH
the Company and for preventing and detecting frauds and other LQDGHTXDWHWRPRGLI\RXURSLQLRQ2XUFRQFOXVLRQVDUHEDVHGRQ
LUUHJXODULWLHV VHOHFWLRQ DQG DSSOLFDWLRQ RI DSSURSULDWH DFFRXQWLQJ the audit evidence obtained up to the date of our auditor’s report.
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SUXGHQWDQGGHVLJQLPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDGHTXDWH cease to continue as a going concern.
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the accuracy and completeness of the accounting records, relevant x Evaluate the overall presentation, structure and content of the
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statements that give a true and fair view and are free from material DQG ZKHWKHU WKH VWDQGDORQH ¿QDQFLDO VWDWHPHQWV UHSUHVHQW WKH
misstatement, whether due to fraud or error. underlying transactions and events in a manner that achieves
fair presentation.
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and Board of Directors are responsible for assessing the Company’s We communicate with those charged with governance regarding,
ability to continue as a going concern, disclosing, as applicable, among other matters, the planned scope and timing of the audit
matters related to going concern and using the going concern basis DQGVLJQL¿FDQWDXGLW¿QGLQJVLQFOXGLQJDQ\VLJQL¿FDQWGH¿FLHQFLHV
of accounting unless the Board of Directors either intends to liquidate in internal control that we identify during our audit.
the Company or to cease operations, or has no realistic alternative
but to do so. We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
The Board of Directors is also responsible for overseeing the independence, and to communicate with them all relationships
&RPSDQ\¶V¿QDQFLDOUHSRUWLQJSURFHVV and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Auditor’s Responsibilities for the Audit of the Standalone
Financial Statements From the matters communicated with those charged with
governance, we determine those matters that were of most
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WKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVDVDZKROHDUHIUHHIURPPDWHULDO of the current period and are therefore the key audit matters.
misstatement, whether due to fraud or error, and to issue an auditor’s We describe these matters in our auditor’s report unless law or
report that includes our opinion. Reasonable assurance is a high regulation precludes public disclosure about the matter or when,
level of assurance, but is not a guarantee that an audit conducted in extremely rare circumstances, we determine that a matter
in accordance with SAs will always detect a material misstatement should not be communicated in our report because the adverse
when it exists. Misstatements can arise from fraud or error and are consequences of doing so would reasonably be expected to
considered material if, individually or in the aggregate, they could RXWZHLJKWKHSXEOLFLQWHUHVWEHQH¿WVRIVXFKFRPPXQLFDWLRQ
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design and perform audit procedures responsive to those risks, $ $VUHTXLUHGE\6HFWLRQ RIWKH$FWZHUHSRUWWKDW
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provide a basis for our opinion. The risk of not detecting a material D :HKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQG
misstatement resulting from fraud is higher than for one resulting explanations which to the best of our knowledge and
from error, as fraud may involve collusion, forgery, intentional belief were necessary for the purposes of our audit.
omissions, misrepresentations, or the override of internal control.
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x 2EWDLQDQXQGHUVWDQGLQJRILQWHUQDOFRQWUROUHOHYDQWWRWKHDXGLW by law have been kept by the Company so far as it
in order to design audit procedures that are appropriate in the appears from our examination of those books except
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responsible for expressing our opinion on whether the company UHSRUWLQJ XQGHU 5XOH J RI WKH &RPSDQLHV $XGLW
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such controls. F 7KH VWDQGDORQH EDODQFH VKHHW WKH VWDQGDORQH
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of changes in equity and the standalone statement of the understanding, whether recorded in writing
FDVKÀRZVGHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQW or otherwise, that the Company shall directly
with the books of account. or indirectly, lend or invest in other persons or
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VWDWHPHQWV FRPSO\ ZLWK WKH ,QG $6 VSHFL¿HG XQGHU %HQH¿FLDULHV´ RUSURYLGHDQ\JXDUDQWHHVHFXULW\
Section 133 of the Act. RUWKHOLNHRQEHKDOIRIWKH8OWLPDWH%HQH¿FLDULHV
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from the directors as on 31 March 2024 and 1 April that have been considered reasonable and
2024 taken on record by the Board of Directors, none appropriate in the circumstances, nothing has
RI WKH GLUHFWRUV LV GLVTXDOL¿HG DV RQ 0DUFK come to our notice that has caused us to believe
from being appointed as a director in terms of Section WKDWWKHUHSUHVHQWDWLRQVXQGHUVXEFODXVH L DQG
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above, contain any material misstatement.
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accounts and other matters connected therewith are as H 7KHLQWHULPGLYLGHQGGHFODUHGRUSDLGE\WKH&RPSDQ\
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the Company has used accounting softwares for
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&RPSDQ\ DQG WKH RSHUDWLQJ HႇHFWLYHQHVV RI VXFK has operated throughout the year for all relevant
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except matters below which are managed only by
% With respect to the other matters to be included in the Auditor’s service provider:
5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH&RPSDQLHV $XGLW
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our information and according to the explanations given to us: for accounting softwares to log any direct data
changes,
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LQ LWV VWDQGDORQH ¿QDQFLDO VWDWHPHQWV 5HIHU LQFRPH which audit trail was not enabled.
tax liabilities disclosed in the balance sheet along with
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statements. and operated throughout the year for the respective
accounting softwares, we did not come across any
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including derivative contracts for which there were any
material foreseeable losses. & :LWK UHVSHFW WR WKH PDWWHU WR EH LQFOXGHG LQ WKH $XGLWRU¶V
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required to be transferred, to the Investor Education In our opinion and according to the information and
and Protection Fund by the Company. explanations given to us, the remuneration paid by the
Company to its directors during the current year is in
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best of its knowledge and belief, as disclosed The remuneration paid to any director is not in excess
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statements, no funds have been advanced or 0LQLVWU\RI&RUSRUDWH$ႇDLUVKDVQRWSUHVFULEHGRWKHUGHWDLOV
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or share premium or any other sources or kind commented upon by us.
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whether recorded in writing or otherwise, that
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the Intermediary shall directly or indirectly lend
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any manner whatsoever by or on behalf of the Rakesh Dewan
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any guarantee, security or the like on behalf of Membership No.: 092212
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best of its knowledge and belief, as disclosed Date: 26 April 2024
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statements, no funds have been received by
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Annexure A to the Independent Auditor’s Report on the 7KH &RPSDQ\ KDV QRW PDGH DQ\ LQYHVWPHQWV LQ ¿UPV DQG
Standalone Financial Statements of HCL Technologies limited liability partnerships. Further, the Company has not
Limited for the year ended 31 March 2024 JUDQWHG DQ\ ORDQV VHFXUHG RU XQVHFXUHG WR ¿UPV OLPLWHG
(Referred to in paragraph 1 under ‘Report on Other Legal and liability partnerships or any other parties and not granted any
Regulatory Requirements’ section of our report of even date) secured loans to Companies.
L D $ The Company has maintained proper records D $ %DVHG RQ WKH DXGLW SURFHGXUHV FDUULHG RQ E\ XV
showing full particulars, including quantitative details and as per the information and explanations given
and situation of Property, Plant and Equipment. to us, the Company has not granted any loans to
subsidiaries.
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showing full particulars of intangible assets. % %DVHG RQ WKH DXGLW SURFHGXUHV FDUULHG RQ E\ XV
and as per the information and explanations given
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to us and on the basis of our examination of the nature of intercorporate deposits to parties other
records of the Company, the Company has a regular than subsidiaries as below:
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Plant and Equipment by which all property, plant and Particulars Amount in INR
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period of 3 years. In accordance with this programme,
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during the year. In our opinion, this periodicity of WKH\HDU2WKHUV
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size of the Company and the nature of its assets. As EDODQFHVKHHWGDWH2WKHUV
informed to us, no material discrepancies were noticed
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to us and on the basis of our examination of the by us, we are of the opinion that the investment made
records of the Company, the title deeds of immovable and the terms and conditions of the grant of loans in
SURSHUWLHV RWKHUWKDQLPPRYDEOHSURSHUWLHVZKHUHWKH the nature of intercorporate deposits are, prima facie,
Company is the lessee and the leases agreements are QRWSUHMXGLFLDOWRWKHLQWHUHVWRIWKHFRPSDQ\
GXO\H[HFXWHGLQIDYRXURIWKHOHVVHH GLVFORVHGLQWKH F $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWR
VWDQGDORQH¿QDQFLDOVWDWHPHQWVDUHKHOGLQWKHQDPH us and on the basis of our examination of the records
of the Company. of the Company, in the case of loans given in the nature
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us and on the basis of our examination of the records and payment of interest has been stipulated and the
of the Company, the Company has not revalued its repayments or receipts have been regular. Further, the
3URSHUW\3ODQWDQG(TXLSPHQW LQFOXGLQJ5LJKWRI8VH Company has not given any advance in the nature of
DVVHWV RULQWDQJLEOHDVVHWVGXULQJWKH\HDU loan to any party during the year.
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us and on the basis of our examination of the records us and on the basis of our examination of the records
of the Company, there are no proceedings initiated or of the Company, there is no overdue amount for more
pending against the Company for holding any benami than ninety days in respect of loans given in the nature
property under the Prohibition of Benami Property of intercorporate deposits. Further, the Company has
Transactions Act, 1988 and rules made thereunder. not given any advances in the nature of loans to any
party during the year.
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to us and on the basis of our examination of the H $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ
records of the Company, the inventory has been to us and on the basis of our examination of the
SK\VLFDOO\YHUL¿HGE\WKHPDQDJHPHQWGXULQJWKH\HDU records of the Company, there is no loan in the nature
,Q RXU RSLQLRQ WKH IUHTXHQF\ RI VXFK YHUL¿FDWLRQ LV of intercompany deposits falling due during the year,
reasonable and procedures and coverage as followed which has been renewed or extended or fresh loans in
by management were appropriate. As informed to us, the nature of intercompany deposits granted to settle
QRGLVFUHSDQFLHVZHUHQRWLFHGRQYHUL¿FDWLRQEHWZHHQ the overdues of existing loans given in the nature of
the physical stocks and the book records that were intercompany deposits to same parties.
more than 10% in the aggregate of each class of
inventory. I$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWR
us and on the basis of our examination of the records of
E $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ the Company, the Company has not granted any loans
to us and on the basis of our examination of the or advances in the nature of loans either repayable on
records of the Company, the Company has not been demand or without specifying any terms or period of
VDQFWLRQHGDQ\ZRUNLQJFDSLWDOOLPLWVLQH[FHVVRI¿YH repayment.
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institutions on the basis of security of current assets at LY $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQG
DQ\SRLQWRIWLPHRIWKH\HDU$FFRUGLQJO\FODXVH LL on the basis of our examination of records, the Company has
E RIWKH2UGHULVQRWDSSOLFDEOHWRWKH&RPSDQ\ not given any loans, or provided guarantees or securities,
DVVSHFL¿HGXQGHUVHFWLRQRIWKH&RPSDQLHV$FW
LLL $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV Further, the Company has complied with the provisions
and on the basis of our examination of the records of the of Section 186 of the Companies Act, 2013 in relation to
Company, the Company has not provided any guarantee investments made, loans in the nature of intercorporate
or security or granted any advances in the nature of deposits and guarantees given. The Company has not
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liability partnerships or any other parties during the year. Companies Act, 2013.
During the year, the Company has made investments in
companies and other parties and has granted unsecured Y 7KH &RPSDQ\ KDV QRW DFFHSWHG DQ\ GHSRVLWV RU DPRXQWV
loans in the nature of intercorporate deposits in companies, which are deemed to be deposits from the public. Accordingly,
in respect of which the requisite information is as below. FODXVH Y RIWKH2UGHULVQRWDSSOLFDEOH
YL According to the information and explanations given to us, Amount Forum where
WKH&HQWUDO*RYHUQPHQWKDVQRWSUHVFULEHGWKHPDLQWHQDQFH Name of the Nature of Period to which
(in INR dispute is
Statute the dues amount relates
RI FRVW UHFRUGV XQGHU 6HFWLRQ RI WKH $FW IRU WKH crores)* pending
VHUYLFHVSURYLGHGE\LW$FFRUGLQJO\FODXVH YL RIWKH2UGHU Goods and Goods and 1.06 FY 2017-18 and FY Additional
is not applicable. Service Tax Service Tax 2018-19 Commissioner
Act, 2017 (appeals) of Goods
YLL D 7KH &RPSDQ\ GRHV QRW KDYH OLDELOLW\ LQ UHVSHFW RI and Service Tax
Service tax, Duty of excise, Sales tax and Value added Customs Act, Duty to 0.27 FY 2006-07 Common
WD[GXULQJWKH\HDUVLQFHHႇHFWLYH-XO\WKHVH 1962 Customs Adjudicating
VWDWXWRU\GXHVKDVEHHQVXEVXPHGLQWR*67 Authority
(Directorate
According to the information and explanations given of Revenue
to us and on the basis of our examination of the Intelligence)
records of the Company, in our opinion amounts Customs Act, Duty to 2.21 FY 1997-98 to FY Office of Assistant
deducted / accrued in the books of account in respect 1962 Customs 1999-00 Commissioner of
Customs
RI XQGLVSXWHG VWDWXWRU\ GXHV LQFOXGLQJ *RRGV DQG
Service Tax, Provident Fund, Employees State Customs Act, Duty to 0.59 FY 2007-08 FY Customs, Excise,
1962 Customs 2009-10 Service Tax
,QVXUDQFH,QFRPH7D['XW\RI&XVWRPVRU&HVVRU to FY 2013-14 Appellant Tribunal,
other statutory dues have generally been regularly Maharashtra
deposited with the appropriate authorities, though Finance Act Service Tax 0.79 FY 2006-07 High Court of
there have been slight delays in payment of Duty of 1994, read Allahabad
Customs. with Service
Tax Rules,
According to the information and explanations given to 1994
us and on the basis of our examination of the records Finance Act Service Tax 23.56 FY 2006-07 to FY Customs, Excise,
of the Company, no undisputed amounts payable in 1994, read 2011-12, Service Tax
with Service FY 2009-10 Appellant Tribunal,
UHVSHFW RI *RRGV DQG 6HUYLFH 7D[ 3URYLGHQW )XQG Tax Rules, Allahabad
(PSOR\HHV 6WDWH ,QVXUDQFH ,QFRPH7D[ 'XW\ RI 1994
Customs or Cess or other statutory dues were in Finance Act Service Tax 0.37 FY 2013-14 Customs, Excise,
arrears as at 31 March 2024 for a period of more than 1994, read Service Tax
six months from the date they became payable. with Service Appellant Tribunal
Tax Rules,
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us and on the basis of our examination of the records Finance Act Service Tax 1.18 FY 2007-10 High Court of
RIWKH&RPSDQ\VWDWXWRU\GXHVUHODWLQJWR*RRGVDQG 1994, read Allahabad
6HUYLFH7D[,QFRPH7D['XW\RI&XVWRPVRU&HVVRU with Service
tax rules, 1994
other statutory dues which have not been deposited
on account of any dispute as at 31 March 2024 are as Finance Act Service Tax 15.56 April 2012 to Customs, Excise,
1994, read September 2012 Service Tax
follows: with Service Appellant Tribunal,
tax rules, 1994 Allahabad
Amount Forum where Finance Act Service Tax 2.06 April 2011 to Customs, Excise,
Name of the Nature of Period to which
(in INR dispute is 1994, read March 2015 Service Tax
Statute the dues amount relates
crores)* pending with Service Appellant Tribunal,
Income Tax Income Tax 3.66 FY 2021-22 Assistant tax rules, 1994 Allahabad
Act, 1961 Commissioner of Finance Act Service Tax 1.53 October 2011 Additional
Income Tax 1994, read to September 2012 Commissioner,
Income Tax Income Tax 3,249.36 FY 2003-04, Commissioner with Service Central Goods &
Act, 1961 2011-12 of IncomeTax tax rules, 1994 Services Tax
to FY 20-21 (Appeals) Finance Act Service Tax 6.27 FY 2014-15 and FY Customs, Excise,
Income Tax Income Tax 358.45 FY 2003-04, FY Income Tax 1994, read 2016-17 Service Tax
Act, 1961 2005-06 Appellate Tribunal- with Service Appellant Tribunal
FY2006-07 and FY Delhi tax rules, 1994
2008-09
to FY 2010-11
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Income Tax Income Tax 14.70 FY 2006-07 Income Tax in respect of Income tax is INR 180 Crores and guarantee given
Act, 1961 Appellate Tribunal-
Mumbai under protest is INR 310 crores.
Income Tax Income Tax 2.20 FY 2002-03, FY High Court of Delhi YLLL $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV
Act, 1961 2003-04 and on the basis of our examination of the records of the
and FY 2005-06
Company, the Company has not surrendered or disclosed
Income Tax Income Tax 1.60 FY 2006-07 High Court of any transactions, previously unrecorded as income in the
Act, 1961 Karnataka books of account, in the tax assessments under the Income
Income Tax Income Tax 0.62 FY 2008-09 HighCourt of Tax Act, 1961 as income during the year.
Act, 1961 Allahabad
Income Tax Income Tax 11.30 FY 2002-03 to FY Hon’ble Supreme L[ D $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWR
Act, 1961 2004-05 Court of India us and on the basis of our examination of the records
Central Sales Sales Tax 0.05 FY 2012-13 Joint Commissioner of the Company, the Company has not defaulted in
Tax, 1956 (Appeals) repayment of loans and borrowing or in the payment
Maharashtra Value 7.94 FY 2012-13 Joint Commissioner of interest thereon to banks during the year. Further,
VAT Act, Added Tax (Appeals), LargeTax the Company did not have any outstanding loans or
2002 Payer Unit, Mumbai ERUURZLQJV IURP ¿QDQFLDO LQVWLWXWLRQV RU DQ\ RWKHU
Goods and Goods and 1.46 October 2018 to Additional lender during the year.
Service Tax Service Tax December 2019 Commissioner
Act, 2017 (appeals) of Goods E $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWR
and Service Tax us and on the basis of our examination of the records
Goods and Goods and 0.27 FY 17-18 and FY Additional of the Company, the Company has not been declared
Service Tax Service Tax 21-22 Commissioner DZLOIXOGHIDXOWHUE\DQ\EDQNRU¿QDQFLDOLQVWLWXWLRQRU
Act, 2017 (appeals) of Goods
and Service Tax government or government authority.

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explanations given to us by the management, term Company issued till date for the period under audit.
loans were applied for the purpose for which the loans
were obtained. [Y ,Q RXU RSLQLRQ DQG DFFRUGLQJ WR WKH LQIRUPDWLRQ DQG
explanations given to us, the Company has not entered
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to us and on an overall examination of the balance connected to its directors and hence, provisions of Section
sheet of the Company, we report that no funds raised 192 of the Act are not applicable to the Company.
RQ VKRUWWHUP EDVLV KDYH EHHQ XVHG IRU ORQJWHUP
purposes by the Company. [YL D 7KH &RPSDQ\ LV QRW UHTXLUHG WR EH UHJLVWHUHG XQGHU
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to us and on an overall examination of the standalone applicable.
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the Company has not taken any funds from any entity E 7KH &RPSDQ\ LV QRW UHTXLUHG WR EH UHJLVWHUHG XQGHU
or person on account of or to meet the obligations of its 6HFWLRQ ,$ RI WKH 5HVHUYH %DQN RI ,QGLD $FW
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does not hold any investment in any associates and applicable.
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ended 31 March 2024. &,& DV GH¿QHG LQ WKH UHJXODWLRQV PDGH E\ WKH
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us and procedures performed by us, we report that the WKH2UGHULVQRWDSSOLFDEOH
company has not raised loans during the year on the G $FFRUGLQJWRLQIRUPDWLRQDQGH[SODQDWLRQJLYHQWRXV
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DV GH¿QHG XQGHU WKH$FW GXULQJ WKH \HDU HQGHG
March 2024. [YLL 7KH &RPSDQ\ KDV QRW LQFXUUHG FDVK ORVVHV LQ WKH FXUUHQW
DQGLQWKHLPPHGLDWHO\SUHFHGLQJ¿QDQFLDO\HDU
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LQLWLDOSXEOLFRႇHURUIXUWKHUSXEOLFRႇHU LQFOXGLQJGHEW [YLLL 7KHUH KDV EHHQ QR UHVLJQDWLRQ RI WKH VWDWXWRU\ DXGLWRUV
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not applicable. not applicable.
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us and on the basis of our examination of the records DQGRQWKHEDVLVRIWKH¿QDQFLDOUDWLRVDJHLQJDQGH[SHFWHG
of the Company, the Company has not made any GDWHV RI UHDOLVDWLRQ RI ¿QDQFLDO DVVHWV DQG SD\PHQW RI
preferential allotment or private placement of shares ¿QDQFLDO OLDELOLWLHV RWKHU LQIRUPDWLRQ DFFRPSDQ\LQJ WKH
or fully or partly convertible debentures during the VWDQGDORQH ¿QDQFLDO VWDWHPHQWV RXU NQRZOHGJH RI WKH
\HDU $FFRUGLQJO\ FODXVH [ E RI WKH 2UGHU LV QRW Board of Directors and management plans and based on our
applicable. examination of the evidence supporting the assumptions,
nothing has come to our attention, which causes us to
[L D %DVHG RQ H[DPLQDWLRQ RI WKH ERRNV DQG UHFRUGV RI believe that any material uncertainty exists as on the date of
the Company and according to the information and the audit report that the Company is not capable of meeting
explanations given to us, considering the principles of its liabilities existing at the date of balance sheet as and when
materiality outlined in Standards on Auditing, we report they fall due within a period of one year from the balance
that no fraud by the Company or on the Company has sheet date. We, however, state that this is not an assurance
been noticed or reported during the course of the audit. as to the future viability of the Company. We further state that
E $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWR our reporting is based on the facts up to the date of the audit
XVQRUHSRUWXQGHUVXEVHFWLRQ RI6HFWLRQRI report and we neither give any guarantee nor any assurance
WKH$FWKDVEHHQ¿OHGE\WKHDXGLWRUVLQ)RUP$'7DV that all liabilities falling due within a period of one year from
SUHVFULEHGXQGHU5XOHRIWKH&RPSDQLHV $XGLWDQG the balance sheet date, will get discharged by the Company
$XGLWRUV 5XOHVZLWKWKH&HQWUDO*RYHUQPHQW as and when they fall due.
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complaints received by the Company during the year explanations given to us, there is no unspent amount under
while determining the nature, timing and extent of our VXEVHFWLRQ RI 6HFWLRQ RI WKH $FW SXUVXDQW WR DQ\
audit procedures. SURMHFW $FFRUGLQJO\ FODXVHV [[ D DQG [[ E RI WKH
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the Company is not a Nidhi Company. Accordingly, clause
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explanations given to us, the transactions with related parties )LUP¶V5HJLVWUDWLRQ1R::
are in compliance with Section 177 and 188 of the Act, where
applicable, and the details of the related party transactions Rakesh Dewan
KDYHEHHQGLVFORVHGLQWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWV Partner
as required by the applicable accounting standards. Membership No.: 092212
[LY D %DVHGRQLQIRUPDWLRQDQGH[SODQDWLRQVSURYLGHGWRXV ,&$,8',1%.)$'9
and our audit procedures, in our opinion, the Company
has an internal audit system commensurate with the 3ODFH*XUXJUDP
size and nature of its business. Date: 26 April 2024

Annexure B to the Independent Auditor’s Report on the LQFOXGHG REWDLQLQJ DQ XQGHUVWDQGLQJ RI LQWHUQDO ¿QDQFLDO FRQWUROV
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for the year ended 31 March 2024 material weakness exists, and testing and evaluating the design
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5HSRUWRQWKHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFHWRWKH assessed risk. The procedures selected depend on the auditor’s
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Sub-section 3 of Section 143 of the Act PLVVWDWHPHQWRIWKHVWDQGDORQH¿QDQFLDOVWDWHPHQWVZKHWKHUGXH
to fraud or error.
(Referred to in paragraph 2(A)(g) under ‘Report on Other Legal
and Regulatory Requirements’ section of our report of even :HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXႈFLHQW
date) and appropriate to provide a basis for our audit opinion on the
&RPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWUROV ZLWK UHIHUHQFH WR ¿QDQFLDO
Opinion statements.
:H KDYH DXGLWHG WKH LQWHUQDO ¿QDQFLDO FRQWUROV ZLWK UHIHUHQFH WR Meaning of Internal Financial Controls with Reference to
¿QDQFLDOVWDWHPHQWVRI+&/7HFKQRORJLHV/LPLWHG ³WKH&RPSDQ\´ Financial Statements
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date. statements is a process designed to provide reasonable assurance
In our opinion, the Company has, in all material respects, adequate UHJDUGLQJ WKH UHOLDELOLW\ RI ¿QDQFLDO UHSRUWLQJ DQG WKH SUHSDUDWLRQ
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DQG VXFK LQWHUQDO ¿QDQFLDO FRQWUROV ZHUH RSHUDWLQJ HႇHFWLYHO\ generally accepted accounting principles. A company's internal
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Company considering the essential components of internal control RI UHFRUGV WKDW LQ UHDVRQDEOH GHWDLO DFFXUDWHO\ DQG IDLUO\ UHÀHFW
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accordance with generally accepted accounting principles, and that
Management’s and Board of Directors’ Responsibilities for receipts and expenditures of the company are being made only in
Internal Financial Controls accordance with authorisations of management and directors of
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The Company’s Management and the Board of Directors are prevention or timely detection of unauthorised acquisition, use,
UHVSRQVLEOH IRU HVWDEOLVKLQJ DQG PDLQWDLQLQJ LQWHUQDO ¿QDQFLDO or disposition of the company's assets that could have a material
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WR ¿QDQFLDO VWDWHPHQWV FULWHULD HVWDEOLVKHG E\ WKH &RPSDQ\
considering the essential components of internal control stated Inherent Limitations of Internal Financial Controls with
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company’s policies, the safeguarding of its assets, the prevention collusion or improper management override of controls, material
and detection of frauds and errors, the accuracy and completeness misstatements due to error or fraud may occur and not be detected.
of the accounting records, and the timely preparation of reliable $OVRSURMHFWLRQVRIDQ\HYDOXDWLRQRIWKHLQWHUQDO¿QDQFLDOFRQWUROV
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Auditor’s Responsibility ¿QDQFLDOVWDWHPHQWVPD\EHFRPHLQDGHTXDWHEHFDXVHRIFKDQJHV
in conditions, or that the degree of compliance with the policies or
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based on our audit. We conducted our audit in accordance with the
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6HFWLRQ RIWKH$FWWRWKHH[WHQWDSSOLFDEOHWRDQDXGLWRI Chartered Accountants
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with ethical requirements and plan and perform the audit to obtain Rakesh Dewan
UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU DGHTXDWH LQWHUQDO ¿QDQFLDO Partner
FRQWUROV ZLWK UHIHUHQFH WR ¿QDQFLDO VWDWHPHQWV ZHUH HVWDEOLVKHG Membership No.: 092212
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material respects.
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DERXWWKHDGHTXDF\RIWKHLQWHUQDO¿QDQFLDOFRQWUROVZLWKUHIHUHQFH Date: 26 April 2024
WR¿QDQFLDOVWDWHPHQWVDQGWKHLURSHUDWLQJHႇHFWLYHQHVV2XUDXGLW
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Standalone Balance Sheet
(All amounts in crores of `, except share data and as stated otherwise)
Note As at
No. 31 March 2024 31 March 2023
I ASSETS
(1) Non-current assets
D 3URSHUW\SODQWDQGHTXLSPHQW 2.1 3,727
E &DSLWDOZRUNLQSURJUHVV 2.2 22 21
F 5LJKWRIXVHDVVHWV D 1,048 824
G *RRGZLOO 2.3
H 2WKHULQWDQJLEOHDVVHWV 2.4
I )LQDQFLDODVVHWV
L ,QYHVWPHQWV
LL 7UDGHUHFHLYDEOHVXQELOOHG D 162 82
LLL /RDQV 2.7 286
LY 2WKHUV 2.8 641
J 'HIHUUHGWD[DVVHWV QHW 2.27
K 2WKHUQRQFXUUHQWDVVHWV 2.10 278 276
Total non-current assets 22,762 24,789
(2) Current assets
D ,QYHQWRULHV 2.9
E )LQDQFLDODVVHWV
L ,QYHVWPHQWV 6,801
LL 7UDGHUHFHLYDEOHV
Billed E 3,880
Unbilled E 8,278
LLL &DVKDQGFDVKHTXLYDOHQWV D 837 2,374
LY 2WKHUEDQNEDODQFHV E 6,792
Y /RDQV 2.7 793 2,602
YL 2WKHUV 2.8 1,128 603
F &XUUHQWWD[DVVHWV QHW 6 6
G 2WKHUFXUUHQWDVVHWV 2.12 1,079
Total current assets 29,545 28,571
TOTAL ASSETS 52,307 53,360
II EQUITY
D (TXLW\VKDUHFDSLWDO 2.13
E 2WKHUHTXLW\ 38,927
TOTAL EQUITY 39,470 41,104
III LIABILITIES
(1) Non - current liabilities
D )LQDQFLDOOLDELOLWLHV
L %RUURZLQJV 2.14 26
LL /HDVHOLDELOLWLHV D 436
LLL 2WKHUV 2.16 8 29
E &RQWUDFWOLDELOLWLHV 2.17 101
F 3URYLVLRQV 2.18 879
G 'HIHUUHGWD[OLDELOLWLHV QHW 2.27
H 2WKHUQRQFXUUHQWOLDELOLWLHV 2.19 40
Total non-current liabilities 2,373 1,589

Standalone Balance Sheet
Note As at
No. 31 March 2024 31 March 2023
(2) Current liabilities
L %RUURZLQJV 2.14 27 140
LL /HDVHOLDELOLWLHV D 210 172
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Billed
1. Dues of micro enterprises and small enterprises 24 23
2. Dues of creditors other than micro enterprises and small enterprises 1,221
Unbilled and accruals
LY 2WKHUV 2.16 1,748 1,867
E &RQWUDFWOLDELOLWLHV 2.17 3,828 3,708
F 2WKHUFXUUHQWOLDELOLWLHV 2.20 392
G 3URYLVLRQV 2.18 342 283
H &XUUHQWWD[OLDELOLWLHV QHW 1,322
Total current liabilities 10,464 10,667
TOTAL LIABILITIES 12,837 12,256
TOTAL EQUITY AND LIABILITIES 52,307 53,360
Material accounting policies 1

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As per our report of even date attached
For B S R & Co. LLP For and on behalf of the Board of Directors of HCL Technologies Limited
Rakesh Dewan Roshni Nadar Malhotra C. Vijayakumar S. Madhavan

Partner Chairperson &KLHI([HFXWLYH2ႈFHU Director
Membership Number: 092212 ',1 and Managing Director ',1
',1
Prateek Aggarwal Goutam Rungta Manish Anand

&KLHI)LQDQFLDO2ႈFHU &RUSRUDWH9LFH3UHVLGHQW)LQDQFH Company Secretary
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26 April 2024 26 April 2024

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Note Year ended

No. 31 March 2024 31 March 2023
I Revenue
Revenue from operations 2.21 48,118 46,276
2WKHULQFRPH 2.22 1,076 1,031
Total income 49,194 47,307
II Expenses
3XUFKDVHRIVWRFNLQWUDGH 168
&KDQJHVLQLQYHQWRULHVRIVWRFNLQWUDGH 2.23 10
(PSOR\HHEHQH¿WVH[SHQVH 2.24 19,799
2XWVRXUFLQJFRVWV 7,291
Finance costs 127
Depreciation and amortization expense 2,371 2,431
2WKHUH[SHQVHV 2.26 3,027 2,787
Total expenses 33,738 32,591
III 3UR¿WEHIRUHWD[ 15,456 14,716
IV Tax expense 2.27

Current tax 2,873
Deferred tax charge 909 212
V 3UR¿WIRUWKH\HDU 11,674 11,459
VI Other comprehensive income(loss) 2.28

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LL ,QFRPHWD[UHODWLQJWRLWHPVWKDWZLOOEHUHFODVVL¿HGWRVWDWHPHQWRISUR¿WDQGORVV 82
Total other comprehensive income(loss), net of tax 439 (259)
VII Total comprehensive income for the year 12,113 11,200
Earnings per equity share of ` 2 each 2.29

%DVLF LQ` 43.11 42.32
'LOXWHG LQ` 43.02 42.27
Material accounting policies 1

',1


26 April 2024 26 April 2024
Standalone Statement of Changes in Equity
226
Equity share capital Other equity
Reserves and Surplus Other comprehensive income
Debt Total
Share Common Total
Number of Remeasure- Share Special eco- Foreign Cash instruments Equity
capi- Retained ment of de- Treasury Securities Capital Capital control other
Shares* based nomic zone currency ÀRZ through
share redemption transac- equity
tal earnings ¿QHGEHQH¿W re-investment translation hedging other com-
reserve premium reserve reserve tion capital payment
plans reserve reserve reserve reserve prehensive
reserve income
Balance as at 1 April 2022 2,713,665,096 543 39,312 35 (804) 7 120 14 14 82 2,794 4 466 4 42,048 42,591
3UR¿WIRUWKH\HDU
2WKHUFRPSUHKHQVLYHLQFRPH UHIHUQRWH 112 21
Total comprehensive income for the year - - 11,459 112 - - - - - - - 21 (387) (5) 11,200 11,200
Transactions with owners of the
Company
HCLTech Annual Report 2023-24

Contributions and distributions
Interim dividend of R 48 per share
Transfer to special economic zone 1,864
UHLQYHVWPHQWUHVHUYH
Transfer from special economic zone
UHLQYHVWPHQWUHVHUYH
Share based payments to employees 308 308 308
Issue of treasury shares to employees 3
Balance as at 31 March 2023 2,713,665,096 543 36,490 147 (801) 7 120 14 14 388 4,079 25 79 (1) 40,561 41,104
Balance as at 1 April 2023 2,713,665,096 543 36,490 147 (801) 7 120 14 14 388 4,079 25 79 (1) 40,561 41,104
3UR¿WIRUWKH\HDU 11,674 11,674 11,674
2WKHUFRPSUHKHQVLYHLQFRPH 19 3 418 439 439
UHIHUQRWH
Total comprehensive income for the year - - 11,674 19 - - - - - - - 3 418 (1) 12,113 12,113
Transactions with owners of the
Company
Interim dividend of RSHUVKDUH
Transfer to special economic zone
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Transfer from special economic zone
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Share based payments to employees 312 312 312
Issue of treasury shares to employees 79
([FHVVWD[EHQH¿WIURPVKDUHEDVHG 21 21 21
payments
Balance as at 31 March 2024 2,713,665,096 543 32,783 166 (722) 7 120 14 14 639 5,383 28 497 (2) 38,927 39,470
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Refer note 1 for material accounting policies
Partner Chairperson &KLHI([HFXWLYH2ႈFHUDQG0DQDJLQJ'LUHFWRU Director
Membership Number: 092212 ',1 ',1 ',1
26 April 2024 26 April 2024
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Year ended
31 March 2024 31 March 2023
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Adjustment for:
Depreciation and amortization expense 2,371 2,431
Interest income
Dividend income from subsidiaries
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Interest expense 99
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Share based payments to employees 62
2WKHUQRQFDVKFKDUJHV QHW
2SHUDWLQJSUR¿WEHIRUHZRUNLQJFDSLWDOFKDQJHV 16,956 16,419
Net change in
Trade receivables 677
Inventories 10
2WKHU¿QDQFLDODVVHWVDQGRWKHUDVVHWV 189
Trade payables 389
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Cash generated from operations 17,893 16,070
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1HWFDVKÀRZIURPRSHUDWLQJDFWLYLWLHV $ 15,282 13,538
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Purchase of property, plant and equipment and intangibles
Proceeds from sale of property, plant and equipment 14 213
Investments in bank deposits
Proceeds from bank deposits
Deposits placed with body corporates
Proceeds from deposits placed with body corporates 3,208
Purchase of investments in securities
Proceeds from sale/maturity of investments in securities 39,710
Dividend received from subsidiaries 92 84
Interest received
Income taxes paid
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Proceeds from long term borrowings 6 36
Repayment of long term borrowings
Proceeds from short term borrowings 341 72
Repayment of short term borrowings
Dividend paid
Interest paid
Payment of lease liabilities including interest
1HWFDVKÀRZXVHGLQ¿QDQFLQJDFWLYLWLHV & (14,480) (13,267)
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Cash and cash equivalents at the end of the year as per note 2.11 (a) 837 2,374

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Notes:
1. The total amount of income taxes paid is RFURUHV SUHYLRXV\HDURFURUHV

2. Cash and cash equivalents includes unclaimed dividend of RFURUHV SUHYLRXV\HDURFURUHV
3. Refer note 2.39 for amount spent during the years ended 31 March 2024 and 2023 on construction / acquisition of any asset and other
purposes relating to CSR.

',1


26 April 2024 26 April 2024

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ORGANIZATION AND NATURE OF OPERATIONS
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and Telecom, Media, Publishing and Entertainment.
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on 26 April 2024.
1. MATERIAL ACCOUNTING POLICIES
(a) Basis of preparation
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basis except for the following assets and liabilities which have been measured at fair value:
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previous year except where a newly issued accounting standard is initially adopted or a revision to an existing accounting
standard requires a change in the accounting policy.
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number and amounts less than RFURUHVDUHSUHVHQWHGDV³´
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management’s best knowledge of current events, historical experience, actions that the Company may undertake in the future
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made.
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note 2.32

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(c) Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is the aggregate of the
consideration transferred measured at fair value at the acquisition date. Acquisition related costs are expensed as incurred.
Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent
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excess of the aggregate consideration transferred, the excess is recognized as capital reserve after reassessing the fair values
of the net assets.
(d) Foreign currency and translation
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operation, the Company determines the functional currency which is its respective local currency.
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in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of initial transaction.
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at the exchange rate prevalent at the date when the fair value was determined.
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(e) Fair value measurement
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values based on the price it would receive to sell an asset or pay to transfer a liability in an orderly transaction between market
participants at the measurement date in the principal or most advantageous market for that asset or liability.
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fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
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are supported by little or no market activity.
In accordance with Ind AS 113, assets and liabilities at fair value are measured based on the following valuation techniques:
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assets or liabilities.
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method.
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value initially and subsequently when there is an indicator of impairment, the impairment is recognized.
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by using the asset in its highest and best use or by selling it to another market participant who would use the asset in its highest
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(f) Revenue recognition
Contracts involving provision of services and material
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consideration to which the Company expects to be entitled in exchange for transferring those products or services. To recognize
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Time-and-material / Volume based / Transaction based contracts
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to customer till date which is related to the right to invoice for services performed.
Fixed Price contracts
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technology integration, complex network building contracts, system implementations and application development are recognized
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RIFRPSOHWLRQ 32& PHWKRGRIDFFRXQWLQJ 5HYHQXHLVUHFRJQL]HGEDVHGRQWKHFRVWVLQFXUUHGWRGDWHDVDSHUFHQWDJHRIWKH
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to invoice for services performed for contracts in which the invoicing is representative of the value being delivered. If invoicing
is not consistent with value delivered, revenues are recognized as the service is performed based on the cost to cost method
described above.
In arrangements involving sharing of customer revenues, revenue is recognized when the right to receive is established.
Revenue from product sales are shown net of applicable taxes, discounts and allowances. Revenue related to product with
installation services that are critical to the product is recognized when installation of product at customer site is completed and
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the cost of the delivered item continues to be in inventory.

Proprietary Software Products
Revenue from distinct proprietary perpetual and term license software is recognized at a point in time at the inception of the
arrangement when control transfers to the client. Revenue from proprietary term license software is recognized at a point in time
for the committed term of the contract. In case of renewals of proprietary term licenses with existing customers, revenue from
term license is recognized at a point in time when the renewal is agreed on signing of contracts. Revenue from support and
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over the contract term. In case software are bundled with support and subscription either for perpetual or term based license,
such support and subscription contracts are generally priced as a percentage of the net fees paid by the customer to purchase
the license and are generally recognized as revenues ratably over the contractual period that the support services are provided.
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Multiple performance obligation
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RUFRPELQDWLRQVRIHDFKRIWKHPUHYHQXHIRUHDFKHOHPHQWLVEDVHGRQD¿YHVWHSDSSURDFKDVGH¿QHGDERYH7RWKHH[WHQWD
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being distinct and are distinct in the context of the contract. If these criteria are not met, the promised deliverables are accounted
for as a combined performance obligation. For arrangements with multiple distinct performance obligations or series of distinct
performance obligations, consideration is allocated among the performance obligations based on their relative standalone selling
price. Standalone selling price is the price at which Company would sell a promised good or service separately to the customer.
When not directly observable, we estimate standalone selling price by using the expected cost plus a margin approach. We
establish a standalone selling price range for our deliverables, which is reassessed on a periodic basis or when facts and
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deliverable, the arrangement consideration allocated to the Software deliverables, lease deliverable as a group is then allocated
to each software obligation and lease deliverable.
Revenue recognition for delivered elements is limited to the amount that is not contingent on the future delivery of products or
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Revenue from certain activities in transition services in outsourcing arrangements are not capable of being distinct or represent
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subsequently recognized over the period of the arrangement. Direct and incremental costs in relation to such transition activities
which are expected to be recoverable under the contract and generate or enhance resources of the Company that will be used in
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DQGUHFRJQL]HGRYHUWKHSHULRGRIDUUDQJHPHQW&HUWDLQXSIURQWQRQUHFXUULQJLQFUHPHQWDOFRQWUDFWDFTXLVLWLRQFRVWVDQGRWKHU
XSIURQWIHHSDLGWRFXVWRPHUDUHGHIHUUHGDQGFODVVL¿HGDV'HIHUUHGFRQWUDFWFRVWDQGDPRUWL]HGWRUHYHQXHRUFRVWXVXDOO\RQ
DVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHFRQWUDFWXQOHVVUHYHQXHVDUHHDUQHGDQGREOLJDWLRQVDUHIXO¿OOHGLQDGLႇHUHQWSDWWHUQ
7KHXQGLVFRXQWHGIXWXUHFDVKÀRZVIURPWKHDUUDQJHPHQWDUHSHULRGLFDOO\HVWLPDWHGDQGFRPSDUHGZLWKWKHXQDPRUWL]HGFRVWV
,IWKHXQDPRUWL]HGFRVWVH[FHHGWKHXQGLVFRXQWHGFDVKÀRZDORVVLVUHFRJQL]HG
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a gross basis when the Company is a principal to the transaction and net of costs when the Company is acting as an agent
between the customer and the vendor. Several factors are considered to determine whether the Company is a principal or an
agent, most notably being company controls the goods or service before it is transferred to customer, latitude in deciding the
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LQFOXGHVUHLPEXUVHPHQWRIRXWRISRFNHWH[SHQVHVZLWKWKHFRUUHVSRQGLQJRXWRISRFNHWH[SHQVHVLQFOXGHGLQFRVWRIUHYHQXHV
Volume discounts, or any other form of variable consideration is estimated using either the sum of probability weighted amounts in
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WKH HႇHFWV RI WKH WLPH YDOXH RI PRQH\ LI WKH FRQWUDFW LQFOXGHV D VLJQL¿FDQW ¿QDQFLQJ FRPSRQHQW 2XU HVWLPDWHV RI YDULDEOH
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based largely on an assessment of our anticipated performance and all information that is reasonably available to us.
The Company recognizes an onerous contract provision when the expected unavoidable costs of meeting the future obligations
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such losses become probable and is included in cost of revenues.
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balance sheet. Contract assets primarily relate to unbilled amounts on those contracts utilizing the cost to cost method of
revenue recognition and right to consideration is not unconditional. Contract assets are recognized where there is excess of

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recognized.
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(g) Other income
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foreign exchange gains. Dividend income is recognized when the right to receive payment is established.
(h) Income taxes
Income tax expense comprises current and deferred income tax.
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directly in equity, in which case it is recognized in equity. Current income tax for current and prior periods is recognized at the
amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted
or substantively enacted by the balance sheet date. Provision for income tax includes the impact of provisions established
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recognized amounts, and it is intended to realize the asset and settle the liability on a net basis or simultaneously.
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WKRVHWHPSRUDU\GLႇHUHQFHVZKLFKRULJLQDWHGXULQJWKHWD[KROLGD\SHULRGDQGDUHUHYHUVHGDIWHUWKHWD[KROLGD\SHULRG)RUWKLV
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Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the
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been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in
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current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
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that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it
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utilized. Deferred income taxes are not provided on the undistributed earnings of branches where it is expected that the earnings
of the branch will not be distributed in the foreseeable future.
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directly in retained earnings.
(i) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses if any. Cost comprises the
purchase price and directly attributable cost of bringing the asset to its working condition for its intended use. Any trade discounts
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asset as a whole.
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The management’s estimates of the useful lives of various assets for computing depreciation are as follows:
Asset description Asset life (in years)

Buildings 20
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Computers and networking equipment
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Vehicles
The useful lives as given above best represent the period over which the management expects to use these assets, based on
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Part C of Schedule II of the Companies Act 2013.
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(j) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in
a business combination is measured at their fair value at the date of acquisition. Subsequently, following initial recognition,
intangible assets are carried at cost less any accumulated amortization and impairment losses.
Intangible assets are amortized over the useful life and assessed for impairment whenever there is an indication that the
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useful life are reviewed at least at the end of each reporting year. Changes in the expected useful life or the expected pattern of
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derecognized.
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Software 3
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Customer relationships 1 to 8
Customer contracts 1 to 3
Technology 1 to 8
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(k) Research and development costs
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asset when the Company can demonstrate:

Ɣ The technical feasibility of completing the intangible asset so that it will be available for use or sale
Ɣ Its intention to complete and its ability and intention to use or sell the asset
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Ɣ The availability of resources to complete the asset
Ɣ The ability to measure reliably the expenditure during development
Subsequently, following initial recognition of the development expenditure as an asset, the cost model is applied requiring the
asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset
begins when development is complete and the asset is available for use. It is amortized over the period of expected future
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tested for impairment annually.
(l) Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period of time to get ready for its intended use are capitalized as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur.
Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.
(m) Leases
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Company as a lessee
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are evaluated to determine whether it contains lease based on principles for the recognition, measurement, presentation and
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remeasurement of lease liability.
The lease liability is measured at the lease commencement date and determined using the present value of the minimum lease
payments not yet paid and the Company’s incremental borrowing rate, which approximates the rate at which the Company
would borrow, in the country where the lease was executed. The Company has used a single discount rate for a portfolio of
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lease payment that depends on an index or a rate, exercise price of a purchase option if the Company is reasonably certain
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The Company has elected to not recognize leases with a lease term of 12 months or less in the balance sheet, including those
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Company as a lessor
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as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased
asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in
the year in which they are earned or contingency is resolved.
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receivables. After initial recognition, the Company apportions lease rentals between the principal repayment and interest income
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When arrangements include multiple performance obligations, the Company allocates the consideration in the contract between
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(n) Inventories
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other costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling
price in the ordinary course of business, less estimated costs of completion and estimated costs necessary to make the sale.
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average cost formula.
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Intangible assets and property, plant and equipment
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of the asset exceeds the estimated recoverable amount of the asset. Subsequently if there is a change in the estimates used
to determine the recoverable amount, the impairment loss is reversed. Such reversal is made only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would have been determined on the date of reversal, if no impairment
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(p) Provisions and contingent liabilities
A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be
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of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past
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and employer each make monthly contributions to the plan. A portion of the contribution is made to the provident fund
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the provident fund trust managed by the Company, the Company has an obligation to fund any shortfall on the yield of the
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other eligible market securities.
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superannuation trust and the scheme is administered on its behalf by appointed fund managers and such contributions
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further obligations to the superannuation plan beyond its contributions.
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end of each year. Actuarial gains/losses are recognized immediately in the balance sheet with a corresponding debit or
credit to other comprehensive income in the year in which they occur.
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Insurance Corporation of India as permitted by law.
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compensated absences and utilize it in future periods or receive cash at retirement or termination of employment. The
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loss and are not deferred.
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(r) Equity settled share based compensation
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condition and for an award with both service and performance condition on a straight line basis over the requisite service period
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The Company estimates the fair value of stock options using option pricing model. The cost is recorded under the head employee
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(s) Financial Instruments
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another entity.
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Cash and cash equivalents

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on demand and are considered part of the Company’s cash management system. In the standalone balance sheet, bank
overdrafts are presented under borrowings within current liabilities.
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balances, loans, unbilled receivables, trade and other receivables.
Financial assets at Fair Value through Other Comprehensive Income (OCI)

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assets, and
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Equity investments
Equity investments in subsidiaries are measured at cost less impairment if any.
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directly attributable transaction costs.
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payables, borrowings including bank overdrafts and other payables.
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derecognized as well as through the EIR amortization process.
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Foreign exchange forward contracts and options are purchased to mitigate the risk of changes in foreign exchange rates
associated with forecast transactions denominated in certain foreign currencies.
The Company recognizes all derivatives as assets or liabilities measured at their fair value. Changes in fair value for
derivatives not designated in a hedge accounting relationship are marked to market at each reporting date and the related
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loss.
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transactions. The Company also formally assesses both at the inception of the hedge and on an ongoing basis, whether
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determines the existence of an economic relationship between the hedging instrument and hedged item based on the
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EHLQJKHGJHG WKHGHULYDWLYH¿QDQFLDOLQVWUXPHQWPDWXUHVRULVVROGWHUPLQDWHGRUH[HUFLVHGRU LWLVGHWHUPLQHGWKDW
GHVLJQDWLQJWKHGHULYDWLYH¿QDQFLDOLQVWUXPHQWDVDKHGJHLVQRORQJHUDSSURSULDWH:KHQKHGJHDFFRXQWLQJLVGLVFRQWLQXHG
WKH GHIHUUHG JDLQV RU ORVVHV RQ WKH FDVK ÀRZ KHGJH UHPDLQ LQ µRWKHU FRPSUHKHQVLYH LQFRPH ORVV ¶ XQWLO WKH IRUHFDVW
WUDQVDFWLRQRFFXUV$Q\IXUWKHUFKDQJHLQWKHIDLUYDOXHRIWKHGHULYDWLYH¿QDQFLDOLQVWUXPHQWLVUHFRJQL]HGLQFXUUHQW\HDU
earnings.
2௺VHWWLQJRI¿QDQFLDOLQVWUXPHQWV
)LQDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVDUHRႇVHWDQGWKHQHWDPRXQWLVUHSRUWHGLQWKHEDODQFHVKHHWLIWKHUHLVDFXUUHQWO\
HQIRUFHDEOHOHJDOULJKWWRRႇVHWWKHUHFRJQL]HGDPRXQWVDQGWKHUHLVDQLQWHQWLRQWRVHWWOHRQDQHWEDVLVWRUHDOL]HWKHDVVHWV
and settle the liabilities simultaneously.
(t) Dividend
Final dividend proposed by the Board of Directors is recognized upon approval by the shareholders who have the right to
decrease but not increase the amount of dividend recommended by the Board of Directors. Interim dividends are recognized on
declaration by the Board of Directors. Final and interim dividend excludes dividend on treasury shares.
(u) Earnings per share (EPS)
%DVLF(36DPRXQWVDUHFRPSXWHGE\GLYLGLQJWKHQHWSUR¿WDWWULEXWDEOHWRWKHHTXLW\KROGHUVRIWKH&RPSDQ\E\WKHZHLJKWHG
DYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDUDGMXVWHGIRUWUHDVXU\VKDUHVKHOG
'LOXWHG(36DPRXQWVDUHFRPSXWHGE\GLYLGLQJWKHQHWSUR¿WDWWULEXWDEOHWRWKHHTXLW\KROGHUVRIWKH&RPSDQ\E\WKHZHLJKWHG
average number of equity shares considered for deriving basic earnings per share and also the weighted average number of
equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity
VKDUHVDUHDGMXVWHGIRUWKHSURFHHGVUHFHLYDEOHKDGWKHVKDUHVEHHQDFWXDOO\LVVXHGDWIDLUYDOXH LHWKHDYHUDJHPDUNHWYDOXH
RIWKHRXWVWDQGLQJVKDUHV 3HUIRUPDQFHEDVHGVWRFNXQLWDZDUGVDUHLQFOXGHGLQGLOXWLYHSRWHQWLDOVKDUHVZKHQWKH\EHFRPH
contingently issuable and have a dilutive impact and are excluded when they are not contingently issuable. Dilutive potential
equity shares are deemed converted as at the beginning of the year, unless issued at a later date. Dilutive potential equity shares
are determined independently for each year presented.
7KH QXPEHU RI VKDUHV DQG SRWHQWLDOO\ GLOXWLYH HTXLW\ VKDUHV DUH DGMXVWHG UHWURVSHFWLYHO\ IRU DOO SHULRGV SUHVHQWHG IRU ERQXV
shares.
(v) Nature and purpose of reserves
5HPHDVXUHPHQWRIGH¿QHGEHQH¿WSODQV
7KH&RPSDQ\UHFRJQL]HVDFWXDULDOJDLQVORVVHVRQGH¿QHGEHQH¿WSODQVLQWKHEDODQFHVKHHWZLWKDFRUUHVSRQGLQJGHELWRU
credit to other comprehensive income in the period in which they occur.

Treasury share reserve

7KH&RPSDQ\¶VHTXLW\VKDUHVKHOGE\DWUXVWZKLFKLVFRQVROLGDWHGDVDSDUWRIWKH&RPSDQ\DUHFODVVL¿HGDV7UHDVXU\VKDUHV
7UHDVXU\VKDUHVDUHFDUULHGDWDFTXLVLWLRQFRVWDQGSUHVHQWHGDVDGHGXFWLRQIURPWRWDOHTXLW\DV³7UHDVXU\VKDUHUHVHUYH´$V
and when treasury shares are transferred to employees on exercise after satisfaction of the vesting conditions, the balance lying
LQ³7UHDVXU\VKDUHUHVHUYH´LVWUDQVIHUUHGWR³5HWDLQHGHDUQLQJV´
Securities premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilized only for limited purposes such
as issuance of bonus shares and buyback of shares in accordance with the provisions of the Companies Act, 2013 in India.
Capital redemption reserve

The Company recognizes cancellation of the Company’s own equity instruments to capital redemption reserve.
Share based payment reserve

7KHVKDUHEDVHGSD\PHQWUHVHUYHLVUHFRJQLVHGRYHUWKHYHVWLQJSHULRGDWWKHJUDQWGDWHIDLUYDOXHRIXQLWVLVVXHGWRHPSOR\HHV
of the Company and its subsidiaries under the Company’s restricted stock unit plan.
Special economic zone re-investment reserve

7KH&RPSDQ\KDVFUHDWHGVSHFLDOHFRQRPLF]RQH 6(= UHLQYHVWPHQWUHVHUYHRXWRISUR¿WVRIWKHHOLJLEOH6(=8QLWVLQWHUPV
RIWKHVSHFL¿FSURYLVLRQVRI6HFWLRQ$$ RIWKH,QFRPH7D[$FW ³WKH$FW´ 7KHVDLGUHVHUYHQHHGVWREHXWLOL]HGE\
WKH&RPSDQ\IRUDFTXLULQJSODQWDQGPDFKLQHU\IRUWKHSXUSRVHVRILWVEXVLQHVVLQWKHWHUPVRI6HFWLRQ$$ RIWKH$FWIRU
DYDLOLQJWD[EHQH¿W
Foreign currency translation reserve

([FKDQJHGLႇHUHQFHVDULVLQJRQWUDQVODWLRQRIWKHIRUHLJQRSHUDWLRQVDUHUHFRJQL]HGLQRWKHUFRPSUHKHQVLYHLQFRPHDVGHVFULEHG
LQWKHDFFRXQWLQJSROLF\DQGDFFXPXODWHGLQDVHSDUDWHUHVHUYHZLWKLQHTXLW\7KHFXPXODWLYHDPRXQWLVUHFODVVL¿HGWRSUR¿WDQG
ORVVZKHQWKHQHWLQYHVWPHQWLVGLVSRVHGRႇ
&DVKÀRZKHGJLQJUHVHUYH
For hedging foreign currency risk, the Company uses foreign currency forward and option contracts. To the extent these hedges
DUH HႇHFWLYH WKH FKDQJH LQ IDLU YDOXH RI WKH KHGJLQJ LQVWUXPHQW LV UHFRJQL]HG LQ WKH FDVK ÀRZ KHGJLQJ UHVHUYH$PRXQWV
UHFRJQL]HGLQWKHFDVKÀRZKHGJLQJUHVHUYHLVUHFODVVL¿HGWRWKHVWDWHPHQWRISUR¿WDQGORVVZKHQWKHKHGJHGLWHPDႇHFWVSUR¿W
and loss.
Debt instruments through other comprehensive income

7KH&RPSDQ\UHFRJQL]HVFKDQJHVLQWKHIDLUYDOXHRIGHEWLQVWUXPHQWVKHOGZLWKEXVLQHVVREMHFWLYHRIFROOHFWDQGVHOOLQRWKHU
FRPSUHKHQVLYHLQFRPH7KH&RPSDQ\WUDQVIHUVDPRXQWVIURPWKLVUHVHUYHWRWKHVWDWHPHQWRISUR¿WDQGORVVZKHQWKHGHEW
instrument is sold.
Common control transaction capital reserve

The Company has created Common Control Transaction Capital Reserve in accordance with the guidance under Appendix C of
,1'$6³%XVLQHVV&RPELQDWLRQV´7KLVUHVHUYHLVQRWIUHHO\DYDLODEOHIRUGLVWULEXWLRQ
Capital reserve
Capital Reserve is not freely available for distribution.
(w) Adoption of new accounting principles
Deferred tax related to assets and liabilities arising from a single transaction (amendments to Ind AS 12 -Income Taxes)
7KHDPHQGPHQWVFODULI\WKDWOHDVHWUDQVDFWLRQVJLYHULVHWRHTXDODQGRႇVHWWLQJWHPSRUDU\GLႇHUHQFHVDQG¿QDQFLDOVWDWHPHQWV
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DPHQGPHQW HႇHFWLYH $SULO 7KH &RPSDQ\ SUHYLRXVO\ DFFRXQWHG IRU GHIHUUHG WD[ RQ OHDVHV RQ D QHW EDVLV )ROORZLQJ
the amendments, the Company has recognized a separate deferred tax asset in relation to its lease liabilities and a deferred
WD[OLDELOLW\LQUHODWLRQWRLWVULJKWRIXVHDVVHWV7KHDGRSWLRQGLGQRWKDYHDQ\LPSDFWRQWKHFXUUHQWDQGFRPSDUDWLYHSHULRGV
SUHVHQWHGLQWKH¿QDQFLDOVWDWHPHQWV
(x) Recently issued accounting pronouncements
As on 31 March 2024, there are no new standards or amendments to the existing standards applicable to the Company which
KDVEHHQQRWL¿HGE\0LQLVWU\RI&RUSRUDWH$ႇDLUV

1RWHVWR¿QDQFLDOVWDWHPHQWV
2.1 Property, plant and equipment
The changes in the carrying value for the year ended 31 March 2024
Computers
Furniture
Freehold Plant and 2ႈFH and Vehicles
Buildings and Total
land equipment equipment networking #
¿[WXUHV
equipment
Gross block as at 1 April 2023 62 3,373 1,459 278 2,808 427 155 8,562
Additions 11 30 14 168 67 295
'LVSRVDOVRWKHUDGMXVWPHQWV 1 12 6 117 21 157
Gross block as at 31 March 2024 62 3,383 1,477 286 2,859 432 201 8,700
Accumulated depreciation as
- 1,343 1,097 231 1,739 359 66 4,835
at 1 April 2023
Depreciation 169 99 20 446 20 34 788
'LVSRVDOVRWKHUDGMXVWPHQWV 2 10 6 110 2 18 148
Accumulated depreciation as at
- 1,510 1,186 245 2,075 377 82 5,475
31 March 2024
Net block as at 31 March 2024 62 1,873 291 41 784 55 119 3,225
# Also refer footnote 1 of note 2.14
Computers
Furniture
Buildings and Total
land equipment equipment networking #
¿[WXUHV
equipment
Additions 24 73 37 11 13 671
'LVSRVDOVRWKHUDGMXVWPHQWV 18 60 20 38 40 39 274
7UDQVODWLRQH[FKDQJHGLႇHUHQFHV 2 2
Accumulated depreciation as at
- 1,227 1,049 224 1,328 376 65 4,269
1 April 2022
Depreciation 167 21 28 791
'LVSRVDOVRWKHUDGMXVWPHQWV 18 34 38 27 225
- 1,343 1,097 231 1,739 359 66 4,835
at 31 March 2023
Net block as at 31 March 2023 62 2,030 362 47 1,069 68 89 3,727
# Also refer footnote 1 of note 2.14

2.2 Capital work in progress (CWIP)
7KHIROORZLQJWDEOHSUHVHQWVWKHDJHLQJVFKHGXOHIRU&DSLWDOZRUNLQSURJUHVV
Amount in CWIP for a period of
Particulars Less than More than
1-2 years 2-3 years Total
1 year 3 years
As at 31 March 2024
3URMHFWVLQSURJUHVV 22 22
22 - - - 22
As at 31 March 2023
3URMHFWVLQSURJUHVV 21 21
21 - - - 21
During the year ended 31 March 2024 and 31 March 2023, R 21 crores and R 79 crores has been capitalized and transferred from
capital work in progress to property, plant and equipment.
7KHUHDUHQRRYHUGXHSURMHFWVDVDW0DUFKDQG
2.3 Goodwill
7KHIROORZLQJWDEOHSUHVHQWVWKHFKDQJHVLQWKHFDUU\LQJYDOXHRIJRRGZLOOEDVHGRQLGHQWL¿HG&*8VIRUWKH\HDUHQGHG0DUFK
IT and Engineering
HCL
Business and R&D Total
Software
Services services
Opening balance as at 1 April 2023 344 214 5,991 6,549
7UDQVODWLRQH[FKDQJHGLႇHUHQFHV -
Closing balance as at 31 March 2024 344 214 5,991 6,549
7KHIROORZLQJWDEOHSUHVHQWVWKHFKDQJHVLQWKHFDUU\LQJYDOXHRIJRRGZLOOEDVHGRQLGHQWL¿HG&*8VIRUWKH\HDUHQGHG0DUFK
IT and Engineering
HCL
Business and R&D Total
Software
Services services
Opening balance as at 1 April 2022 344 214 5,992 6,550
7UDQVODWLRQH[FKDQJHGLႇHUHQFHV (1)
Closing balance as at 31 March 2023 344 214 5,991 6,549
)RUWKHSXUSRVHRILPSDLUPHQWWHVWLQJJRRGZLOODFTXLUHGLQDEXVLQHVVFRPELQDWLRQLVDOORFDWHGWRWKH&*8ZKLFKEHQH¿WIURPWKH
synergies of the acquisition.
*RRGZLOOLVWHVWHGDQQXDOO\RQ0DUFKIRULPSDLUPHQWRUVRRQHUZKHQHYHUWKHUHLVDQLQGLFDWLRQWKDWJRRGZLOOPD\EHLPSDLUHG
,PSDLUPHQWLVUHFRJQL]HGZKHQWKHFDUU\LQJDPRXQWRID&*8LQFOXGLQJWKHJRRGZLOOH[FHHGVWKHHVWLPDWHGUHFRYHUDEOHDPRXQWRI
WKH&*87KHHVWLPDWHGYDOXHLQXVHRIWKH&*8LVEDVHGRQWKHIXWXUHFDVKÀRZIRUHFDVWVIRUWR\HDUVDQGWKHQRQSHUSHWXLW\RQ
WKHEDVLVRIFHUWDLQDVVXPSWLRQVZKLFKLQFOXGHUHYHQXHJURZWKHDUQLQJVEHIRUHLQWHUHVWDQGWD[HVWD[HVFDSLWDORXWÀRZDQGZRUNLQJ
FDSLWDOUHTXLUHPHQW7KHDVVXPSWLRQVDUHWDNHQRQWKHEDVLVRISDVWWUHQGVDQGPDQDJHPHQWHVWLPDWHVDQGMXGJHPHQW)XWXUHFDVK
ÀRZVDUHGLVFRXQWHGZLWK:HLJKWHG$YHUDJH&RVWRI&DSLWDO7KHNH\DVVXPSWLRQVDUHDVIROORZV
As at 31 March 2024
Engineering
IT and Business
and R&D HCL Software
Services
services
5HYHQXHJURZWKUDWH DYHUDJHRIQH[W\HDUV 7.8 6.0
7HUPLQDOUHYHQXHJURZWKUDWH 2.0 2.0
3UHWD[GLVFRXQWUDWH 12.6 13.8 16.2

As at 31 March 2023
Engineering
IT and Business
and R&D HCL Software
Services
services
5HYHQXHJURZWKUDWH DYHUDJHRIQH[WWR\HDUV 8.0 6.0
7HUPLQDOUHYHQXHJURZWKUDWH 2.0 2.0
3UHWD[GLVFRXQWUDWH 12.1 13.8

$V DW 0DUFK DQG 0DUFK WKH HVWLPDWHG UHFRYHUDEOH DPRXQW RI HDFK &*8 H[FHHGHG WKH FDUU\LQJ DPRXQW DQG
accordingly, no impairment was recognized. An analysis of the sensitivity of the computation to a change in key assumptions based
RQUHDVRQDEOHSUREDELOLW\GLGQRWLGHQWLI\DQ\SUREDEOHVFHQDULRLQZKLFKWKHUHFRYHUDEOHDPRXQWRIWKH&*8VZRXOGGHFUHDVHEHORZ
the carrying amount.
2.4 Other intangible assets

Customer Customer
Software Licensed IPRs Technology Others Total
relationships contracts
Gross block as at 1 April 2023 518 4,940 6,392 35 2,520 14 14,419
Additions 7 46
'LVSRVDOVRWKHUDGMXVWPHQWV 12 8
Gross block as at 31 March 2024 515 4,978 6,391 - 2,520 14 14,418
Accumulated amortization and
418 2,649 3,312 33 1,161 11 7,584
impairment as at 1 April 2023
Amortization, net 312 686 1 2 1,378
'LVSRVDOVRWKHUDGMXVWPHQWV 12 9 34
458 2,952 3,998 - 1,486 13 8,907
impairment as at 31 March 2024
Net block as at 31 March 2024 57 2,026 2,393 - 1,034 1 5,511
Estimated remaining useful life
3 9 1
LQ\HDUV
Customer Customer
Software Licensed IPRs Technology Others Total
relationships contracts
Additions 99 99
Gross block as at 31 March 2023 518 4,940 6,392 35 2,520 14 14,419
367 2,288 2,590 28 833 9 6,115
Amortization 361 722 328 2 1,469
418 2,649 3,312 33 1,161 11 7,584
Net block as at 31 March 2023 100 2,291 3,080 2 1,359 3 6,835
Estimated remaining useful life
3 10 6 1 6 2
LQ\HDUV

2.5 Investments
As at
31 March 2024 31 March 2023
Financial assets
Non-current
Unquoted Investment
(TXLW\LQYHVWPHQWLQVXEVLGLDU\FRPSDQLHVFDUULHGDWFRVW IXOO\SDLGXS
0DUFK HTXLW\VKDUHVRI86'HDFKLQ+&/
4,294 4,294
%HUPXGD/LPLWHG%HUPXGD
0DUFK HTXLW\VKDUHVRIRHDFKLQ+&/&RPQHW
11 11
6\VWHPV 6HUYLFHV/LPLWHG
+&/7HFKQRORJLHV 6KDQJKDL /LPLWHG LVVXHG UHJLVWHUHGFDSLWDO 10 10
0DUFK HTXLW\VKDUHVRI6*'HDFKLQ+&/

6LQJDSRUH3WH/LPLWHG
0DUFK HTXLW\VKDUHVRI*%3HDFKIXOO\SDLGXS

LQ+&/($6/LPLWHG
0DUFK HTXLW\VKDUHVRIRHDFKLQ+&/7UDLQLQJ
2 2
6WDႈQJ6HUYLFHV3ULYDWH/LPLWHG
0DUFK HTXLW\VKDUHVRI6*'HDFKLQ+&/$VLD3DFL¿F
17 17
3WH/WG )RUPHUO\NQRZQDV*HRPHWULF$VLD3DFL¿F3WH/WG6LQJDSRUH
(XURPLOOLRQ 0DUFKPLOOLRQ LQYHVWHGLQHTXLW\VKDUHFDSLWDORI
67 67
*HRPHWULF(XURSH*PE+*HUPDQ\
0DUFK QRQDVVHVVDEOHVKDUHVRI86'HDFKLQ*HRPHWULF
224 224
Americas, Inc., U.S.A
0DUFK HTXLW\VKDUHVRIR 2 each in Sankalp

6HPLFRQGXFWRU3ULYDWH/LPLWHG
0DUFK RUGLQDU\VKDUHVRI6UL/DQNDQ5XSHHV
17 17
HDFKLQ+&/7HFKQRORJLHV/DQND 3ULYDWH /LPLWHG
0DUFK RUGLQDU\VKDUHVRIRHDFKLQ+&/7HFKQRORJLHV

-LJDQL/LPLWHG
5,057 5,057
/HVVH[FHVVFRVWRYHUIDLUYDOXHUHLPEXUVHGIRUWUHDVXU\VKDUHV
5,040 5,057
Current
Quoted investments
Carried at fair value through other comprehensive income
Investment in debt securities 3,491 3,601
Unquoted Investments
&DUULHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV
Investment in mutual funds 3,310
6,801 5,102
7RWDOLQYHVWPHQWV¿QDQFLDODVVHWV 11,841 10,159
Aggregate amount of quoted investments 3,491 3,601

Aggregate amount of unquoted investments
Market value of quoted investments 3,491 3,601
Equity instruments carried at cost

Investment carried at fair value through other comprehensive income 3,491 3,601
,QYHVWPHQWFDUULHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV 3,310
Note:-
* Represent value less than RFURUH

2.5 Investments
Note:-
**Treasury shares allotted to the employees of below mentioned subsidiaries :
As at
31 March 2024 31 March 2023
6WDWHVWUHHW+&/6HUYLFHV ,QGLD 3ULYDWH/LPLWHG 0.04
+&/$PHULFD,QF 0.04
+&/&DQDGD,QF 0.06
+&/7HFKQRORJLHV8./LPLWHG 1.19
+&/7HFKQRORJLHV6ZHGHQ$% 0.16
+&/6LQJDSRUH3WH/LPLWHG 0.06
17.16 0.04
2.6 Trade receivables

(a) Non-current
As at
31 March 2024 31 March 2023
Unbilled receivables 162 82
162 82
(b) Current
As at
31 March 2024 31 March 2023
Billed
8QVHFXUHGFRQVLGHUHGJRRG UHIHUQRWHEHORZ
7UDGHUHFHLYDEOHVFUHGLWLPSDLUHG 40
4,038 5,504
/RVVDOORZDQFHIRUEDGDQGGRXEWIXOGHEWV UHIHUQRWH F
3,880 5,317
8QELOOHGUHFHLYDEOHV UHIHUQRWHEHORZ 8,278
12,158 12,913
Note: Includes receivables from related parties amounting to RFURUHV 0DUFKRFURUHV
Outstanding as at 31 March 2024

from the due date of payment
Not
Trade receivables - current Less than 6 months 1-2 2-3 More Total
Due
6 months - 1 year years years than 3
years
8QGLVSXWHGFRQVLGHUHGJRRG 980 97 128 121 82
8QGLVSXWHGFUHGLWLPSDLUHG 3 3 11
'LVSXWHGFUHGLWLPSDLUHG 3 3 2 34 42
986 100 133 126 116 4,038
/RVVDOORZDQFHIRUEDGDQGGRXEWIXOGHEWV
3,880
Unbilled receivables 8,278 8,278
12,158


Not
Trade receivables - current More
Due Less than 6 months 1-2 2-3
than 3 Total
6 months - 1 year years years
years
8QGLVSXWHGFRQVLGHUHGJRRG 2,833 1,873 230 224 101 203
8QGLVSXWHGFUHGLWLPSDLUHG 1 3 2 2 8
'LVSXWHGFUHGLWLPSDLUHG 1 1 30 32
2,834 1,877 233 226 101 233

Unbilled receivables
12,913
2.7 Loans
As at
31 March 2024 31 March 2023
Non - current
Carried at amortized cost
Unsecured, considered good
Inter corporate deposits 286
286 -
Current
Inter corporate deposits 793 2,602
793 2,602
2WKHU¿QDQFLDODVVHWV
As at
31 March 2024 31 March 2023
Non - current
)LQDQFHOHDVHUHFHLYDEOHV UHIHUQRWH E 69 97
Security deposits
6HFXULW\GHSRVLWVUHODWHGSDUWLHV UHIHUQRWH 16 13
Bank deposits with more than 12 months maturity 1 378
2WKHUVUHODWHGSDUWLHV UHIHUQRWH UHIHUQRWHEHORZ
203 812
8QUHDOL]HGJDLQRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV UHIHUQRWH D 438 63
641 875
Current
)LQDQFHOHDVHUHFHLYDEOHV UHIHUQRWH E 101
Interest receivables 343
Security deposits 19
6HFXULW\GHSRVLWVUHODWHGSDUWLHV UHIHUQRWH 9 10
2WKHUVUHODWHGSDUWLHV UHIHUQRWH UHIHUQRWHEHORZ 114
2WKHUV 10 8
923 511

As at
31 March 2024 31 March 2023
1,128 603
Notes:
Includes RFURUHV 0DUFKRFURUHV UHFRYHUDEOHIURPVXEVLGLDULHVDJDLQWV568VDZDUGHGWRWKHHPSOR\HHVRIWKH
subsidiaries.
2.9 Inventories
As at
31 March 2024 31 March 2023
6WRFNLQWUDGH
25 35
2.10 Other non- current assets

As at
31 March 2024 31 March 2023
Capital advances 6 4
Advances other than capital advances
Security deposits 31 32
2WKHUV
Prepaid expenses 42 38
'HIHUUHGFRQWUDFWFRVW UHIHUQRWH 199 202
278 276
2.11 Cash and cash equivalents and other bank balances

As at
31 March 2024 31 March 2023
(a) Cash and cash equivalents
Balance with banks 409 302
'HSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV LQFOXGLQJGHSRVLWVZLWK
116 2,008
FRUSRUDWLRQVDQG¿QDQFLDOLQVWLWXWLRQVZLWKRULJLQDOPDWXULW\OHVVWKDQPRQWKV
Remittances in transit 280 16
Cheques in hand 17 40
Unclaimed dividend account 8
837 2,374
(b) Other bank balances
6KRUWWHUPGHSRVLWV 6,792
2.12 Other current assets

As at
31 March 2024 31 March 2023
Security deposits 28 39
Advances to suppliers 31 23
Advances to employees 19 16

As at
31 March 2024 31 March 2023
2WKHUV
Prepaid expenses 476 447
'HIHUUHGFRQWUDFWFRVW UHIHUQRWH 139 221
'HIHUUHGFRQWUDFWFRVWUHODWHGSDUWLHV UHIHUQRWH 1
Contract assets 133 162
2WKHUV 179 170
1,005 1,079
Unsecured, considered doubtful
Advances to employees 68
2WKHUDGYDQFHV 6
/HVVSURYLVLRQIRUGRXEWIXODGYDQFHV
- -
1,005 1,079
2.13 Equity share capital

As at
31 March 2024 31 March 2023
Authorized
0DUFK HTXLW\VKDUHVRIR 2 each 603 603
Issued, subscribed and fully paid up
0DUFK HTXLW\VKDUHVRIR 2 each
Terms / rights attached to equity shares
The Company has only one class of shares referred to as equity shares having a par value of `(DFKKROGHURIHTXLW\VKDUHVLV
entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by
the shareholders.
5HFRQFLOLDWLRQRIWKHQXPEHURIVKDUHVRXWVWDQGLQJDWWKHEHJLQQLQJDQGDWWKHHQGRIWKH¿QDQFLDO\HDU
As at
31 March 2024 31 March 2023
No. of shares ` in Crores No. of shares ` in Crores
Number of shares at the beginning
Number of shares at the end
The Company does not have any holding/ ultimate holding company.
5HFRQFLOLDWLRQRIWKHQXPEHURIWUHDVXU\VKDUHVKHOGE\FRQWUROOHGWUXVWDWWKHHQGRIWKH¿QDQFLDO\HDU
No. of shares
As at
31 March 2024 31 March 2023
Number of shares at the beginning 6,320,000
/HVV,VVXHRIWUHDVXU\WRHPSOR\HHVRQH[HUFLVHRI568V
Number of shares at the end

Details of shareholders holding more than 5 % shares in the company

As at
Name of the shareholder 31 March 2024 31 March 2023

% holding % holding in
No. of shares No. of shares
in the class the class
Equity shares of ` 2 each fully paid
9DPD6XQGDUL,QYHVWPHQWV 'HOKL 3ULYDWH/LPLWHG 44.17% 44.17%
+&/+ROGLQJV3ULYDWH/LPLWHG 446,662,032 16.46% 446,662,032 16.46%
As per the records of the Company, including its register of shareholders/members and other declarations received from shareholders
UHJDUGLQJEHQH¿FLDOLQWHUHVWWKHDERYHVKDUHKROGLQJUHSUHVHQWVERWKOHJDODQGEHQH¿FLDORZQHUVKLSRIVKDUHV
Details of promoters holding in the company is as follows

31 March 2024 31 March 2023 % change
Promoter name No. of % of total No. of % of total during
Shares shares Shares shares the year
9DPD6XQGDUL,QYHVWPHQWV 'HOKL 3ULYDWH/LPLWHG 44.17% 44.17% 0.00%
+&/+ROGLQJV3ULYDWH/LPLWHG 446,662,032 16.46% 446,662,032 16.46% 0.00%
+&/&RUSRUDWLRQ3ULYDWH/LPLWHG 0.17% 0.17% 0.00%
Ms. Kiran Nadar 494,602 0.02% 494,602 0.02% 0.00%
Mr. Shiv Nadar 736 0.00% 736 0.00% 0.00%
Ms. Roshni Nadar Malhotra 696 0.00% 696 0.00% 0.00%
1,650,301,111 60.81% 1,650,301,111 60.81% 0.00%
Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the
SHULRGRI¿YH\HDUVLPPHGLDWHO\SUHFHGLQJWKHUHSRUWLQJGDWH
As at
31 March 2024 31 March 2023
Aggregate number and class of shares allotted as fully paid up
Nil Nil
SXUVXDQWWRFRQWUDFW V ZLWKRXWSD\PHQWEHLQJUHFHLYHGLQFDVK
Aggregate number and class of shares allotted as fully paid
up by way of bonus shares Equity shares Equity shares
36,363,636
Aggregate number and class of shares bought back Nil
Equity shares
Capital management
7KHSULPDU\REMHFWLYHRIWKH&RPSDQ\¶VFDSLWDOPDQDJHPHQW LV WRVXSSRUW EXVLQHVV FRQWLQXLW\ DQG JURZWK RIWKH FRPSDQ\ ZKLOH
maximizing the shareholder value. The Company has been declaring quarterly dividend for last 21 years. The Company determines
WKHFDSLWDOUHTXLUHPHQWEDVHGRQDQQXDORSHUDWLQJSODQVDQGORQJWHUPDQGRWKHUVWUDWHJLFLQYHVWPHQWSODQV7KHIXQGLQJUHTXLUHPHQWV
KDYHEHHQJHQHUDOO\PHWWKURXJKRSHUDWLQJFDVKÀRZVJHQHUDWHG
Restricted Stock Unit Plan 2021 (“RSU 2021” or “Plan”)

,Q1RYHPEHUWKH&RPSDQ\LQVWLWXWHGWKH5HVWULFWHG6WRFN8QLW3ODQWRSURYLGHHTXLW\EDVHGLQFHQWLYHVWRDOOHOLJLEOH
HPSOR\HHVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHV7KH3ODQLVDGPLQLVWHUHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH 15&
RIWKH&RPSDQ\WKURXJKDFRQWUROOHG7UXVW$PD[LPXPRI5HVWULFWHGVWRFNXQLWV 568 PD\EHJUDQWHGXQGHUWKH3ODQ
Each RSU granted under the plan entitles the holder to one equity share of the Company at an exercise price, which is approved by
the Nomination and Remuneration Committee.
NRC granted RSUs to the eligible employees of the Company and its subsidiaries under the Plan. Subsequent to this grant, the trust
acquired shares from secondary market for the purpose of implementation of the Plan.
A summary of the general terms of grants under RSU 2021 plan is as below:
RSU Plan 2021
Maximum number of RSUs under the plan 11,100,000
0HWKRGRIVHWWOHPHQW FDVKHTXLW\ Equity
9HVWLQJSHULRG PD[LPXP \HDUV
Exercise price at par R2
([HUFLVHSHULRGIURPWKHGDWHRIYHVWLQJ PD[LPXP 6 months

The details of activity under the plan has been summarized below:
Year ended
31 March 2024 31 March 2023
Weighted Weighted
No. of average No. of average
RSUs exercise RSUs exercise
price (`) price (`)
2XWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDU 2 2
$GG*UDQWHGGXULQJWKH\HDU 2 726,164 2
/HVV)RUIHLWHGGXULQJWKH\HDU
/HVV([HUFLVHGGXULQJWKH\HDU 2 2
/HVV([SLUHGGXULQJWKH\HDU
RSUs outstanding at the end of the year 6,920,967 2 2
RSUs exercisable at the end of the year 2 2
The weighted average share price of RSUs exercised during the year was R 0DUFKR
7RWDOQXPEHURIRXWVWDQGLQJ568VLQFOXGH 0DUFK SHUIRUPDQFHEDVHG568VLQFOXGLQJWKRVHOLQNHGWR

relative performance parameters against selected industry peers, given to certain senior employees. Number of shares expected to
vest will be based on actual performance for each of the performance parameters. All other RSUs will vest if the employee continues
to be in service and on the roles of the Company or its subsidiaries on the vesting date.
2XWVWDQGLQJSHUIRUPDQFHEDVHG568VDOVRLQFOXGHV 0DUFK 568VIRUZKLFKSHUIRUPDQFHWDUJHWVZLOOEH

¿QDOL]HGDQGFRPPXQLFDWHGLQVXEVHTXHQW\HDUV&RVWIRUWKHVH568VZLOOEHDFFRXQWHGIURPGDWHRI¿QDOL]DWLRQRISHUIRUPDQFH
targets.
The details of exercise price for RSUs outstanding is as below:
Weighted
average
Number
Exercise price remaining
Name of the plan of RSUs
(`) contractual life
outstanding
of RSUs
(in years)
Restricted Stock Unit Plan 2021
At 31 March 2024 2 6,920,967 0.6
At 31 March 2023 2 1.4
7KHIDLUYDOXHRIWKHDZDUGVDUHGHWHUPLQHGXVLQJWKH%ODFN6FKROHV0RGHOIRU568VZLWKWLPHDQGQRQPDUNHWSHUIRUPDQFHEDVHG
vesting conditions and Monte Carlo simulation model is used for RSUs with market performance based vesting conditions. The
inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term
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market prices of the Company’s publicly traded equity shares during a period equivalent to the expected term of the RSUs. Expected
volatility of the selected industry peers have been modelled based on historical movements in the market prices of their publicly
WUDGHGHTXLW\VKDUHVGXULQJDSHULRGHTXLYDOHQWWRWKHH[SHFWHGWHUPRIWKH568V&RUUHODWLRQFRHႈFLHQWLVFDOFXODWHGEHWZHHQHDFK
peer entity based on the historical weekly share prices of the companies.
The fair value of each equity-settled award granted during the year is estimated on the date of grant using the following
assumptions:
Year ended
31 March 2024 31 March 2023
:HLJKWHGDYHUDJHIDLUYDOXH ` 1,069 922
:HLJKWHGDYHUDJHVKDUHSULFH ` 1,214 1,048
([HUFLVH3ULFH ` 2 2
([SHFWHG9RODWLOLW\
/LIHRIWKHXQLWVJUDQWHG YHVWLQJDQGH[HUFLVHSHULRG LQ\HDUV
([SHFWHGGLYLGHQGV
$YHUDJHULVNIUHHLQWHUHVWUDWH
The expected life of the RSU is estimated based on the vesting term and contractual term of the RSU, as well as expected exercise
behavior of the employee who receives the RSU.

2.14 Borrowings
Non-current Current
As at As at
31 March 2024 31 March 2023 31 March 2024 31 March 2023
Long term borrowings
Secured
7HUPORDQIURPEDQNV UHIHUQRWHEHORZ 26 40 16 19
Unsecured
7HUPORDQVIURPEDQNV UHIHUQRWHEHORZ 11 11 121
26 51 27 140
/HVVFXUUHQWPDWXULWLHVRIORQJWHUPERUURZLQJV
26 51 - -
Unsecured short term borrowings
Current maturities of long term borrowings 27 140
- - 27 140
Note:
1. The Company has term loans of RFURUHV 0DUFKRFURUHV VHFXUHGDJDLQVWJURVVEORFNRIYHKLFOHVRIR 128 crores
0DUFKRFURUHV DWLQWHUHVWUDWHUDQJLQJIURPSDWRSD 0DUFKSDWRSD
7KHORDQVDUHUHSD\DEOHRYHUDSHULRGRIWR\HDUVRQDPRQWKO\EDVLV
2. Unsecured long term loan of RFURUHV 0DUFKRFURUHV ERUURZHGIURPEDQNVDWLQWHUHVWUDWHVUDQJLQJIURP

SDWRSD 0DUFKSDWRSD 7KHORDQLVUHSD\DEOHWLOO-XO\
2.15 Trade payables - current

As at
31 March 2024 31 March 2023
Trade payables 348
7UDGHSD\DEOHVUHODWHGSDUWLHV UHIHUQRWH 888
909 1,244
Unbilled and accruals 638

8QELOOHGDQGDFFUXDOVUHODWHGSDUWLHV UHIHUQRWH 903 901
1,435 1,539
2,344 2,783

Not from the due date of payment
Particulars
Due Less than More than
1 year 3 years
L 060(XQGLVSXVWHG 24 24
LL 2WKHUVXQGLVSXWHG 1,322 316 1
1,328 340 1 909
2,344


Not from the due date of payment
Particulars
Due Less than More than
1 year 3 years
L 060(XQGLVSXVWHG 23 23
LL 2WKHUVXQGLVSXWHG 1,322 333 879 4 3 2 1,221
1,328 879 4 3 2 1,244
2,783
5HODWLRQVKLSZLWK6WUXFNRႇFRPSDQLHV
Year ended
Nature 31 March 2024 31 March 2023
1DPHRIWKHVWUXFNRႇ&RPSDQ\ of Relationship
Transactions Balance Balance
Transaction Transaction
outstanding outstanding
=DUXQRGD\D(OHFWURPHFKDQLFDO3YW/WG Payables Vendor
Rushabhdev Commodities Broking Receivables Customer
659&RPPRGLWLHV3YW/WG Receivables Customer
0RXQWDLQ9DOOH\6SUULQJV3YW/WG Receivables Customer
DPRXQWVDUHOHVVWKDQFURUHV
2WKHU¿QDQFLDOOLDELOLWLHV
As at
31 March 2024 31 March 2023
Non - current
Employee bonuses accrued 1 1
Capital accounts payables 4 13
2WKHUV 3
8 14
8QUHDOL]HGORVVRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV UHIHUQRWH D
8 29
Current
Interest accrued but not due on borrowings 1
Unclaimed dividends 8
$FFUXHGVDODULHVDQGEHQH¿WV
Employee bonuses accrued 1,099 976
2WKHUHPSOR\HHFRVWV 471 621
2WKHUV
/LDELOLWLHVWRZDUGVFXVWRPHUFRQWUDFWV 8 66
Capital accounts payables 146 177
2WKHUV 4
1,743 1,854
8QUHDOL]HGORVVRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV>UHIHUQRWH D @ 6
8QUHDOL]HGORVVRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV>UHIHUQRWH D @ 7
1,748 1,867

2.17 Contract liabilities

As at
31 March 2024 31 March 2023
Non - Current
&RQWUDFWOLDELOLWLHV UHIHUQRWH 100
&RQWUDFWOLDELOLWLHVUHODWHGSDUWLHV UHIHUQRWHDQG 1
101 154
Current
&RQWUDFWOLDELOLWLHV UHIHUQRWH 1,086 1,210
&RQWUDFWOLDELOLWLHVUHODWHGSDUWLHV UHIHUQRWHDQG 2,742 2,498
3,828 3,708
2.18 Provisions
As at
31 March 2024 31 March 2023
Non - Current
3URYLVLRQIRUHPSOR\HHEHQH¿WV
3URYLVLRQIRUJUDWXLW\ UHIHUQRWH 627
3URYLVLRQIRUOHDYHEHQH¿WV 313
1,065 879
Current
3URYLVLRQIRUJUDWXLW\ UHIHUQRWH 161 141
3URYLVLRQIRUOHDYHEHQH¿WV 117 120
2WKHUSURYLVLRQV 64 22
342 283
2.19 Other non-current liabilities

As at
31 March 2024 31 March 2023
2WKHUVGHSRVLWV 40
57 40
2.20 Other current liabilities

As at
31 March 2024 31 March 2023
Advances received from customers 43 101
Withholding and other statutory dues 449 291
2WKHUV 8
500 392
2.21 Revenue from operations

Year ended
31 March 2024 31 March 2023
Sale of services 46,091
Sale of hardware and software 161
48,118 46,276

Disaggregate Revenue information

The disaggregated revenue from customers by geographic area based on location of the customer is as follows.
Year ended
31 March 2024 31 March 2023
America 12,884
Europe 26,686 24,188
India* 3,828
Rest of world 4,720 4,601
48,118 46,276
* includes revenue billed to India based captive of global customers
Remaining performance obligations

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FRQWUDFWVSHULRGLFUHYDOLGDWLRQVRIWKHHVWLPDWHVHFRQRPLFIDFWRUV FKDQJHVLQFXUUHQF\UDWHVWD[ODZVHWF $VDW0DUFK
WKHDJJUHJDWHDPRXQWRIWUDQVDFWLRQSULFHDOORFDWHGWRUHPDLQLQJSHUIRUPDQFHREOLJDWLRQDVSHUWKHUHTXLUHPHQWVRI,QG$6ZDV
R FURUHV 0DUFK R FURUHV RXW RI ZKLFK DSSUR[LPDWHO\ 0DUFK LV H[SHFWHG WR EH
UHFRJQL]HGDVUHYHQXHVZLWKLQRQH\HDUDQGWKHEDODQFHEH\RQGRQH\HDU7KHVHDPRXQWVDUHQRWDGMXVWHGIRUYDULDEOHFRQVLGHUDWLRQ
allocated to remaining performance obligation, which are not probable. These amounts also exclude contracts for which we recognize
UHYHQXHVEDVHGRQWKHULJKWWRLQYRLFHIRUVHUYLFHVSHUIRUPHGDQGFRQWUDFWVZKHUHFRQVLGHUDWLRQLVLQWKHIRUPRIDVDOHVEDVHGRU
XVDJHEDVHGUR\DOW\SURPLVHGLQH[FKDQJHIRUDOLFHQVHRILQWHOOHFWXDOSURSHUW\
Contract balances
Contract assets : R 133 crores of contract assets as on 31 March 2024, pertains to current year.
Contract liabilities :
The below table discloses the movement in the balance of contract liabilities :
Year ended
31 March 2024 31 March 2023
Balance as at beginning of the year 3,862 3,373
Additional amounts billed but not recognized as revenue 2,231
Deduction on account of revenues recognized during the year
Balance as at end of the year 3,929 3,862
Deferred contract cost:'HIHUUHGFRQWUDFWFRVWSULPDULO\UHSUHVHQWVWKHFRQWUDFWIXO¿OPHQWFRVWDQGFRVWIRUREWDLQLQJWKHFRQWUDFW

7KHEHORZWDEOHGLVFORVHVWKHVLJQL¿FDQWPRYHPHQWLQGHIHUUHGFRQWUDFWFRVW
Year ended
31 March 2024 31 March 2023
Balance as at beginning of the year 424
Additional cost capitalised during the year 141 130
Deduction on account of cost amortised during the year
7UDQVODWLRQH[FKDQJHGLႇHUHQFHV 3
Balance as at end of the year 338 424
Reconciliation of revenue recognised with the contracted price is as follows:

Year ended
31 March 2024 31 March 2023
Contracted price 48,262 46,413
Reduction towards variable consideration components
Revenue recognised 48,118 46,276
The reduction towards variable consideration comprises of volume discounts, service level credits, etc.

2.22 Other income

Year ended
31 March 2024 31 March 2023
Interest income
2QGHEWVHFXULWLHV 226 193
2QEDQNDQGRWKHUGHSRVLWV
2QLQFRPHWD[UHIXQG 1
2QRWKHUV 13 13
8QUHDOL]HGJDLQVRQIDLUYDOXHFKDQJHVRQPXWXDOIXQGV 10 3
3UR¿WRQVDOHRIPXWXDOIXQGV 146
Dividends from subsidiary companies 92 84
3UR¿WRQVDOHRISURSHUW\SODQWDQGHTXLSPHQW QHW UHIHUQRWHEHORZ 4
([FKDQJHGLႇHUHQFHV QHW 83
Miscellaneous income 37 43
1,076 1,031
Note: Net of loss on sale of property, plant & equipment RFURUHV SUHYLRXV\HDU`FURUHV
2.23 Changes in inventories of stock-in-trade

Year ended
31 March 2024 31 March 2023
2SHQLQJVWRFN 23
/HVV&ORVLQJVWRFN
10 (12)
(PSOR\HHEHQH¿WVH[SHQVH
Year ended
31 March 2024 31 March 2023
Salaries, wages and bonus 18,868
Contribution to provident fund and other employee funds 800
Share based payments to employees 62
6WDႇZHOIDUHH[SHQVHV 149 117
20,965 19,799
2.25 Finance cost

Year ended
31 March 2024 31 March 2023
Interest on lease liabilities 49 44
Interest on direct taxes 40 44
2WKHULQWHUHVWFRVWVDQGEDQNFKDUJHV 36 39
125 127

2.26 Other expenses

Year ended
31 March 2024 31 March 2023
5HQW UHIHUQRWH 2 7
Power and fuel 193 189
Insurance 80
Repairs and maintenance 371
Communication costs 141
Travel and conveyance 496 499
/HJDODQGSURIHVVLRQDOFKDUJHV 166 140
Software license fee 711
Rates and taxes 41
Recruitment, training and development 161 273
([SHQGLWXUHWRZDUGFRUSRUDWHVRFLDOUHVSRQVLELOLW\DFWLYLWLHV UHIHUQRWH 261 238
3URYLVLRQIRUGRXEWIXOGHEWVEDGGHEWVZULWWHQRႇ QHW 6 18
([FKDQJHGLႇHUHQFHV QHW 9
2WKHUV 296
3,027 2,787
2.27 Income taxes

Year ended
31 March 2024 31 March 2023
,QFRPHWD[FKDUJHGWRVWDWHPHQWRISUR¿WDQGORVV
Current income tax charge 2,873
Deferred tax charge 909 212
3,782 3,257
Income tax charged to other comprehensive income
([SHQVH EHQH¿W RQUHPHDVXUHPHQWVRIGH¿QHGEHQH¿WSODQV 8 63
([SHQVH EHQH¿W RQUHYDOXDWLRQRIFDVKÀRZKHGJHV 112
([SHQVH EHQH¿W RQXQUHDOL]HGJDLQ ORVV RQGHEWLQVWUXPHQWV
120 (19)
The reconciliation between the Company’s provision for income tax and amount computed by applying the statutory income tax rate
in India is as follows:
Year ended
31 March 2024 31 March 2023
3UR¿WEHIRUHWD[ 14,716
Statutory tax rate in India 34.94% 34.94%
Expected tax expense
7D[HႇHFWRIDGMXVWPHQWVWRUHFRQFLOHH[SHFWHGWD[H[SHQVHWRUHSRUWHGWD[H[SHQVH
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3URYLVLRQ UHYHUVDO GXHWRFKDQJHLQWD[SRVLWLRQDQGLPSDFWRISULRUSHULRGSURYLVLRQ
2WKHUV QHW 63
Total taxes 3,782 3,257
(ႇHFWLYHLQFRPHWD[UDWH 24.47% 22.14%

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(FRQRPLF=RQHV 6(=V XQGHUWKH6SHFLDO(FRQRPLF=RQH$FWZKLFKEHJDQSURYLGLQJVHUYLFHVRQRUDIWHU$SULO7KH
HOLJLEOHXQLWVDUHHOLJLEOHIRUDGHGXFWLRQRIRISUR¿WVRUJDLQVGHULYHGIURPWKHH[SRUWRIVHUYLFHVIRUWKH¿UVW¿YH\HDUVIURPWKH
\HDURIFRPPHQFHPHQWRIRSHUDWLRQVDQGRIVXFKSUR¿WVDQGJDLQVIRUWKHQH[W¿YH\HDUV&HUWDLQWD[EHQH¿WVDUHDOVRDYDLODEOH
IRUDIXUWKHUSHULRGRI¿YH\HDUVVXEMHFWWRPHHWLQJUHLQYHVWPHQWFRQGLWLRQV7KHDIRUHVDLGWD[EHQH¿WVZLOOQRWEHDYDLODEOHWRXQLWV
having commenced the operations after 31 March 2021.
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\HDUVH[SLULQJEHWZHHQWKH\HDUVWR
&RUSRUDWHWD[SD\HUVFDQRSWIRUDVSHFL¿HGORZHUWD[UDWHLQOLHXRIFXUUHQWDSSOLFDEOHWD[UDWHVXEMHFWWRWD[SD\HUVQRWFODLPLQJDQ\
VSHFL¿HGWD[LQFHQWLYHVLQFOXGLQJWD[LQFHQWLYHVDYDLODEOHWRVSHFLDOHFRQRPLF]RQHXQLWVDQGFDUU\RYHURIXQXWLOL]HG0$7FUHGLW QHZ
WD[UHJLPH 7KH&RPSDQ\ZLOORSWIRUQHZWD[UHJLPHLQWKH\HDUQHZWD[UHJLPHLVEHQH¿FLDOWRWKH&RPSDQ\
7KHWD[UHWXUQVDUHVXEMHFWWRH[DPLQDWLRQE\WKHWD[DXWKRULWLHVLQWKHMXULVGLFWLRQVZKHUHWKH&RPSDQ\FRQGXFWVEXVLQHVV5HJXODU
tax examination is open in India, for tax years beginning 1 April 2022 and certain matters relating to prior years for which the tax
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additional taxes that may need to be resolved with the authorities or through legal proceedings. Resolution of these matters involves
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proceedings.
Components of deferred tax assets and liabilities as on 31 March 2024

Recognized
Recognised
Recognized directly in
Opening in / Closing
LQSUR¿WDQG equity
balance UHFODVVL¿HG balance
loss against
from OCI
tax liability
Deferred tax assets
MAT credit entitlement 2,073
Provision for doubtful debts 94 86
Accrued employee costs 393 39 424
Property, plant and equipment 3
/HDVHOLDELOLW\ 186 37 223
Employee stock compensation 21 21
2WKHUV 131 84
Gross deferred tax assets (A) 2,880 (1,005) (8) 21 1,888
Deferred tax liabilities
Property, plant and equipment 101
Intangibles and goodwill 2,063 1,964
5LJKWRIXVHDVVHWV 44 194
8QUHDOL]HGJDLQRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV 17 112 129
2WKHUV 6 6 12
Gross deferred tax liabilities (B) 2,337 (96) 112 - 2,353
Net deferred tax liability (A-B) 543 (909) (120) 21 (465)

Components of deferred tax assets and liabilities as on 31 March 2023

Recognized
Recognised
Recognized directly in
Opening in / Closing
LQSUR¿WDQG equity
balance UHFODVVL¿HG balance
loss against
from OCI
tax liability
Deferred tax assets
MAT credit entitlement 2,073
Provision for doubtful debts 88 6 94
Accrued employee costs 406 393
Property, plant and equipment 3 3
/HDVHOLDELOLW\ 189 186
2WKHUV 142 131
Gross deferred tax assets (A) 3,183 (240) (63) - 2,880
Property, plant and equipment 96 101
Intangibles and goodwill 2,104 2,063
8QUHDOL]HGJDLQRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV 96 17
2WKHUV 4 6
Gross deferred tax liabilities (B) 2,447 (28) (82) - 2,337
Net deferred tax assets (A-B) 736 (212) 19 - 543
2.28 Components of other comprehensive income

Year ended
31 March 2024 31 March 2023
A ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWRVWDWHPHQWRISUR¿WDQGORVV
2SHQLQJEDODQFH QHWRIWD[ 147
Actuarial gains or loss 27
Income tax expense
&ORVLQJEDODQFH QHWRIWD[ 166 147
B ,WHPVWKDWZLOOEHUHFODVVL¿HGVXEVHTXHQWO\WRVWDWHPHQWRISUR¿WDQGORVV
2SHQLQJEDODQFH 4
Foreign currency translation 3 21
Closing balance 28 25
2SHQLQJEDODQFH QHWRIWD[ 79 466
8QUHDOL]HGJDLQV ORVVHV 637
1HWJDLQUHFODVVL¿HGLQWRVWDWHPHQWRISUR¿WDQGORVVRQRFFXUUHQFHRIKHGJHG

transactions
,QFRPHWD[EHQH¿W 79
Unrealized gain on debt instruments
2SHQLQJEDODQFH QHWRIWD[ 4
Unrealized losses
,QFRPHWD[EHQH¿W 3
&ORVLQJ%DODQFH QHWRIWD[ (2) (1)
TOTAL (B) 523 103

2.29 Earnings per equity share (EPS)

The computation of earnings per equity share is as follows:
Year ended
31 March 2024 31 March 2023
1HWSUR¿WDVSHUVWDWHPHQWRISUR¿WDQGORVV 11,674
Weighted average number of equity shares outstanding in calculating basic EPS 2,707,840,239 2,707,383,472
'LOXWLYHHႇHFWRI5HVWULFWHGVWRFNXQLWVRXWVWDQGLQJ
Weighted average number of equity shares outstanding in calculating diluted EPS 2,710,699,199
1RPLQDOYDOXHRIHTXLW\VKDUHV LQR 2 2
(DUQLQJVSHUHTXLW\VKDUH LQR
%DVLF 43.11 42.32
'LOXWHG 43.02 42.27
2.30 Leases
(a) Company as a lessee
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7KHGHWDLOVRIWKHULJKWRIXVHDVVHWVKHOGE\WKH&RPSDQ\LVDVIROORZV
Computers
Leasehold and
Buildings Total
land networking
equipments
Balance as at 1 April 2022 336 537 2 875
Depreciation
Additions 2 172 174
Derecognition
Balance as at 31 March 2023 325 497 2 824
Balance as at 1 April 2023 325 497 2 824
Depreciation
Additions 414 21
Derecognition
Balance as at 31 March 2024 321 713 14 1,048
The reconciliation of lease liabilities is as follows:

Year ended
31 March 2024 31 March 2023
Balance as at beginning of the year 608 654
Additions 469
$PRXQWVUHFRJQL]HGLQVWDWHPHQWRISUR¿WDQGORVVDVLQWHUHVWH[SHQVH 49 44
Payment of lease liabilities
Derecognition
Balance as at end of the year 861 608
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RFURUHV 3UHYLRXV\HDURFURUHV

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As at
31 March 2024 31 March 2023
Within one year 263 208
2QHWRWZR\HDUV 243 160
Two to three years 209 129
7KUHHWR¿YH\HDUV
Thereafter 26 37
Total lease payments 995 699
Imputed interest
Total lease liabilities 861 608
Certain lease agreements include options to terminate or extend the leases. The lease agreements do not contain any material
residual value guarantees or material restrictive covenants.
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(b) Company as a lessor

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Interest
Present value
Total minimum included in
of minimum
lease payments minimum lease
lease payments
receivable payments
receivable
receivable
As at 31 March 2024
Not later than one year 89 4
/DWHUWKDQRQH\HDUDQGQRWODWHUWKDQ\HDUV 73 4 69
162 8 154
As at 31 March 2023
Not later than one year 106 101
/DWHUWKDQRQH\HDUDQGQRWODWHUWKDQ\HDUV 102 97
208 10 198
2.31 Financial instruments

(a) Derivatives
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currency. The use of derivatives to hedge the risk is governed by the Company’s strategy, which provides principles on the use of
such forward contracts and currency options consistent with the Company’s risk management policy. The company determines
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7KHFRXQWHUSDUW\LQWKHVHGHULYDWLYHLQVWUXPHQWVDUHEDQNVDQGWKH&RPSDQ\FRQVLGHUVWKHULVNVRIQRQSHUIRUPDQFHE\WKH
FRXQWHUSDUW\DVLQVLJQL¿FDQW7KH&RPSDQ\KDVHQWHUHGLQWRDVHULHVRIIRUHLJQH[FKDQJHIRUZDUGFRQWUDFWVDQGRSWLRQVWKDWDUH
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use these derivative instruments for speculative purposes.

The following table presents the aggregate notional principal amounts of the outstanding derivative instruments which have been
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Balance sheet
Notional principal exposure
Notional
Foreign exchange forward denominated in amounts Asset
Currency
(amount in millions) (Liability)
(R)
As at 31 March 2024
Forward contracts (sell covers)
USD / INR USD 2,406 299
*%3,15 *%3 121 12
EUR / INR EUR 228 83
&+),15 &+)
SEK / INR SEK 62
AUD / INR AUD 38
12.,15 12. 9
CAD / INR CAD 33 10
-3<,15 -3< 77
6*',15 6*' 13
Range Forward (Sell covers)
USD / INR USD 243 8
*%3,15 *%3 30 2
EUR / INR EUR 60 14
642
Balance sheet
Notional principal exposure
Notional
Foreign exchange forward denominated in amounts Asset
Currency
(amount in millions) (Liability)
(R)
As at 31 March 2023
USD / INR USD 1,622
*%3,15 *%3 90 19
EUR / INR EUR 170
&+),15 &+) 1
SEK / INR SEK 330 44
AUD / INR AUD 96 30
12.,15 12. 60 6
CAD / INR CAD 26 6
-3<,15 -3< 14
USD / INR USD 26
*%3,15 *%3 7
EUR / INR EUR 6
121
The Company has entered into derivatives instrument not designated as hedging relationship by way of foreign exchange
forwards, currency options and futures contracts. As at 31 March 2024 and 2023, the notional principal amount of outstanding
contracts aggregated to R 3,138 crores and R 4,733 crores, respectively and the respective balance sheet exposure of these
FRQWUDFWVKDYHDQHWORVVRI R FURUHVDQGQHWJDLQRIR 6 crores.
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the amount exchanged by counterparties and do not measure the Company’s exposure to credit risk as these contracts are
settled at their fair values at the maturity date.

The balance sheet exposure denotes the fair values of these contracts at the reporting date and is presented in R crores. The
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by its individual counterparties under master netting agreements.
The fair value of the derivative instruments presented on a gross basis as at each date indicated below is as follows:
As at 31 March 2024
Financial assets Financial liabilities
Total fair
Non Non value
Current Current
current current
Derivatives designated as hedging instruments
Foreign exchange contracts in an asset position 214 449 10 11 684
Foreign exchange contracts in a liability position
1HWDVVHW OLDELOLW\ 204 438 - - 642
Derivatives not designated as hedging instruments
Foreign exchange contracts in an asset position 3 2
1HWDVVHW OLDELOLW\ 1 - (5) - (4)
Total derivatives at fair value 205 438 (5) - 638
As at 31 March 2023
Total fair
Non Non value
Current Current
current current
Foreign exchange contracts in an asset position 160 117 81 412
1HWDVVHW OLDELOLW\ 79 63 (6) (15) 121
Foreign exchange contracts in an asset position 18 23
1HWDVVHW OLDELOLW\ 13 - (7) - 6
Total derivatives at fair value 92 63 (13) (15) 127
The following tables set forth the fair value of derivative instruments included in the balance sheets as at each date indicated:
As at
31 March 2024 31 March 2023
8QUHDOL]HGJDLQRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUFXUUHQW¿QDQFLDODVVHWV 204 79
8QUHDOL]HGJDLQRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUQRQFXUUHQW¿QDQFLDODVVHWV 438 63
8QUHDOL]HGORVVRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUFXUUHQW¿QDQFLDOOLDELOLWLHV
8QUHDOL]HGORVVRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUQRQFXUUHQW¿QDQFLDOOLDELOLWLHV
642 121
8QUHDOL]HGJDLQRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUFXUUHQW¿QDQFLDODVVHWV 1 13
(4) 6

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As at
31 March 2024 31 March 2023
Within one year 13
2QHWRWZR\HDUV 8
Two to three years 4
7KUHHWR¿YH\HDUV 3
28
7KHIROORZLQJWDEOHVXPPDUL]HVWKHDFWLYLWLHVLQWKHVWDWHPHQWRISUR¿WDQGORVVDQGRWKHUFRPSUHKHQVLYHLQFRPH
Year ended
31 March 2024 31 March 2023
Derivatives in hedging relationships
(ႇHFWLYHSRUWLRQRIJDLQRU ORVV UHFRJQL]HGLQ2&,RQGHULYDWLYHV 637
(ႇHFWLYHSRUWLRQRIJDLQUHFODVVL¿HGIURP2&,LQWRVWDWHPHQWRISUR¿WDQGORVVDVUHYHQXH 107
Derivatives not in hedging relationships
*DLQRU ORVV UHFRJQL]HGLQWRVWDWHPHQWRISUR¿WDQGORVVDVH[FKDQJHGLႇHUHQFHV 37
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Year ended
31 March 2024 31 March 2023
*DLQDVDWWKHEHJLQQLQJRIWKH\HDU 96
8QUHDOL]HGJDLQ ORVV RQFDVKÀRZKHGJLQJGHULYDWLYHVGXULQJWKH\HDU 637
1HWJDLQUHFODVVL¿HGLQWRVWDWHPHQWRISUR¿WDQGORVVRQRFFXUUHQFHRIKHGJHGWUDQVDFWLRQV
*DLQDVDWWKHHQGRIWKH\HDU 626 96
Deferred tax liability
&DVKÀRZKHGJLQJUHVHUYH QHWRIWD[ 497 79
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twelve months is of RFURUHV 3UHYLRXV\HDUJDLQRIRFURUHV
(b) Financial assets and liabilities

7KHFDUU\LQJYDOXHRI¿QDQFLDOLQVWUXPHQWVE\FDWHJRULHVDVDW0DUFKLVDVIROORZV
Fair value
Fair value through Total
Amortized
through other carrying
cost
SUR¿WDQGORVV comprehensive value
income
Financial assets
,QYHVWPHQWV RWKHUWKDQLQVXEVLGLDULHV 3,310 3,491 6,801
7UDGHUHFHLYDEOHV LQFOXGLQJXQELOOHG 12,320 12,320
Cash and cash equivalents 837 837
2WKHUEDQNEDODQFHV 6,792 6,792
/RDQV 1,079 1,079
2WKHUV 1 642 1,126 1,769
Total 3,311 4,133 22,154 29,598
Financial liabilities
Borrowings
/HDVHOLDELOLWLHV 861 861
7UDGHSD\DEOHV LQFOXGLQJXQELOOHGDQGDFFUXDOV 2,344 2,344
2WKHUV
Total 5 - 5,009 5,014

Fair value
Fair value through Total
Amortized
through other carrying
cost
SUR¿WDQGORVV comprehensive value
income
Financial assets
,QYHVWPHQWV RWKHUWKDQLQVXEVLGLDULHV 3,601
7UDGHUHFHLYDEOHV LQFOXGLQJXQELOOHG
Cash and cash equivalents 2,374 2,374
2WKHUEDQNEDODQFHV
/RDQV 2,602 2,602
2WKHUV 13 142 1,323 1,478
Total 1,514 3,743 23,151 28,408
Borrowings 191 191
/HDVHOLDELOLWLHV 608 608
2WKHUV 7 21 1,868 1,896
Total 7 21 5,450 5,478
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The Company in the normal course of business sells certain trade receivables to banks. Under the terms of arrangements, the
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or losses on the sales are recorded at the time of transfers of these receivables and are immaterial.
Fair value hierarchy
The assets and liabilities measured at fair value on a recurring basis as at 31 March 2024 and the basis for that measurement
is as below:
Fair value Level 1 inputs Level 2 inputs Level 3 inputs
Assets
,QYHVWPHQWVFDUULHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV 3,310 3,310
Investments carried at fair value through other
3,491 3,491
comprehensive income
8QUHDOL]HGJDLQRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV 643 643
Liabilities
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The following table discloses the assets and liabilities measured at fair value on a recurring basis as at 31 March 2023 and the
basis for that measurement:
Fair value Level 1 inputs Level 2 inputs Level 3 inputs
Assets
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Investments carried at fair value through other
3,601 3,601
comprehensive income
8QUHDOL]HGJDLQRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV
Liabilities
8QUHDOL]HGORVVRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV 28 28
7KHUHKDYHEHHQQRWUDQVIHUVEHWZHHQ/HYHODQG/HYHOGXULQJWKHFXUUHQWDQGSUHYLRXV\HDU
Valuation methodologies
Investments: The Company’s investments consist of investment in debt linked mutual funds which are determined using quoted
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VHFXULWLHVLVGHWHUPLQHGXVLQJREVHUYDEOHPDUNHWV¶LQSXWVDQGLVFODVVL¿HGDV/HYHO

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DV/HYHO
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¿QDQFLDODVVHWVWUDGHSD\DEOHVEDQNRYHUGUDIWVDQGRWKHUFXUUHQW¿QDQFLDOOLDELOLWLHVDSSUR[LPDWHWKHLUFDUU\LQJDPRXQWVODUJHO\
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(c) Financial risk management
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The Company has a risk management policy to manage and mitigate these risks.
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providing predictability in the Company's business plan along with reasonable participation in market movement.
Market risk
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currency exchange rates.
(i) Foreign currency risk
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in exchange rates. The Company’s exposure to the risk of changes in exchange rates relates primarily to the Company’s
operations and the Company’s net investments in foreign branches.
The exchange rate risk primarily arises from assets and liabilities denominated in currencies other than the functional
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&RPSDQ\UHYHQXHLVLQ86'ROODU3RXQG6WHUOLQJ *%3 DQG(XURZKLOHDODUJHSRUWLRQRIFRVWVDUHLQ,QGLDQUXSHHV7KH
ÀXFWXDWLRQLQH[FKDQJHUDWHVLQUHVSHFWWRWKH,QGLDQUXSHHPD\KDYHSRWHQWLDOLPSDFWRQWKHVWDWHPHQWRISUR¿WDQGORVV
and other comprehensive income and equity.
To mitigate the foreign currency risk the Company uses derivatives as governed by the Company’s strategy, which provides
principles on the use of such forward contracts and currency options consistent with the Company’s Risk Management Policy.
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2023, RFURUHV IRUWKH\HDUHQGHG0DUFK
The rate sensitivity is calculated by aggregation of the net foreign exchange rate exposure and a simultaneous parallel
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branches. The sensitivity analysis presented above may not be representative of the actual change.
1RQGHULYDWLYHIRUHLJQFXUUHQF\H[SRVXUHDVRI0DUFKDQG0DUFKLQPDMRUFXUUHQFLHVLVDVEHORZ
USD / INR 7,261 891
*%3,15 664 61 73
EUR/ INR 1,268 1,306 146 176
(ii) Interest rate risk

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LQPDUNHWLQWHUHVWUDWHV7KH&RPSDQ\¶VLQYHVWPHQWVDUHSULPDULO\LQ¿[HGUDWHLQWHUHVWEHDULQJLQYHVWPHQWV+HQFHWKH
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Credit risk
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DIWHUDQHYDOXDWLRQRIWKHFUHGLWULVN%\WKHLUQDWXUHDOOVXFK¿QDQFLDOLQVWUXPHQWVLQYROYHULVNVLQFOXGLQJWKHFUHGLWULVNRIQRQ
performance by counterparties.
The customers of the Company are primarily corporations based in the United States of America and Europe and accordingly,
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SHULRGLFDOO\DVVHVVHVWKH¿QDQFLDOUHOLDELOLW\RIFXVWRPHUVWDNLQJLQWRDFFRXQWWKH¿QDQFLDOFRQGLWLRQFXUUHQWHFRQRPLFWUHQGV
DQDO\VLV RI KLVWRULFDO EDG GHEWV DQG DJHLQJ RI WUDGH UHFHLYDEOHV FRQWUDFW DVVHWV XQELOOHG UHFHLYDEOHV DQG ¿QDQFH OHDVH
UHFHLYDEOHV 7KH &RPSDQ\ DOVR RXWVRXUFHG VHOHFWHG FOLHQW UHODWHG FUHGLW ULVNV WR ¿QDQFLDO PDUNHWV WKURXJK 1RQUHFRXUVH
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The allowance for lifetime expected credit loss on customer balances is as below:
As at
31 March 2024 31 March 2023
Balance at the beginning of the year 187 196
Additional provision during the year 79 64
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Balance at the end of the year 158 187
Liquidity risk
/LTXLGLW\ULVNLVWKHULVNWKDWWKH&RPSDQ\ZLOOHQFRXQWHUGLႈFXOW\LQPHHWLQJLWVREOLJDWLRQVDVVRFLDWHGZLWK¿QDQFLDOOLDELOLWLHV7KH
investment philosophy of the Company is capital preservation and liquidity in preference to returns. The Company consistently
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and maintain adequate liquidity for use.
0DWXULW\SUR¿OHRIWKH&RPSDQ\¶V¿QDQFLDOOLDELOLWLHVEDVHGRQFRQWUDFWXDOSD\PHQWVLVDVEHORZ
Year 4-5
Year 1 Year 2 Year 3
and Total
(Current)
thereafter
As at 31 March 2024
Borrowings 30 9 4
/HDVHOLDELOLWLHV 263 243 209 280
'HULYDWLYH¿QDQFLDOOLDELOLWLHV
2WKHUV 1,743 4 4
Total 4,385 262 222 284 5,153
As at 31 March 2023
Borrowings 30 11 206
/HDVHOLDELOLWLHV 208 160 129 202 699
'HULYDWLYH¿QDQFLDOOLDELOLWLHV 13 8 4 3 28
2WKHUV 17 1,870
Total 5,007 215 148 216 5,586
(PSOR\HHEHQH¿WV
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$ 'H¿QHGFRQWULEXWLRQSODQVDQGVWDWHSODQV
Superannuation Fund
Employer’s contribution to Employee Pension Scheme
'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQL]HGWKHIROORZLQJDPRXQWVLQWKHVWDWHPHQWRISUR¿WDQGORVV
Year ended
31 March 2024 31 March 2023
Superannuation Fund 14 13
Employer’s contribution to Employee’s Pension Scheme 166 163
Total 180 176
The Company has contributed RFURUHV SUHYLRXV\HDURFURUHV WRZDUGVRWKHUGH¿QHGFRQWULEXWLRQSODQVRIEUDQFKHV
outside India.

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Gratuity
The following table sets out the status of the gratuity plan :
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Year ended
31 March 2024 31 March 2023
Current Service cost 186 202
,QWHUHVWFRVW QHW 49
1HWEHQH¿WH[SHQVH 236 251
Balance Sheet
As at
31 March 2024 31 March 2023
'H¿QHGEHQH¿WREOLJDWLRQV 929 784
Fair value of plan assets 16 16
Net plan liability 913 768
&XUUHQWGH¿QHGEHQH¿WREOLJDWLRQV 161 141
1RQFXUUHQWGH¿QHGEHQH¿WREOLJDWLRQV 627
&KDQJHVLQSUHVHQWYDOXHRIWKHGH¿QHGEHQH¿WREOLJDWLRQVDUHDVIROORZV
Year ended
31 March 2024 31 March 2023
2SHQLQJGH¿QHGEHQH¿WREOLJDWLRQV 784 807
Current service cost 186 202
Interest cost
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Actuarial changes arising from changes in demographic assumptions
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Business combinations 1
%HQH¿WVSDLG
&ORVLQJGH¿QHGEHQH¿WREOLJDWLRQV 929 784
Changes in fair value of the plan assets are as follows:

Year ended
31 March 2024 31 March 2023
2SHQLQJIDLUYDOXHRISODQDVVHWV 16 18
Interest income 1 1
Contributions 61 100
5HPHDVXUHPHQWJDLQV ORVVHV LQ2&,
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Closing fair value of plan assets 16 16
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the
period over which the obligation is to be settled.

The principal assumptions used in determining gratuity for the Company’s plans are shown below:
As at
31 March 2024 31 March 2023
Discount rate 7.20% 7.40%
Estimated Rate of salary increases 6.00%
Expected rate of return on assets 7.20% 7.40%
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other relevant factors, such as supply and demand in the employment market. Inherent risk exists for the Company that any
adverse salary growth or demographic experience or inadequate returns on underlying plan assets can result in an increase in
FRVWRISURYLGLQJWKHVHEHQH¿WVWRHPSOR\HHVLQIXWXUH6LQFHWKHEHQH¿WVDUHOXPSVXPLQQDWXUHWKHSODQLVQRWVXEMHFWWRDQ\
longevity risks.
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SDUWLFXODUO\VHQVLWLYH7KHIROORZLQJWDEOHVXPPDUL]HVWKHLPSDFWRQGH¿QHGEHQH¿WREOLJDWLRQDVDW0DUFKDULVLQJGXH
WRDQLQFUHDVHGHFUHDVHLQNH\DFWXDULDODVVXPSWLRQVE\EDVLVSRLQWV
Discount rate Salary escalation rate

As at As at
Impact of increase 24 21
Impact of decrease 22
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KDYHEHHQFDOFXODWHGWRVKRZWKHPRYHPHQWLQGH¿QHGEHQH¿WREOLJDWLRQVLQLVRODWLRQDQGDVVXPLQJWKHUHDUHQRRWKHUFKDQJHV
in market conditions. There have been no changes from the previous years in the methods and assumptions used in preparing
the sensitivity analysis.
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Year ending 31 March &DVKÀRZV

184
238

7KHUHDIWHU 2,861
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Employer’s contribution to provident fund

The actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of India
based on the assumption mentioned below.
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31 March 2024 31 March 2023
Fair value of plan assets at the year end
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Net liability recognized in balance sheet - -
The amount of net liability as at 31 March 2024 has been recognized in the other comprehensive income.
Assumptions used in determining the present value obligation of the interest rate guarantee under the Deterministic Approach:
31 March 2024 31 March 2023
*RYHUQPHQWRI,QGLD *2, ERQG\LHOG 7.20% 7.40%
Remaining term of maturity 7.21 years \HDUV
Expected guaranteed interest rate
During the year ended 31 March 2024, the Company has contributed R FURUHV SUHYLRXV \HDU R FURUHV WRZDUGV
employer's contribution to provident fund.

2.33 Related party transactions

(a) Related parties where control exists
/LVWRIVXEVLGLDULHVDVDW0DUFKDQG0DUFKLVDVEHORZ
Country of Percentage holding as at

S. No. Name of the Subsidiaries
Incorporation 31 March 2024 31 March 2023
Direct subsidiaries
1 +&/&RPQHW6\VWHPV 6HUYLFHV/LPLWHG India 100% 100%
2 +&/%HUPXGD/LPLWHG Bermuda 100% 100%
3 +&/7HFKQRORJLHV 6KDQJKDL /LPLWHG China 100% 100%
4 +&/6LQJDSRUH3WH/LPLWHG Singapore 100% 100%
+&/7UDLQLQJ 6WDႈQJ6HUYLFHV3ULYDWH/LPLWHG India 100% 100%
6 *HRPHWULF$PHULFDV,QF USA 100% 100%
7 +&/$VLD3DFL¿F3WH/WG Singapore 100% 100%
8 *HRPHWULF(XURSH*PE+ *HUPDQ\ 100% 100%
9 6DQNDOS6HPLFRQGXFWRU3ULYDWH/LPLWHG India 100% 100%
10 +&/7HFKQRORJLHV/DQND 3ULYDWH /LPLWHG 6UL/DQND 100% 100%
11 +&/7HFKQRORJLHV-LJDQL/LPLWHG India 100% 100%
12 +&/7HFKQRORJLHV+ROGLQJ8./LPLWHGA UK 100%
Step down subsidiaries of direct subsidiaries
13 +&/*UHDW%ULWDLQ/LPLWHG UK 100% 100%
14 +&/$XVWUDOLD6HUYLFHV3W\/LPLWHG Australia 100% 100%
+&/ 1HZ=HDODQG /LPLWHG 1HZ=HDODQG 100% 100%
16 +&/+RQJ.RQJ6$5/LPLWHG +RQJ.RQJ 100% 100%
17 +&/-DSDQ/LPLWHG -DSDQ 100% 100%
18 +&/$PHULFD,QF USA 100% 100%
19 +&/7HFKQRORJLHV$XVWULD*PE+ Austria 100% 100%
20 +&/6RIWZDUH3URGXFWV/LPLWHG India 100% 100%
21 +&/3RODQG6S]RR Poland 100% 100%
22 +&/($6/LPLWHG UK 100% 100%
23 +&/,QVXUDQFH%326HUYLFHV/LPLWHG UK 100% 100%
24 $[RQ*URXS/LPLWHG UK 100% 100%
+&/&DQDGD,QF Canada 100% 100%
26 +&/7HFKQRORJLHV6ROXWLRQV*PE+ Switzerland 100% 100%
27 $[RQ6ROXWLRQV/LPLWHG UK 100% 100%
28 +&/7HFKQRORJLHV0DOD\VLD6GQ%KG Malaysia 100% 100%
29 $[RQ6ROXWLRQV 6KDQJKDL &R/LPLWHG China 100% 100%
30 +&/7HFKQRORJLHV 3URSULHWDU\ /WG South Africa 48.16% 48.16%
31 +&/$UJHQWLQDVD Argentina 100% 100%
32 +&/7HFKQRORJLHV0H[LFR6GH5/ Mexico 100% 100%
33 +&/7HFKQRORJLHV5RPDQLDVUO Romania 100% 100%
+&/7HFKQRORJLHV6WDUWVFKHPD.IW )RUPHUO\+&/
34 +XQJDU\ 100% 100%
+XQJDU\.IW
+&//DWLQ$PHULFD+ROGLQJ//& USA 100% 100%
+&/ %UD]LO 7HFQRORJLDGD,QIRUPDFDR/7'$ )RUPHUO\
36 Brazil 100% 100%
+&/ %UD]LO 7HFKQRORJLDGDLQIRUPDFDR(,5(/,
37 +&/7HFKQRORJLHV'HQPDUN$SV Denmark 100% 100%
38 +&/7HFKQRORJLHV1RUZD\$6 Norway 100% 100%


39 37+&/7HFKQRORJLHV,QGRQHVLD/LPLWHG Indonesia 100% 100%
40 +&/7HFKQRORJLHV3KLOLSSLQHV,QF Philippines 100% 100%
41 +&/7HFKQRORJLHV6RXWK$IULFD 3URSULHWDU\ /LPLWHG South Africa 36.40% 36.40%
42 +&/$UDELD//& Saudi Arabia 100% 100%
43 +&/7HFKQRORJLHV)UDQFH6$6 France 100% 100%
44 )LOLDO(VSDQROD'H+&/7HFKQRORJLHV6/ Spain 100% 100%
$Q]RVSDQ,QYHVWPHQWV3W\/LPLWHG South Africa 70% 70%
46 +&/,QYHVWPHQWV 8. /LPLWHG UK 100% 100%
47 6WDWHVWUHHW+&/+ROGLQJ8./LPLWHG UK 100% 100%
48 6WDWHVWUHHW+&/6HUYLFHV 3KLOLSSLQHV ,QF Philippines 100% 100%
49 6WDWHVWUHHW+&/6HUYLFHV ,QGLD 3ULYDWH/LPLWHG India 100% 100%
+&/$PHULFD6ROXWLRQV,QF USA 100% 100%
+&/7HFKQRORJLHV&KLOH6SD Chile 100% 100%
+&/7HFKQRORJLHV8./LPLWHG UK 100% 100%
+&/7HFKQRORJLHV%9 Netherlands 100% 100%
+&/ ,UHODQG ,QIRUPDWLRQ6\VWHPV/LPLWHG Ireland 100% 100%
+&/7HFKQRORJLHV*HUPDQ\*PE+ *HUPDQ\ 100% 100%
+&/7HFKQRORJLHV%HOJLXP%9 )RUPHUO\+&/
Belgium 100% 100%
7HFKQRORJLHV%HOJLXP%9%$
+&/7HFKQRORJLHV6ZHGHQ$% Sweden 100% 100%
+&/7HFKQRORJLHV)LQODQG2\ Finland 100% 100%
+&/7HFKQRORJLHV,WDO\63$ Italy 100% 100%
60 +&/7HFKQRORJLHV&ROXPELD6$6 Columbia 100% 100%
61 +&/7HFKQRORJLHV0LGGOH(DVW)=//& UAE 100% 100%
62 +&/,VWDQEXO%LOLVLP7HNQRORMLOHUL/LPLWHG6LUNHWL Turkey 100% 100%
63 +&/7HFKQRORJLHV*UHHFH6LQJOH0HPEHU3& *UHHFH 100% 100%
64 +&/7HFKQRORJLHV6$ Venezuela 100% 100%
+&/7HFKQRORJLHV%HLMLQJ&R/WG China 100% 100%
66 +&/7HFKQRORJLHV/X[HPERXUJ6DUO /X[HPERXUJ 100% 100%
67 +&/7HFKQRORJLHV(J\SW/LPLWHG Egypt 100% 100%
68 +&/7HFKQRORJLHV(VWRQLD2h Estonia 100% 100%
69 +&/7HFKQRORJLHV 7KDLODQG /WG Thailand 100% 100%
70 +&/7HFKQRORJLHV&]HFK5HSXEOLFVUR Czech Republic 100% 100%
71 +&/0XVFDW7HFKQRORJLHV//& 2PDQ 100% 100%
72 +&/7HFKQRORJLHV/LWKXDQLD8$% /LWKXDQLD 100% 100%
73 +&/7HFKQRORJLHV 7DLZDQ /WG China 100% 100%
74 *HRPHWULF&KLQD,QF China 100% 100%
%XWOHU$PHULFD$HURVSDFH//& USA 100% 100%
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76 USA 100% 100%
6HUYLFHV//&
77 'DWDZDYH $Q+&/7HFKQRORJLHV&RPSDQ\ /LPLWHG Scotland 100% 100%
78 +&/7HFKQRORJLHV&RUSRUDWH6HUYLFHV/LPLWHG UK 100% 100%
79 &L6XSSRUW6HUYLFHV3ULYDWH/LPLWHG India 100% 100%
80 Telerx Marketing Inc. * USA 100%
81 C3i Europe Eood Bulgaria 100% 100%
82 &L-DSDQ*. -DSDQ 100% 100%


83 &L6HUYLFHV 7HFKQRORJLHV 'DOLDQ &R/WG China 100% 100%
84 Actian Corporation USA 100% 100%
$FWLDQ$XVWUDOLD3W\/WG Australia 100% 100%
86 $FWLDQ(XURSH/LPLWHG UK 100% 100%
87 Actian France SAS France 100% 100%
88 $FWLDQ*HUPDQ\*PE+ *HUPDQ\ 100% 100%
89 Actian International, Inc. USA 100% 100%
90 $FWLDQ7HFKQRORJ\3ULYDWH/LPLWHG India 100% 100%
91 9HUVDQW*PE+ *HUPDQ\ 100% 100%
92 9HUVDQW,QGLD3ULYDWH/LPLWHG India 100% 100%
93 +&/7HFKQRORJLHV9LHWQDP&RPSDQ\/LPLWHG Vietnam 100% 100%
94 +&/*XDWHPDOD6RFLHGDG$QRQLPD *XDWHPDOD 100% 100%
6DQNJXM6HPLFRQGXFWRU3ULYDWH/LPLWHG India 100% 100%
96 Sankalp Semiconductor Inc. Canada 100% 100%
97 6DQNDOS6HPLFRQGXFWRU*PE+ *HUPDQ\ 100% 100%
98 6DQNDOS6HPLFRQGXFWRU6'1%+' Malaysia 100%
Trinidad and
99 +&/7HFKQRORJLHV7ULQLGDG$QG7REDJR/LPLWHG 100% 100%
Tobago
100 +&/7HFKQRORJLHV$]HUEDLMDQ/LPLWHG/LDELOLW\&RPSDQ\ $]HUEDLMDQ 100% 100%
101 +&/7HFKQRORJLHV%XOJDULD(22' Bulgaria 100% 100%
+&/9LHWQDP&RPSDQ\/LPLWHG )RUPHUO\NQRZQDV+&/
102 Vietnam 100% 100%
7HFKQRORJLHV 9LHWQDP &RPSDQ\/LPLWHG
103 +&/7HFKQRORJLHV$QJROD 68 /'$ Angola 100% 100%
104 ':63W\/LPLWHG )RUPHO\':6/LPLWHG Australia 100% 100%
':6 1HZ=HDODQG /WG 1HZ=HDODQG 100% 100%
106 3KRHQL[,7 7&RQVXOWLQJ3W\/WG Australia 100% 100%

107 :DOOLV1RPLQHHV &RPSXWLQJ 3W\/WG Australia 100% 100%
108 ':6 16: 3W\/WG Australia 100% 100%
109 6\PSOLFLW3W\/WG Australia 100% 100%
110 3URMHFWV$VVXUHG3W\/WG Australia 100% 100%
111 ':63URGXFW6ROXWLRQV3W\/WG Australia 100% 100%
112 *UDHPH9-RQHV $VVRFLDWHV3W\/WG Australia 100% 100%
113 6WUDWHJLF'DWD0DQDJHPHQW3W\/WG Australia 100% 100%
114 6'06DOHV3W\/WG Australia 100% 100%
+&/7HFKQRORJLHV6$& Peru 100% 100%
+&/7HFKQRORJLHV&RVWD5LFD6RFLHGDG'H
116 Costa Rica 100% 100%
5HVSRQVDELOLGDG/LPLWDGD
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117 *HUPDQ\
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118 +&/7HFKQRORJLHV6ORYDNLDVUR Slovakia 100% 100%
119 +&/7HFKQRORJLHV%DKUDLQ:// Bahrain 100% 100%
120 +&/7HFKQRORJLHV0RURFFR/LPLWHG Morocco 100% 100%
121 0DQ]LQD7HFK*PE+ Switzerland 100%
122 Starschema Inc USA 100% 100%
123 &RQ¿QDOH$* Switzerland 100% 100%
124 %ULOOLDQW'DWD//& USA 100%


&RQ¿QDOH 'HXWVFKODQG *PE+ *HUPDQ\ 100% 100%
126 &RQ¿QDOH 8. /LPLWHG UK 100% 100%
127 4XHVW,QIRUPDWLFV3ULYDWH/LPLWHG India 100% 100%
128 $6$3+ROGLQJ*PE+ *HUPDQ\ 100%
129 $6$3(QJLQHHULQJ*PE+:HLVVDFK *HUPDQ\ 100%
130 $6$3(QJLQHHULQJ*PE+*DLPHUVKHLP *HUPDQ\ 100%
131 $6$3(QJLQHHULQJ*PE+5XVVHOVKHLP *HUPDQ\ 100%
132 $6$3(OHFWURQLFV*PE+ *HUPDQ\ 100%
133 $6$3(QJLQHHULQJ*PE+:H\KDXVHQ *HUPDQ\ 100%
134 $6$3(QJLQHHULQJ*PE+)ULHGULFKVKDIHQ *HUPDQ\ 100%
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136 ),'863HUVRQDO*PE+ *HUPDQ\ 100%
137 6LJO%RUGQHW]'HVLJQ*PE+ *HUPDQ\ 100%
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138 *HUPDQ\ 94%
Vermie #
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# Acquired during the year
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* Merged during the year
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7KH*URXSKDVHTXLW\LQWHUHVWRIDQGGLYLGHQGULJKWVDQGFRQWURO
(PSOR\HHEHQH¿WWUXVWVLQFRUSRUDWHGLQ,QGLD
+LQGXVWDQ,QVWUXPHQWV/LPLWHG(PSOR\HHV3URYLGHQW)XQG7UXVW
+&/&RQVXOWLQJ/LPLWHG(PSOR\HHV6XSHUDQQXDWLRQ6FKHPH
+&/&RPQHW6\VWHPDQG6HUYLFHV/LPLWHG(PSOR\HHV3URYLGHQW)XQG7UXVW
+&/7HFKQRORJLHV(PSOR\HHV*URXS*UDWXLW\7UXVW
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(b) Related parties with whom transactions have taken place

Key Management Personnel
0U&9LMD\DNXPDU±&KLHI([HFXWLYH2ႈFHUDQG0DQDJLQJGLUHFWRU
0U3UDWHHN$JJDUZDO±&KLHI)LQDQFLDO2ႈFHU
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Non-Executive & Independent Directors

Mr. R. Srinivasan
Ms. Robin Abrams
Dr. Sosale S. Sastry
Mr. S. Madhavan
Mr. Thomas Sieber
Ms. Nishi Vasudeva


Mr. Deepak Kapoor
Dr. Mohan Chellappa
Mr. Simon England
Ms. Vanitha Narayanan
0V%KDYDQL%DODVXEUDPDQLDQ ZHI-DQXDU\
Non-Executive & Non-Independent Directors

Ms. Roshni Nadar Malhotra, Chairperson
Mr. Shikhar Malhotra
2WKHUV 6LJQL¿FDQWLQÀXHQFH
+&/,QIRV\VWHPV/LPLWHG Mr. Shiv Nadar
+&/$YLWDV3ULYDWH/LPLWHG Ms. Kiran Nadar
9DPD6XQGDUL,QYHVWPHQWV 'HOKL 3ULYDWH/LPLWHG +&/,7&LW\/XFNQRZ3ULYDWH/LPLWHG
+&/&RUSRUDWLRQ3ULYDWH/LPLWHG +&/,QIRWHFK/LPLWHG
661,QYHVWPHQWV 3RQGL 3ULYDWH/LPLWHG Shiv Nadar University
1DNVKD(QWHUSULVHV3ULYDWH/LPLWHG +&/+ROGLQJV3ULYDWH/LPLWHG
Kiran Nadar Musuem of Art* Shiv Nadar Foundation*
* Public Charitable Trusts in which Mr. Shiv Nadar or his family members are managing trustees.
Subsidiaries 6LJQL¿FDQWLQÀXHQFH
Transactions with related parties during the
normal course of business Year ended Year ended
Revenues from operations 31,178 27,827 23 3
Interest income 1 2
Dividend income 92 84
2XWVRXUFLQJFRVWDQGRWKHUH[SHQVHV 6,204 6,347 3 6
(PSOR\HHEHQH¿WH[SHQVH 81 66
Interim dividend 7,909
Corporate guarantee fees 7 12
'HSUHFLDWLRQFKDUJHRQULJKWRIXVHDVVHWV 36 33
Interest expense on the lease liability 8
3XUFKDVHRIEDQNGHSRVLWV LQFOXGLQJDFFUXHGLQWHU

HVW
Sale of capital equipments 1
Material related party transactions Year ended Year ended
Revenues from operations
+&/7HFKQRORJLHV&RUSRUDWH6HUYLFHV/LPLWHG 13,391
+&/7HFKQRORJLHV8./LPLWHG 2,224
+&/$PHULFD,QF8QLWHG6WDWHVRI$PHULFD 1,673
+&/7HFKQRORJLHV*HUPDQ\*PE+ 1,064
+&/6RIWZDUH3URGXFWV/LPLWHG 127 97

Material related party transactions Year ended Year ended
2XWVRXUFLQJFRVWDQGRWKHUH[SHQVHV
+&/7HFKQRORJLHV&RUSRUDWH6HUYLFHV/LPLWHG 6 10
+&/7HFKQRORJLHV8./LPLWHG 286 203
+&/$PHULFD,QF8QLWHG6WDWHVRI$PHULFD 1,903 2,374
+&/7HFKQRORJLHV*HUPDQ\*PE+ 161 103
+&/6RIWZDUH3URGXFWV/LPLWHG 1,993 1,938
Interim dividend paid

9DPD6XQGDUL,QYHVWPHQWV 'HOKL 3ULYDWH/LPLWHG 6,232
+&/+ROGLQJ3ULYDWH/LPLWHG 2,323 2,144
Year ended
Transactions with Key Managerial personnel during the year (on accrual basis)
31 March 2024 31 March 2023
Compensation
6KRUWWHUPHPSOR\HHEHQH¿WV 4 3
2WKHUORQJWHUPHPSOR\HHEHQH¿WV 3 3
Interim dividend 3 2
2WKHU /RQJ WHUP HPSOR\HH EHQH¿WV LQFOXGH H[SHQVH RI R FURUHV SUHYLRXV \HDU R FURUHV UHFRUGHG E\ WKH &RPSDQ\ RQ
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$ERYHGRHVQRWLQFOXGHSRVWHPSOR\PHQWEHQH¿WVEDVHGRQDFWXDULDOYDOXDWLRQDVWKLVLVGRQHIRUWKHFRPSDQ\DVDZKROH
Year ended
Transactions with Directors during the year
31 March 2024 31 March 2023
&RPPLVVLRQ RWKHUEHQH¿WVWR'LUHFWRUV LQFOXGHVVLWWLQJIHHV 14 13
Outstanding balances As at As at
7UDGHUHFHLYDEOHVRWKHU¿QDQFLDODVVHWVDQGRWKHUDVVHWV 36 26
7UDGHSD\DEOHVRWKHU¿QDQFLDOOLDELOLWLHVDQGFRQWUDFW
4,170 37 37
liabilities
*XDUDQWHHRXWVWDQGLQJ 2,618
Employee and other payables 3 2
/HDVHOLDELOLWLHV 144
As at
Material related party balances
31 March 2024 31 March 2023
7UDGHUHFHLYDEOHVRWKHU¿QDQFLDODVVHWVDQGRWKHUDVVHWV
+&/7HFKQRORJLHV&RUSRUDWH6HUYLFHV/LPLWHG 3,334 2,939
+&/7HFKQRORJLHV8./LPLWHG 690
+&/$PHULFD,QF8QLWHG6WDWHVRI$PHULFD

As at
Material related party balances
31 March 2024 31 March 2023
7UDGHSD\DEOHVRWKHU¿QDQFLDOOLDELOLWLHVDQGRWKHUOLDELOLWLHV
+&/7HFKQRORJLHV&RUSRUDWH6HUYLFHV/LPLWHG 647 417
+&/7HFKQRORJLHV8./LPLWHG 318
+&/$PHULFD,QF8QLWHG6WDWHVRI$PHULFD 769 1,000
All transactions entered by the Company with related parties are at arm’s length and in ordinary course of business.
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understanding, whether recorded in writing or otherwise, that the Intermediary shall whether, directly or indirectly lend or invest
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understanding, whether recorded in writing or otherwise, that the Company shall whether, directly or indirectly, lend or invest in
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2.34 Research and development expenditure

Year ended
31 March 2024 31 March 2023
$PRXQWFKDUJHGWRVWDWHPHQWRISUR¿WDQGORVV
544 552
2.35 Commitments and contingent liabilities

As at
31 March 2024 31 March 2023
(i) Capital and other commitments
Capital commitments
Estimated amount of contracts remaining to be executed on capital account and not
91
SURYLGHGIRU QHWRIDGYDQFHV
(ii) Contingent liabilities
2WKHUV 2
135 93
D 7KH,QGLDQ3DUOLDPHQWKDVDSSURYHGWKH&RGHRQ6RFLDO6HFXULW\ZKLFKZRXOGLPSDFWWKHFRQWULEXWLRQVE\WKH&RPSDQ\
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of which is inherently uncertain. Some of these matters include speculative and frivolous claims for substantial or indeterminate
amounts of damages. The Company records a liability when it is both probable that a loss has been incurred and the amount
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settlements, rulings, advice of legal counsel, and updated information. The Company believes that the amount or estimable
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at 31 March 2024.
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commercial obligations.

2.36 Payment to auditors

Year ended
31 March 2024 31 March 2023
Audit fees 9 9
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2.37 Ratio
Year ended
Ratio Numerator Denominator Units 31 March 31 March % Variance
2024 2023
Current ratio Current assets Current liabilities Times 2.8 2.7 4%
Total debts
Debt equity ratio Total equity Times 0.0 0.0 -
UHIHUQRWHEHORZ
Earning availables for debt
Debt service coverage Debt service
service Times 34.4 -25%
ratio UHIHUQRWHEHORZ
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Return on equity ratio 3UR¿WIRUWKH\HDU Average total equity % 29.0 27.4 6%
Cost of goods sold
Inventory turnover ratio Average inventories Times 4.8 -11%
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Trade receivables
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turnover ratio
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Average trade payables Times 4.0 4.1 -2%
ratio QRWHEHORZ
Working capital
Net capital turnover ratio Revenue from operations Times 2.6 -4%
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Return on capital Earning before interest Capital employed
% 36.6 6%
employed and taxes UHIHUQRWHEHORZ
Return on investment
Income generated from Time weighted average
Unquoted % 7.7 33%
invested funds investments
Income generated from Time weighted average
4XRWHG % 7.9 6.0 32%
invested funds investments
Notes :
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expenses
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Return on investment - Unquoted
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return.
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2.38 Micro and small enterprises
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obligation, the movements in the provision during the year shall be shown separately.
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2.41 Subsequent events

The Board of Directors at its meeting held on 26 April 2024 has declared an interim dividend of R 18 per share.


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26 April 2024 26 April 2024
Consolidated
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Financial Statements

INDEPENDENT AUDITORS’ REPORT
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Consolidated Balance Sheet
Note As at
No. 31 March 2024 31 March 2023
I ASSETS
(1) Non-current assets
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Total non-current assets 40,446 39,834
(2) Current assets
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Total current assets 59,331 53,577
TOTAL ASSETS 99,777 93,411

II EQUITY
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TOTAL EQUITY 68,271 65,398

Consolidated Balance Sheet
Note As at
No. 31 March 2024 31 March 2023
III LIABILITIES
(1) Non - current liabilities
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Total non-current liabilities 8,780 6,582
(2) Current liabilities
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Total current liabilities 22,726 21,431
TOTAL LIABILITIES 31,506 28,013
TOTAL EQUITY AND LIABILITIES 99,777 93,411

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Note Year ended

No. 31 March 2024 31 March 2023
I Revenue
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Total income 111,408 102,814
II Expenses
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III 3UR¿WEHIRUHWD[ 20,967 19,488

IV Tax expense
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VI Other comprehensive income (loss)
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loss
Total other comprehensive income, net of tax 855 1,301
VII Total comprehensive income for the year 16,565 16,146

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No. 31 March 2024 31 March 2023
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Consolidated Statement of Changes in Equity
(All amounts in crores of r, except share data and as stated otherwise)
288
Equity share capital Other equity
Reserves and Surplus Other comprehensive income
Special Debt Non
Number Share Foreign Cash Total Total
Share Remeasurement Treasury Capital economic instruments Controlling
of Retained Securities based currency ÀRZ other Equity
capital RIGH¿QHG share redemption zone re- through other Interests
shares* earnings premium payment translation hedging equity
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reserve reserve reserve
reserve income
Balance as at 1 April 2022
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Total comprehensive income for the year - - - - - - -
Transactions with owners of the Company
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Changes in ownership interests
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Balance as at 31 March 2023 2,713,665,096 543 56,133 183 (801) 7 14 388 4,129 4,731 79 (1) 64,862 (7) 65,398
Balance as at 1 April 2023 2,713,665,096 543 56,133 183 (801) 7 14 388 4,129 4,731 79 (1) 64,862 (7) 65,398
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Total comprehensive income for the year - - 15,702 24 - - - - - 414 418 (1) 16,557 8 16,565
Transactions with owners of the Company
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Balance as at 31 March 2024 2,713,665,096 543 56,432 207 (722) 7 14 639 5,503 5,145 497 (2) 67,720 (8) 68,271
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Consolidated Statement of Cash Flows
Year ended
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Net change in
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Cash and cash equivalents at the end of the year as per note 3.10(a) 9,441 9,065

Consolidated Statement of Cash Flows
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Balance as at 1 April 2023 2,251 55
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2. ACQUISITIONS
(a) Acquisition / arrangements during the year
(i) Acquisition of ASAP Group
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Amount
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(b) Acquisitions in the previous year
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(iii) Acquisition of Quest Informatics Private Limited
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DIWHUPDUNHW(53¿HOGVHUYLFHVPDQDJHPHQWDQGGLJLWDOSDUWVFDWDORJSURGXFWVXLWHV
7KHDFTXLVLWLRQFRQVXPPDWHGRQ-XO\DQGWKH*URXSKDGSDLGrFURUHVRQDFTXLVLWLRQGDWHrFURUHVKDVEHHQSDLG
VXEVHTXHQWO\DQGEDODQFHLVSD\DEOHEDVHGRQUHDOL]DWLRQRIQHWDVVHWVDFTXLUHGDVSHUWKHWHUPVRIWKHDJUHHPHQW
7RWDOSXUFKDVHFRQVLGHUDWLRQRIrFURUHVKDVEHHQDOORFDWHGEDVHGRQIDLUYDOXHVWRWKHDFTXLUHGDVVHWVDQGOLDELOLWLHVDV
IROORZV
Amount
,QYHVWPHQWV
,QWDQJLEOHDVVHWV±7HFKQRORJ\
*RRGZLOO
7KHUHVXOWDQWJRRGZLOOZDVQRQWD[GHGXFWLEOHDQGKDVEHHQDOORFDWHGWRWKH+&/6RIWZDUHVHJPHQW7KLVDFTXLVLWLRQZLOOKHOS
H[SDQG+&/¶VRႇHULQJVLQWRWKHIDVWJURZLQJDIWHUPDUNHWVSDFHDQGWKHDIWHUPDUNHWVROXWLRQVDQGSURGXFWVZLOOEHYDOXDEOHWR
WUDQVSRUWDWLRQDQGPDQXIDFWXULQJFOLHQWVJOREDOO\LQWKHLUGLJLWDOWUDQVIRUPDWLRQMRXUQH\
7KHDFTXLUHGWHFKQRORJ\LVHVWLPDWHGWRKDYHDOLIHRI\HDUVZKLFKZLOOEHDPRUWL]HGRQVWUDLJKWOLQHEDVLV

1RWHVWRFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV
3.1 Property, plant and equipment
Computers
Furniture
Buildings and Total
land equipment Equipment networking #
¿[WXUHV
equipment
$GGLWLRQV - 675
$FTXLUHGWKURXJKEXVLQHVV - 345
FRPELQDWLRQV
'LVSRVDOVRWKHUDGMXVWPHQWV - 393
7UDQVODWLRQH[FKDQJHGLႇHUHQFHV - - 41
Accumulated depreciation as - 1,399 1,421 318 4,495 710 67 8,410
at 1 April 2023
'HSUHFLDWLRQ - 1,469
- 1,580 1,544 335 5,280 736 83 9,558
at 31 March 2024
Capital work in progress* 108
'XULQJWKH\HDUHQGHG0DUFKrFURUHVKDVEHHQFDSLWDOL]HGDQGWUDQVIHUUHGIURPFDSLWDOZRUNLQSURJUHVVWRSURSHUW\
SODQWDQGHTXLSPHQW
$OVRUHIHUIRRWQRWHRIQRWH
Computers
Furniture
Buildings and Total
land equipment Equipment networking #
¿[WXUHV
equipment
$GGLWLRQV 1,272
$FTXLUHGWKURXJKEXVLQHVV
- - - - - 4
FRPELQDWLRQV
'LVSRVDOVRWKHUDGMXVWPHQWV 481
Gross block as at 31 March
84 3,461 1,952 384 6,790 952 158 13,781
2023
- 1,273 1,346 302 3,502 694 67 7,184
at 1 April 2022
'HSUHFLDWLRQ - 1,478
- 1,399 1,421 318 4,495 710 67 8,410
at 31 March 2023
Capital work in progress* 40
'XULQJWKH\HDUHQGHG0DUFKr FURUHVKDVEHHQFDSLWDOL]HGDQGWUDQVIHUUHGIURPFDSLWDOZRUNLQSURJUHVVWRSURSHUW\
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$OVRUHIHUIRRWQRWHRIQRWH

3.2 Goodwill
7KHIROORZLQJWDEOHSUHVHQWVWKHFKDQJHVLQWKHFDUU\LQJYDOXHRIJRRGZLOOEDVHGRQLGHQWL¿HG&*8VIRUWKH\HDUHQGHG
31 March 2024
IT and Business Engineering and

HCL Software Total
Services R&D services
Opening balance as at 1 April 2023
$FTXLUHGWKURXJKEXVLQHVVFRPELQDWLRQV - -
0HDVXUHPHQWSHULRGDGMXVWPHQWV UHIHUQRWH D L - -
Closing balance as at 31 March 2024 7,482 4,607 8,043 20,132
7KHIROORZLQJWDEOHSUHVHQWVWKHFKDQJHVLQWKHFDUU\LQJYDOXHRIJRRGZLOOEDVHGRQLGHQWL¿HG&*8VIRUWKH\HDUHQGHG
31 March 2023
IT and Business Engineering and

HCL Software Total
Services R&D services
Opening balance as at 1 April 2022
$FTXLUHGWKURXJKEXVLQHVVFRPELQDWLRQV
Closing balance as at 31 March 2023 7,367 3,191 8,009 18,567
)RUWKHSXUSRVHRILPSDLUPHQWWHVWLQJJRRGZLOODFTXLUHGLQDEXVLQHVVFRPELQDWLRQLVDOORFDWHGWRWKH&*8ZKLFKEHQH¿WVIURPWKH
V\QHUJLHVRIWKHDFTXLVLWLRQ
*RRGZLOOLVWHVWHGDQQXDOO\RQ0DUFKIRULPSDLUPHQWRUVRRQHUZKHQHYHUWKHUHLVDQLQGLFDWLRQWKDWJRRGZLOOPD\EHLPSDLUHG
,PSDLUPHQWLVUHFRJQL]HGZKHQWKHFDUU\LQJDPRXQWRID&*8LQFOXGLQJWKHJRRGZLOOH[FHHGVWKHHVWLPDWHGUHFRYHUDEOHDPRXQWRI
WKH&*87KHHVWLPDWHGYDOXHLQXVHRIWKH&*8LVEDVHGRQWKHIXWXUHFDVKÀRZIRUHFDVWVIRUWR\HDUVDQGWKHQRQSHUSHWXLW\RQ
WKHEDVLVRIFHUWDLQDVVXPSWLRQVZKLFKLQFOXGHUHYHQXHJURZWKHDUQLQJVEHIRUHLQWHUHVWDQGWD[HVWD[HVFDSLWDORXWÀRZDQGZRUNLQJ
FDSLWDOUHTXLUHPHQW7KHDVVXPSWLRQVDUHWDNHQRQWKHEDVLVRISDVWWUHQGVDQGPDQDJHPHQWHVWLPDWHVDQGMXGJHPHQW)XWXUHFDVK
ÀRZVDUHGLVFRXQWHGZLWK:HLJKWHG$YHUDJH&RVWRI&DSLWDO7KHNH\DVVXPSWLRQVDUHDVIROORZV
As at 31 March 2024
IT and Business Engineering and HCL
Services R&D services Software
5HYHQXHJURZWKUDWH DYHUDJHRIQH[W\HDUV
7HUPLQDOUHYHQXHJURZWKUDWH
3UHWD[GLVFRXQWUDWH
As at 31 March 2023
IT and Business Engineering and HCL
Services R&D services Software
5HYHQXHJURZWKUDWH DYHUDJHRIQH[WWR\HDUV
7HUPLQDOUHYHQXHJURZWKUDWH
3UHWD[GLVFRXQWUDWH
$V DW 0DUFK DQG 0DUFK WKH HVWLPDWHG UHFRYHUDEOH DPRXQW RI HDFK &*8 H[FHHGHG WKH FDUU\LQJ DPRXQW DQG
DFFRUGLQJO\QRLPSDLUPHQWZDVUHFRJQL]HG$QDQDO\VLVRIWKHVHQVLWLYLW\RIWKHFRPSXWDWLRQWRDFKDQJHLQNH\DVVXPSWLRQVEDVHG
RQUHDVRQDEOHSUREDELOLW\GLGQRWLGHQWLI\DQ\SUREDEOHVFHQDULRLQZKLFKWKHUHFRYHUDEOHDPRXQWRIWKH&*8VZRXOGGHFUHDVHEHORZ
WKHFDUU\LQJDPRXQW

3.3 Other intangible assets

Licensed Customer Customer
Software Technology Others Total
IPRs relationships contracts
Gross block as at 1 April 2023 1,058 5,744 7,734 108 3,081 181 17,906
$GGLWLRQV - - - 107
- - 541
FRPELQDWLRQV
'LVSRVDOVRWKHUDGMXVWPHQWV - - - 128
Gross block as at 31 March 2024 1,098 5,790 8,114 65 3,091 301 18,459
917 3,031 3,900 104 1,542 68 9,562
$PRUWL]DWLRQQHW 1,862
'LVSRVDOVRWKHUDGMXVWPHQWV - - - - 115
1,002 3,453 4,785 23 1,950 116 11,329
(VWLPDWHGUHPDLQLQJXVHIXOOLIH LQ\HDUV
Licensed Customer Customer
Software Technology Others Total
IPRs relationships contracts
$GGLWLRQV - - - 193
- 258
FRPELQDWLRQV
Gross block as at 31 March 2023 1,058 5,744 7,734 108 3,081 181 17,906
811 2,588 3,098 163 1,118 50 7,828
$PRUWL]DWLRQ 1,955
917 3,031 3,900 104 1,542 68 9,562
(VWLPDWHGUHPDLQLQJXVHIXOOLIH LQ\HDUV
3.4 Investments
As at
31 March 2024 31 March 2023
Financial assets
Non - current
Unquoted investments
(TXLW\LQVWUXPHQWV
,QYHVWPHQWLQOLPLWHGOLDELOLW\SDUWQHUVKLS
94 110
Current
Quoted investments
&DUULHGDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH
,QYHVWPHQWLQGHEWVHFXULWLHV

As at
31 March 2024 31 March 2023
Unquoted investments
,QYHVWPHQWLQPXWXDOIXQGV

7RWDOLQYHVWPHQWV¿QDQFLDODVVHWV 7,137 5,495
$JJUHJDWHDPRXQWRITXRWHGLQYHVWPHQWV

$JJUHJDWHDPRXQWRIXQTXRWHGLQYHVWPHQWV
0DUNHWYDOXHRITXRWHGLQYHVWPHQWV
,QYHVWPHQWFDUULHGDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH

,QYHVWPHQWFDUULHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV
3.5 Trade receivables

(a) Non-current
As at
31 March 2024 31 March 2023
8QELOOHGUHFHLYDEOHV
624 681
(b) Current
As at
31 March 2024 31 March 2023
%LOOHG
8QVHFXUHGFRQVLGHUHGJRRG UHIHUQRWHEHORZ
7UDGHUHFHLYDEOHVFUHGLWLPSDLUHG
20,005 20,038
/RVVDOORZDQFHIRUEDGDQGGRXEWIXOGHEWV UHIHUQRWH F
19,483 19,572
8QELOOHGUHFHLYDEOHV UHIHUQRWHEHORZ
25,521 25,506
Note: ,QFOXGHVUHFHLYDEOHVIURPUHODWHGSDUWLHVDPRXQWLQJWRrFURUHV 0DUFKrFURUHV

Trade receivables - current Not Due
Less than 6 months 1-2 2-3 More than
Total
6 months - 1 year years years 3 years
8QGLVSXWHGFRQVLGHUHGJRRG
8QGLVSXWHGFUHGLWLPSDLUHG
'LVSXWHGFUHGLWLPSDLUHG -


8QELOOHGUHFHLYDEOHV - - - - -
25,521


Trade receivables - current Not Due
Less than 6 months 1-2 2-3 More than
Total
6 months - 1 year years years 3 years
8QGLVSXWHGFRQVLGHUHGJRRG
8QGLVSXWHGFUHGLWLPSDLUHG
'LVSXWHGFUHGLWLPSDLUHG -


8QELOOHGUHFHLYDEOHV - - - - -
25,506
3.6 Loans
As at
31 March 2024 31 March 2023
Non - current
8QVHFXUHGFRQVLGHUHGJRRG
,QWHUFRUSRUDWHGHSRVLWV -
286 -
Current
,QWHUFRUSRUDWHGHSRVLWV
/RDQVWRHPSOR\HHV
795 2,603
2WKHU¿QDQFLDODVVHWV
As at
31 March 2024 31 March 2023
Non - current
)LQDQFHOHDVHUHFHLYDEOHV UHIHUQRWH E
6HFXULW\GHSRVLWV
6HFXULW\GHSRVLWVUHODWHGSDUWLHV UHIHUQRWH
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2WKHUV -
908 1,216
8QUHDOL]HGJDLQRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV UHIHUQRWH D
1,346 1,279
Current
)LQDQFHOHDVHUHFHLYDEOHV UHIHUQRWH E
,QWHUHVWUHFHLYDEOH
6HFXULW\GHSRVLWV
6HFXULW\GHSRVLWVUHODWHGSDUWLHV UHIHUQRWH
2WKHUV
1,030 1,007

As at
31 March 2024 31 March 2023
1235 1,120
3.8 Inventories
As at
31 March 2024 31 March 2023
6WRFNLQWUDGH
185 228
3.9 Other non- current assets

As at
31 March 2024 31 March 2023
&DSLWDODGYDQFHV
$GYDQFHVRWKHUWKDQFDSLWDODGYDQFHV
6HFXULW\GHSRVLWV
2WKHUV
3UHSDLGH[SHQVHV
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2WKHUV -
1,894 1,853
3.10 Cash and cash equivalents and other bank balances

As at
31 March 2024 31 March 2023
(a) Cash and cash equivalents
%DODQFHZLWKEDQNV
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FRUSRUDWLRQVDQG¿QDQFLDOLQVWLWXWLRQVZLWKRULJLQDOPDWXULW\OHVVWKDQPRQWKV
5HPLWWDQFHVLQWUDQVLW
&KHTXHVLQKDQG
8QFODLPHGGLYLGHQGDFFRXQW
9,456 9,065
Cash and cash equivalents consists of the following for the purpose of the cash
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&DVKDQGFDVKHTXLYDOHQW
%DQNRYHUGUDIW UHIHUQRWH -
9,441 9,065
(b) Other bank balances
6KRUWWHUPGHSRVLWV

3.11 Other current assets

As at
31 March 2024 31 March 2023
6HFXULW\GHSRVLWV
$GYDQFHVWRHPSOR\HHV
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2WKHUV
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4,241 3,816
Unsecured, considered doubtful
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- -
4,241 3,816
3.12 Equity share capital

As at
31 March 2024 31 March 2023
Authorized
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Issued, subscribed and fully paid up
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Terms / rights attached to equity shares

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WKHVKDUHKROGHUV
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As at
31 March 2024 31 March 2023
No. of shares r in Crores No. of shares r in Crores
1XPEHURIVKDUHVDWWKHEHJLQQLQJ
1XPEHURIVKDUHVDWWKHHQG
7KH&RPSDQ\GRHVQRWKDYHDQ\KROGLQJXOWLPDWHKROGLQJFRPSDQ\
5HFRQFLOLDWLRQRIWKHQXPEHURIWUHDVXU\VKDUHVKHOGE\FRQWUROOHGWUXVWDWWKHHQGRIWKH¿QDQFLDO\HDU
No. of shares
As at
31 March 2024 31 March 2023
1XPEHURIVKDUHVDWWKHEHJLQQLQJ
/HVV,VVXHRIWUHDVXU\VKDUHVWRHPSOR\HHVRQH[HUFLVHRI568V
1XPEHURIVKDUHVDWWKHHQG

Details of shareholders holding more than 5% shares in the company

As at
Name of the shareholder 31 March 2024 31 March 2023

% holding % holding
No. of shares No. of shares
in the class in the class
Equity shares of r 2 each fully paid
9DPD6XQGDUL,QYHVWPHQWV 'HOKL 3ULYDWH/LPLWHG
+&/+ROGLQJV3ULYDWH/LPLWHG
$VSHUWKHUHFRUGVRIWKH&RPSDQ\LQFOXGLQJLWVUHJLVWHURIVKDUHKROGHUVPHPEHUVDQGRWKHUGHFODUDWLRQVUHFHLYHGIURPVKDUHKROGHUV
UHJDUGLQJEHQH¿FLDOLQWHUHVWWKHDERYHVKDUHKROGLQJUHSUHVHQWVERWKOHJDODQGEHQH¿FLDORZQHUVKLSRIVKDUHV
Details of promoters holding in the company is as follows

31 March 2024 31 March 2023
% change
Promoter name No. of % of total No. of % of total during
Shares shares Shares shares the year

+&/&RUSRUDWLRQ3ULYDWH/LPLWHG
0V.LUDQ1DGDU
0U6KLY1DGDU
0V5RVKQL1DGDU0DOKRWUD
1,650,301,111 60.81% 1,650,301,111 60.81% 0.00%
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As at
31 March 2024 31 March 2023
$JJUHJDWHQXPEHUDQGFODVVRIVKDUHVDOORWWHGDVIXOO\SDLGXSSXUVXDQWWRFRQWUDFW V
1LO 1LO
ZLWKRXWSD\PHQWEHLQJUHFHLYHGLQFDVK

$JJUHJDWHQXPEHUDQGFODVVRIVKDUHVDOORWWHGDVIXOO\SDLGXSE\ZD\RIERQXVVKDUHV
(TXLW\VKDUHV (TXLW\VKDUHV

$JJUHJDWHQXPEHUDQGFODVVRIVKDUHVERXJKWEDFN 1LO
(TXLW\VKDUHV
Capital management
7KH SULPDU\ REMHFWLYH RI WKH *URXS¶V FDSLWDO PDQDJHPHQW LV WR VXSSRUW EXVLQHVV FRQWLQXLW\ DQG JURZWK RI WKH FRPSDQ\ ZKLOH
PD[LPL]LQJWKHVKDUHKROGHUYDOXH7KH*URXSKDVEHHQGHFODULQJTXDUWHUO\GLYLGHQGIRUODVW\HDUV7KH*URXSGHWHUPLQHVWKH
FDSLWDOUHTXLUHPHQWEDVHGRQDQQXDORSHUDWLQJSODQVDQGORQJWHUPDQGRWKHUVWUDWHJLFLQYHVWPHQWSODQV7KHIXQGLQJUHTXLUHPHQWV
KDYHEHHQJHQHUDOO\PHWWKURXJKRSHUDWLQJFDVKÀRZVJHQHUDWHG7KH&RPSDQ\KDVDOVRWDNHQERUURZLQJVWRPHHWORFDOIXQGLQJ
UHTXLUHPHQWVLQFHUWDLQIRUHLJQVXEVLGLDULHV
Restricted Stock Unit Plan 2021 (“RSU 2021” or “Plan”)

,Q1RYHPEHUWKH&RPSDQ\LQVWLWXWHGWKH5HVWULFWHG6WRFN8QLW3ODQWRSURYLGHHTXLW\EDVHGLQFHQWLYHVWRDOOHOLJLEOH
HPSOR\HHVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHV7KH3ODQLVDGPLQLVWHUHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH 15&
RIWKH&RPSDQ\WKURXJKDFRQWUROOHG7UXVW$PD[LPXPRI5HVWULFWHGVWRFNXQLWV 568 PD\EHJUDQWHGXQGHUWKH3ODQ
(DFK568JUDQWHGXQGHUWKHSODQHQWLWOHVWKHKROGHUWRRQHHTXLW\VKDUHRIWKH&RPSDQ\DWDQH[HUFLVHSULFHZKLFKLVDSSURYHGE\
WKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
15&JUDQWHG568VWRWKHHOLJLEOHHPSOR\HHVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHVXQGHUWKH3ODQ6XEVHTXHQWWRWKLVJUDQWWKH7UXVW
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A summary of the general terms of grants under RSU 2021 plan is as below:
RSU Plan 2021
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The details of activity under the plan has been summarized below:
Year ended
31 March 2024 31 March 2023
Weighted
Weighted
No. of No. of average
average
RSUs RSUs exercise price
exercise price (r)
(r)
2XWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDU
$GG*UDQWHGGXULQJWKH\HDU
/HVV)RUIHLWHGGXULQJWKH\HDU - -
/HVV([HUFLVHGGXULQJWKH\HDU
/HVV([SLUHGGXULQJWKH\HDU - - -
568VRXWVWDQGLQJDWWKHHQGRIWKH\HDU
568VH[HUFLVDEOHDWWKHHQGRIWKH\HDU 2
7KHZHLJKWHGDYHUDJHVKDUHSULFHRI568VH[HUFLVHGGXULQJWKH\HDUZDVr 0DUFKr
7RWDOQXPEHURIRXWVWDQGLQJ568VLQFOXGH 0DUFK SHUIRUPDQFHEDVHG568VLQFOXGLQJWKRVHOLQNHGWR

UHODWLYHSHUIRUPDQFHSDUDPHWHUVDJDLQVWVHOHFWHGLQGXVWU\SHHUVJLYHQWRFHUWDLQVHQLRUHPSOR\HHV1XPEHURIVKDUHVH[SHFWHGWR
YHVWZLOOEHEDVHGRQDFWXDOSHUIRUPDQFHIRUHDFKRIWKHSHUIRUPDQFHSDUDPHWHUV$OORWKHU568VZLOOYHVWLIWKHHPSOR\HHFRQWLQXHV
WREHLQVHUYLFHDQGRQWKHUROHVRIWKH&RPSDQ\RULWVVXEVLGLDULHVRQWKHYHVWLQJGDWH
2XWVWDQGLQJSHUIRUPDQFHEDVHG568VDOVRLQFOXGHV 0DUFK 568VIRUZKLFKSHUIRUPDQFHWDUJHWVZLOOEH

¿QDOL]HGDQGFRPPXQLFDWHGLQVXEVHTXHQW\HDUV&RVWIRUWKHVH568VZLOOEHDFFRXQWHGIURPGDWHRI¿QDOL]DWLRQRISHUIRUPDQFH
WDUJHWV
The details of exercise price for RSUs outstanding is as below:

Weighted average
Number remaining
Exercise price
Name of the plan of RSUs contractual life of
(r)
outstanding RSUs
(in years)
5HVWULFWHG6WRFN8QLW3ODQ
$W0DUFK
$W0DUFK
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YHVWLQJFRQGLWLRQVDQG0RQWH&DUORVLPXODWLRQPRGHOLVXVHGIRU568VZLWKPDUNHWSHUIRUPDQFHEDVHGYHVWLQJFRQGLWLRQV7KHLQSXWV
WRWKHPRGHOLQFOXGHWKHVKDUHSULFHDWGDWHRIJUDQWH[HUFLVHSULFHH[SHFWHGYRODWLOLW\H[SHFWHGGLYLGHQGVH[SHFWHGWHUPDQGWKH
ULVNIUHHUDWHRILQWHUHVW([SHFWHGYRODWLOLW\GXULQJWKHWHUPRIWKH568VLVEDVHGRQKLVWRULFDOYRODWLOLW\RIWKHREVHUYHGPDUNHWSULFHV
RIWKH&RPSDQ\¶VSXEOLFO\WUDGHGHTXLW\VKDUHVGXULQJDSHULRGHTXLYDOHQWWRWKHH[SHFWHGWHUPRIWKH568V([SHFWHGYRODWLOLW\RI
WKHVHOHFWHGLQGXVWU\SHHUVKDYHEHHQPRGHOOHGEDVHGRQKLVWRULFDOPRYHPHQWVLQWKHPDUNHWSULFHVRIWKHLUSXEOLFO\WUDGHGHTXLW\
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EDVHGRQWKHKLVWRULFDOZHHNO\VKDUHSULFHVRIWKHFRPSDQLHV

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Year ended
31 March 2024 31 March 2023
:HLJKWHGDYHUDJHIDLUYDOXH r
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3.14 Trade payables - current

As at
31 March 2024 31 March 2023
7UDGHSD\DEOHV
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5,853 6,428

Particulars Not Due
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1 year 3 years
L 8QGLVSXWHG - -
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Particulars Not Due
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L 8QGLVSXWHG -
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6,428
5HODWLRQVKLSZLWK6WUXFNRႇFRPSDQLHV
Year ended
Nature 31 March 2024 31 March 2023
1DPHRIWKHVWUXFNRႇ
of Relationship
Company
Transactions Balance Balance
Transaction Transaction
outstanding outstanding
=DUXQRGD\D(OHFWURPHFKDQLFDO
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31 March 2024 31 March 2023
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31 March 2024 31 March 2023
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31 March 2024 31 March 2023
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3.18 Other current liabilities

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31 March 2024 31 March 2023
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2,183 1,595
3.19 Revenue from operations

Year ended
31 March 2024 31 March 2023
6DOHRIVHUYLFHV
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109,913 101,456
Disaggregate revenue information
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Contract balances
Contract assets : 2XWRIrFURUHVFRQWUDFWDVVHWVDVRQ0DUFKrFURUHSHUWDLQVWRWKHSHULRGSULRUWR0DUFK

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7KHEHORZWDEOHGLVFORVHVWKHPRYHPHQWLQEDODQFHVRIFRQWUDFWOLDELOLWLHV
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31 March 2024 31 March 2023
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7KHEHORZWDEOHGLVFORVHVWKHPRYHPHQWLQEDODQFHRIGHIHUUHGFRQWUDFWFRVW
Year ended
31 March 2024 31 March 2023
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Year ended
31 March 2024 31 March 2023
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Revenue recognised 109,913 101,456
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3.20 Other income

Year ended
31 March 2024 31 March 2023
,QWHUHVWLQFRPH
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1,495 1,358
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3.21 Changes in inventories of stock-in-trade

Year ended
31 March 2024 31 March 2023
2SHQLQJVWRFN
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43 (67)
Year ended
31 March 2024 31 March 2023
6DODULHVZDJHVDQGERQXV
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62,480 55,280
3.23 Finance costs

Year ended
31 March 2024 31 March 2023
,QWHUHVWRQOHDVHOLDELOLWLHV
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553 353
3.24 Other expenses

Year ended
31 March 2024 31 March 2023
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3.25 Income taxes

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31 March 2024 31 March 2023
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5,257 4,643
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31 March 2024 31 March 2023
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Gross deferred tax liabilities (B) 3,296 (89) 112 147 - 4 3,470
Net deferred tax assets (A-B) 1,091 (631) (120) (147) 69 (2) 260
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Gross deferred tax liabilities (B) 3,368 (81) (82) 40 - 51 3,296
Net deferred tax assets (A-B) 1,064 22 19 (40) 5 21 1,091
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Year ended
31 March 2024 31 March 2023
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Closing balance 5,145 4,731
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Closing balance (net of tax) 497 79
Unrealized gain on debt instruments

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&ORVLQJEDODQFH QHWRIWD[ (2) (1)
TOTAL (B) 5,640 4,809
3.27 Earnings per equity share (EPS)
7KHFRPSXWDWLRQRIHDUQLQJVSHUHTXLW\VKDUHLVDVIROORZV
Year ended
31 March 2024 31 March 2023
3UR¿WIRUWKH\HDUDWWULEXWDEOHWRRZQHUVRIWKH&RPSDQ\
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJLQFDOFXODWLQJEDVLF(36
'LOXWLYHHႇHFWRI5HVWULFWHG6WRFN8QLWVRXWVWDQGLQJ
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJLQFDOFXODWLQJGLOXWHG(36
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3.28 Leases
(a) Group as a lessee
7KH*URXS¶VVLJQL¿FDQWOHDVLQJDUUDQJHPHQWVDUHLQUHVSHFWRIOHDVHVIRURႈFHVSDFHVOHDVHKROGODQGDQG,7HTXLSPHQWV
7KHGHWDLOVRIWKHULJKWRIXVHDVVHWVKHOGE\WKH*URXSLVDVIROORZV
Computers and
Leasehold
Buildings networking Total
land
equipment
Balance as at 1 April 2022 337 1,760 208 2,305
'HSUHFLDWLRQ
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7UDQVODWLRQH[FKDQJHGLႇHUHQFHV -
Balance as at 31 March 2023 326 1,603 408 2,337
Balance as at 1 April 2023 326 1,603 408 2,337
'HSUHFLDWLRQ
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'HUHFRJQLWLRQ -
7UDQVODWLRQH[FKDQJHGLႇHUHQFHV - -
Balance as at 31 March 2024 321 2,080 509 2,910
7KHUHFRQFLOLDWLRQRIOHDVHOLDELOLWLHVLVDVIROORZV
Year ended
31 March 2024 31 March 2023
Balance as at beginning of the year
$GGLWLRQV
$PRXQWVUHFRJQL]HGLQVWDWHPHQWRISUR¿WDQGORVVDVLQWHUHVWH[SHQVH
3D\PHQWRIOHDVHOLDELOLWLHV
$FTXLUHGWKURXJKEXVLQHVVFRPELQDWLRQV
'HUHFRJQLWLRQ
7KHOHDVHUHQWDOH[SHQVHUHODWLQJWRVKRUWWHUPOHDVHVUHFRJQL]HGLQWKHVWDWHPHQWRISUR¿WDQGORVVIRUWKH\HDUDPRXQWHGWR
rFURUHV SUHYLRXV\HDUrFURUHV
7KHIROORZLQJWDEOHSUHVHQWVDPDWXULW\DQDO\VLVRIH[SHFWHGXQGLVFRXQWHGFDVKÀRZVIRUOHDVHOLDELOLWLHV
As at
31 March 2024 31 March 2023
:LWKLQRQH\HDU
2QHWRWZR\HDUV
7ZRWRWKUHH\HDUV
7KUHHWR¿YH\HDUV
7KHUHDIWHU
Total lease payments 3,883 2,778
,PSXWHGLQWHUHVW
Total lease liabilities 3,429 2,535
&HUWDLQOHDVHDJUHHPHQWVLQFOXGHRSWLRQVWRWHUPLQDWHRUH[WHQGWKHOHDVHV7KHOHDVHDJUHHPHQWVGRQRWFRQWDLQDQ\PDWHULDO
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/HDVHOLDELOLW\H[FOXGHVH[WHQVLRQRSWLRQVDV*URXSFDQUHSODFHWKHVHDVVHWVZLWKRXWVLJQL¿FDQWFRVWRUEXVLQHVVGLVUXSWLRQ$V
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LQFOXGHGLQWKHOHDVHOLDELOLW\EHFDXVHLWLVQRWUHDVRQDEO\FHUWDLQWKDWWKHOHDVHVZLOOEHH[WHQGHG RUQRWWHUPLQDWHG

(b) Group as a lessor
7KH*URXSKDVJLYHQ,7HTXLSPHQWVWRLWVFXVWRPHUVRQD¿QDQFHOHDVHEDVLV7KHIXWXUHOHDVHUHFHLYDEOHVLQUHVSHFWRIDVVHWV
JLYHQRQ¿QDQFHOHDVHDUHDVIROORZV
Interest
Present value
Total minimum included in
of minimum
lease payments minimum lease
lease payments
receivable payments
receivable
receivable
As at 31 March 2024
1RWODWHUWKDQRQH\HDU
/DWHUWKDQRQH\HDUDQGQRWODWHUWKDQ\HDUV
1,067 63 1,004
As at 31 March 2023
1RWODWHUWKDQRQH\HDU
/DWHUWKDQRQH\HDUDQGQRWODWHUWKDQ\HDUV
1,344 92 1,252
3.29 Financial instruments
(a) Derivatives
7KH*URXSLVH[SRVHGWRIRUHLJQFXUUHQF\ÀXFWXDWLRQVRQDVVHWVOLDELOLWLHVDQGIRUHFDVWHGFDVKÀRZVGHQRPLQDWHGLQIRUHLJQ
FXUUHQF\7KHXVHRIGHULYDWLYHVWRKHGJHWKHULVNLVJRYHUQHGE\WKH*URXS¶VVWUDWHJ\ZKLFKSURYLGHVSULQFLSOHVRQWKHXVH
RIVXFKIRUZDUGFRQWUDFWVDQGFXUUHQF\RSWLRQVFRQVLVWHQWZLWKWKH*URXS¶VULVNPDQDJHPHQWSROLF\7KH*URXSGHWHUPLQHV
KHGJHUDWLREDVHGRQSUHYDLOLQJPDUNHWFRQGLWLRQVDYDLODELOLW\DQGOLTXLGLW\RIKHGJLQJLQVWUXPHQWVDQGKHGJHLQHႇHFWLYHQHVV
7KHFRXQWHUSDUWLHVLQWKHVHGHULYDWLYHLQVWUXPHQWVDUHEDQNVDQGWKH*URXSFRQVLGHUVWKHULVNVRIQRQSHUIRUPDQFHE\WKH
FRXQWHUSDUWLHVDVLQVLJQL¿FDQW7KH*URXSKDVHQWHUHGLQWRDVHULHVRIIRUHLJQH[FKDQJHIRUZDUGFRQWUDFWVDQGRSWLRQVWKDWDUH
GHVLJQDWHGDVFDVKÀRZKHGJHVDQGWKHUHODWHGIRUHFDVWHGWUDQVDFWLRQVH[WHQGWKURXJK0DUFK7KH*URXSGRHVQRWXVH
WKHVHGHULYDWLYHLQVWUXPHQWVIRUVSHFXODWLYHSXUSRVHV
7KHIROORZLQJWDEOHSUHVHQWVWKHDJJUHJDWHQRWLRQDOSULQFLSDODPRXQWVRIWKHRXWVWDQGLQJGHULYDWLYHLQVWUXPHQWVZKLFKKDYH
EHHQGHVLJQDWHGDVFDVKÀRZKHGJHV
Foreign exchange forward Notional Notional principal amounts Balance sheet exposure
denominated in Currency (amount in millions) Asset (Liability) (r)
As at 31 March 2024
86',15 86'
*%3,15 *%3
(85,15 (85
&+),15 &+)
6(.,15 6(.
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12.,15 12.
&$',15 &$'
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86',15 86'
*%3,15 *%3
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642

Foreign exchange forward Notional Notional principal amounts Balance sheet exposure
denominated in Currency (amount in millions) Asset (Liability) (r)
As at 31 March 2023
86',15 86'
*%3,15 *%3
(85,15 (85
&+),15 &+)
6(.,15 6(.
$8',15 $8'
12.,15 12.
&$',15 &$'
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86',15 86'
*%3,15 *%3 -
(85,15 (85 -
121
7KH*URXSKDVHQWHUHGLQWRGHULYDWLYHLQVWUXPHQWVQRWGHVLJQDWHGDVKHGJLQJUHODWLRQVKLSE\ZD\RIIRUHLJQH[FKDQJHIRUZDUGV
FXUUHQF\RSWLRQVDQGIXWXUHVFRQWUDFWV$VDW0DUFKDQGWKHQRWLRQDOSULQFLSDODPRXQWRIRXWVWDQGLQJFRQWUDFWV
DJJUHJDWHGWRrFURUHVDQGrFURUHVUHVSHFWLYHO\DQGWKHUHVSHFWLYHEDODQFHVKHHWH[SRVXUHRIWKHVHFRQWUDFWV
KDYHDQHWORVVRIr FURUHVDQHWJDLQDQGrFURUHV
7KHQRWLRQDODPRXQWLVDNH\HOHPHQWRIGHULYDWLYH¿QDQFLDOLQVWUXPHQWDJUHHPHQWV+RZHYHUQRWLRQDODPRXQWVGRQRWUHSUHVHQW
WKHDPRXQWH[FKDQJHGE\FRXQWHUSDUWLHVDQGGRQRWPHDVXUHWKH*URXS¶VH[SRVXUHWRFUHGLWULVNDVWKHVHFRQWUDFWVDUHVHWWOHG
DWWKHLUIDLUYDOXHVDWWKHPDWXULW\GDWH
7KHEDODQFHVKHHWH[SRVXUHGHQRWHVWKHIDLUYDOXHVRIWKHVHFRQWUDFWVDWWKHUHSRUWLQJGDWHDQGLVSUHVHQWHGLQrFURUHV7KH
*URXSSUHVHQWVLWVIRUHLJQH[FKDQJHGHULYDWLYHLQVWUXPHQWVRQDQHWEDVLVLQWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVGXHWRWKH
ULJKWRIRႇVHWE\LWVLQGLYLGXDOFRXQWHUSDUWLHVXQGHUPDVWHUQHWWLQJDJUHHPHQWV
7KHIDLUYDOXHRIWKHGHULYDWLYHLQVWUXPHQWVSUHVHQWHGRQDJURVVEDVLVDVDWHDFKGDWHLQGLFDWHGEHORZLVDVIROORZV
As at 31 March 2024
Financial assets Financial liabilities Total
Current Non current Current Non current fair value
)RUHLJQH[FKDQJHFRQWUDFWVLQDQDVVHWSRVLWLRQ
)RUHLJQH[FKDQJHFRQWUDFWVLQDOLDELOLW\SRVLWLRQ
1HWDVVHW OLDELOLW\ - -
)RUHLJQH[FKDQJHFRQWUDFWVLQDQDVVHWSRVLWLRQ - -
)RUHLJQH[FKDQJHFRQWUDFWVLQDOLDELOLW\SRVLWLRQ - -
Total Derivatives at fair value 205 438 (11) - 632

As at 31 March 2023
Financial assets Financial liabilities Total
Current Non current Current Non current fair value
)RUHLJQH[FKDQJHFRQWUDFWVLQDQDVVHWSRVLWLRQ
)RUHLJQH[FKDQJHFRQWUDFWVLQDOLDELOLW\SRVLWLRQ
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)RUHLJQH[FKDQJHFRQWUDFWVLQDQDVVHWSRVLWLRQ - -
)RUHLJQH[FKDQJHFRQWUDFWVLQDOLDELOLW\SRVLWLRQ - -
Total Derivatives at fair value 113 63 (14) (15) 147
7KHIROORZLQJWDEOHVVHWIRUWKWKHIDLUYDOXHRIGHULYDWLYHLQVWUXPHQWVLQFOXGHGLQWKHFRQVROLGDWHGEDODQFHVKHHWVDVDWHDFK
GDWHLQGLFDWHG
As at
31 March 2024 31 March 2023
8QUHDOL]HGJDLQRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUFXUUHQW¿QDQFLDODVVHWV
8QUHDOL]HGJDLQRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUQRQFXUUHQW¿QDQFLDODVVHWV
8QUHDOL]HGORVVRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUFXUUHQW¿QDQFLDOOLDELOLWLHV -
8QUHDOL]HGORVVRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUQRQFXUUHQW¿QDQFLDOOLDELOLWLHV -
642 121
8QUHDOL]HGJDLQRQ¿QDQFLDOLQVWUXPHQWVFODVVL¿HGXQGHUFXUUHQW¿QDQFLDODVVHWV
(10) 26
0DWXULW\SUR¿OHRIGHULYDWLYHOLDELOLWLHVEDVHGRQFRQWUDFWXDOSD\PHQWVLVDVEHORZ
As at
31 March 2024 31 March 2023
:LWKLQRQH\HDU
2QHWRWZR\HDUV -
7ZRWRWKUHH\HDUV -
7KUHHWR¿YH\HDUV -
11 29

7KHIROORZLQJWDEOHVXPPDUL]HVWKHDFWLYLWLHVLQWKHFRQVROLGDWHGVWDWHPHQWRISUR¿WDQGORVVDQGRWKHUFRPSUHKHQVLYHLQFRPH
Year ended
31 March 2024 31 March 2023
Derivatives in hedging relationships
(ႇHFWLYHSRUWLRQRIJDLQRU ORVV UHFRJQL]HGLQ2&,RQGHULYDWLYHV
(ႇHFWLYHSRUWLRQRIJDLQUHFODVVL¿HGIURP2&,LQWRVWDWHPHQWRISUR¿WDQGORVVDV

H[FKDQJHGLႇHUHQFHV
Derivatives not in hedging relationships
*DLQRU ORVV UHFRJQL]HGLQWRVWDWHPHQWRISUR¿WDQGORVVDVH[FKDQJHGLႇHUHQFHV
7KH IROORZLQJ WDEOH VXPPDUL]HV WKH DFWLYLW\ LQ WKH DFFXPXODWHG µ2WKHU FRPSUHKHQVLYH LQFRPH¶ ZLWKLQ HTXLW\ UHODWHG WR DOO
GHULYDWLYHVFODVVL¿HGDVFDVKÀRZKHGJHV
Year ended
31 March 2024 31 March 2023
*DLQDVDWWKHEHJLQQLQJRIWKH\HDU
8QUHDOL]HGJDLQ ORVV RQFDVKÀRZKHGJLQJGHULYDWLYHVGXULQJWKH\HDU

WUDQVDFWLRQV
*DLQDVDWWKHHQGRIWKH\HDU 626 96
'HIHUUHGWD[OLDELOLW\
&DVKÀRZKHGJLQJUHVHUYH QHWRIWD[ 497 79
7KHHVWLPDWHGQHWDPRXQWRIH[LVWLQJJDLQWKDWLVH[SHFWHGWREHUHFODVVL¿HGLQWRWKHVWDWHPHQWRISUR¿WDQGORVVZLWKLQWKHQH[W
WZHOYHPRQWKVLVrFURUHV SUHYLRXV\HDUrFURUHV
(b) Financial assets and liabilities
Fair value
Fair value Total
through other Amortized
through carrying
comprehensive cost
SUR¿WDQGORVV value
income
Financial assets
,QYHVWPHQWV -
7UDGHUHFHLYDEOHV LQFOXGLQJXQELOOHG - -
&DVKDQGFDVKHTXLYDOHQWV - -
2WKHUEDQNEDODQFHV - -
/RDQV - -
2WKHUV
Total 3,647 4,133 49,314 57,094
%RUURZLQJV - -
/HDVHOLDELOLWLHV - -
7UDGHSD\DEOHV LQFOXGLQJXQELOOHGDQGDFFUXDOV - -
2WKHUV -
Total 121 - 17,909 18,030

Fair value
Fair value Total
through other Amortized
through carrying
comprehensive cost
SUR¿WDQGORVV value
income
Financial assets
,QYHVWPHQWV -
7UDGHUHFHLYDEOHV LQFOXGLQJXQELOOHG - -
&DVKDQGFDVKHTXLYDOHQWV - -
2WKHUEDQNEDODQFHV - -
/RDQV - -
2WKHUV
Total 1,928 3,743 45,737 51,408
%RUURZLQJV - -
/HDVHOLDELOLWLHV - -
7UDGHSD\DEOHV LQFOXGLQJXQELOOHGDQGDFFUXDOV - -
2WKHUV
Total 149 21 16,760 16,930
7UDQVIHURI¿QDQFLDODVVHWV
7KH*URXSLQWKHQRUPDOFRXUVHRIEXVLQHVVVHOOVFHUWDLQWUDGHUHFHLYDEOHVDQGQHWLQYHVWPHQWLQ¿QDQFHOHDVHUHFHLYDEOHVWR
EDQNV8QGHUWKHWHUPVRIDUUDQJHPHQWVWKH*URXSVXUUHQGHUVFRQWURORYHUWKHVHDVVHWVDQGWUDQVIHULVRQDQRQUHFRXUVHEDVLV
'XULQJWKH\HDUHQGHG0DUFKDQGWKH*URXSKDVVROGFHUWDLQWUDGHUHFHLYDEOHVDQG¿QDQFHOHDVHUHFHLYDEOHVRQ
QRQUHFRXUVHEDVLV*DLQVRUORVVHVRQWKHVDOHVDUHUHFRUGHGDWWKHWLPHRIWUDQVIHUVRIWKHVHUHFHLYDEOHVDQGDUHLPPDWHULDO
Fair value hierarchy
7KHDVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHRQDUHFXUULQJEDVLVDVDW0DUFKDQGWKHEDVLVIRUWKDWPHDVXUHPHQW
LVDVEHORZ
Fair Value Level 1 inputs Level 2 inputs Level 3 inputs
Assets
,QYHVWPHQWVFDUULHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV -
,QYHVWPHQWVFDUULHGDWIDLUYDOXHWKURXJKRWKHU
- -
FRPSUHKHQVLYHLQFRPH
8QUHDOL]HGJDLQRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV - -
Liabilities
8QUHDOL]HGORVVRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV - -
&RQWLQJHQWFRQVLGHUDWLRQ - -
2WKHU¿QDQFLDOOLDELOLW\ - -
7KHIROORZLQJWDEOHGLVFORVHVWKHDVVHWVDQGOLDELOLWLHVPHDVXUHGDWIDLUYDOXHRQDUHFXUULQJEDVLVDVDW0DUFKDQGWKH
EDVLVIRUWKDWPHDVXUHPHQW
Fair Value Level 1 inputs Level 2 inputs Level 3 inputs
Assets
,QYHVWPHQWVFDUULHGDWIDLUYDOXHWKURXJKSUR¿WDQGORVV -
,QYHVWPHQWVFDUULHGDWIDLUYDOXHWKURXJKRWKHU
- -
FRPSUHKHQVLYHLQFRPH
8QUHDOL]HGJDLQRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV - -
Liabilities
8QUHDOL]HGORVVRQGHULYDWLYH¿QDQFLDOLQVWUXPHQWV - -
&RQWLQJHQWFRQVLGHUDWLRQ - -
2WKHU¿QDQFLDOOLDELOLW\ - -
7KHUHKDYHEHHQQRWUDQVIHUVEHWZHHQ/HYHODQG/HYHOGXULQJWKHFXUUHQWDQGSUHYLRXV\HDU

Valuation Methodologies
Investments: 7KH*URXS¶VLQYHVWPHQWVFRQVLVWRILQYHVWPHQWLQGHEWOLQNHGPXWXDOIXQGVZKLFKDUHGHWHUPLQHGXVLQJTXRWHG
SULFHVRULGHQWLFDOTXRWHGSULFHVRIDVVHWVRUOLDELOLWLHVLQDFWLYHPDUNHWVDQGDUHFODVVL¿HGDV/HYHO)DLUYDOXHRIFRUSRUDWH
GHEWVHFXULWLHVLVGHWHUPLQHGXVLQJREVHUYDEOHPDUNHWV¶LQSXWVDQGLVFODVVL¿HGDV/HYHO
,QYHVWPHQWVLQXQTXRWHGHTXLW\VKDUHVDQGOLPLWHGOLDELOLW\SDUWQHUVKLSVDUHFODVVL¿HGDVIDLUYDOXHWKURXJKSUR¿WDQGORVVDQG
DUHFODVVL¿HGDV/HYHO7KHUHPHDVXUHPHQWLVFDOFXODWHGXVLQJXQREVHUYDEOHLQSXWVEDVHGRQWKH*URXS¶VRZQDVVHVVPHQW
RIWKLUGSDUW\YDOXDWLRQVDQGUHVSHFWLYHFRPSDQ\ V¿QDQFLDOSHUIRUPDQFH
'HULYDWLYH¿QDQFLDOLQVWUXPHQWV7KH*URXS¶VGHULYDWLYH¿QDQFLDOLQVWUXPHQWVFRQVLVWRIIRUHLJQFXUUHQF\IRUZDUGH[FKDQJH
FRQWUDFWVDQGRSWLRQV)DLUYDOXHVIRUGHULYDWLYH¿QDQFLDOLQVWUXPHQWVDUHEDVHGRQFRXQWHUSDUW\TXRWDWLRQVDQGDUHFODVVL¿HG
DV/HYHO
Fair value of contingent consideration: 7KHIDLUYDOXHPHDVXUHPHQWRIFRQWLQJHQWFRQVLGHUDWLRQLVGHWHUPLQHGXVLQJ/HYHO

LQSXWV 7KH *URXS FRQWLQJHQW FRQVLGHUDWLRQ UHSUHVHQWV D FRPSRQHQW RI WKH WRWDO SXUFKDVH FRQVLGHUDWLRQ IRU LWV YDULRXV
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7KH*URXSDVVHVVHGWKDWIDLUYDOXHRIFDVKDQGFDVKHTXLYDOHQWORDQVVKRUWWHUPGHSRVLWVWUDGHUHFHLYDEOHVRWKHUFXUUHQW
¿QDQFLDODVVHWVWUDGHSD\DEOHVDQGRWKHUFXUUHQW¿QDQFLDOOLDELOLWLHVDSSUR[LPDWHWKHLUFDUU\LQJDPRXQWVODUJHO\GXHWRWKHVKRUW
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7KHIROORZLQJWDEOHGLVFORVHVUHFRQFLOLDWLRQRI¿QDQFLDODVVHWVDQGOLDELOLWLHVFDWHJRULVHGZLWKLQ/HYHORIWKHIDLUYDOXHKLHUDUFK\
Investment in
unquoted equity Contingent 2WKHU¿QDQFLDO
shares and limited consideration liabilities
liability partnerships
Balance as at 1 April 2022 103 - -
5HFRJQL]HGLQVWDWHPHQWRISUR¿WDQGORVV
&KDQJHLQQRQFRQWUROOLQJLQWHUHVW UHIHUQRWHEHORZ - -
$GGLWLRQDOLQYHVWPHQWV - -
'LVWULEXWLRQIURPOLPLWHGOLDELOLW\SDUWQHUVKLS - -
3D\PHQWRIOLDELOLW\ - -
([FKDQJHGLႇHUHQFHV - -
Balance as at 31 March 2023 110 47 94
Balance as at 1 April 2023 110 47 94
5HFRJQL]HGLQVWDWHPHQWRISUR¿WDQGORVV
$GGLWLRQDOLQYHVWPHQWV - -
3URFHHGVIURPVDOHRIHTXLW\LQVWUXPHQWV - -
3D\PHQWRIOLDELOLW\ - -
([FKDQJHGLႇHUHQFHV - -
Balance as at 31 March 2024 94 50 60
Note: 'XULQJWKH\HDUHQGHG0DUFKWKH*URXSKDGVHWXSFHUWDLQWUXVWVLQ6RXWK$IULFDIRUWKHEHQH¿WRIEODFNQDWLRQDOV
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(c) Financial risk management
7KH*URXSLVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVNZKLFKPD\LPSDFWWKHIDLUYDOXHRILWV¿QDQFLDOLQVWUXPHQWV7KH
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Market risk
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FXUUHQF\H[FKDQJHUDWHV
(i) Foreign currency risk

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31 March 2024 31 March 2023
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Year 4-5
Year 1 Year 2 Year 3
and Total
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thereafter
As at 31 March 2024
%RUURZLQJV
/HDVHOLDELOLWLHV
7UDGHSD\DEOHV LQFOXGLQJXQELOOHGDQGDFFUXDOV - - -
'HULYDWLYH¿QDQFLDOOLDELOLWLHV - - -
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As at 31 March 2023
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/HDVHOLDELOLWLHV
7UDGHSD\DEOHV LQFOXGLQJXQELOOHGDQGDFFUXDOV - - -
'HULYDWLYH¿QDQFLDOOLDELOLWLHV
2WKHUV
Total 12,782 960 2,737 825 17,304
2ႇVHWWLQJRI¿QDQFLDOLQVWUXPHQWV
8QGHUFDVKSRROLQJDUUDQJHPHQWVZLWKEDQNVRXWVLGH,QGLDWKHFRQWUDFWXDOWHUPVRIDUUDQJHPHQWVSUHFOXGHLQGLYLGXDOEDQN
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3.30 Segment Reporting
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PHFKDQLFDO9/6,DQGSODWIRUPHQJLQHHULQJWKDWVXSSRUWWKHHQGWRHQGOLIHF\FOHRISURGXFWV±ERWKKDUGZDUHDQGVRIWZDUH
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Segment accounting policies

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(a) Segment revenue and expenses

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(b) Segment assets and liabilities

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Year ended
31 March 2024 31 March 2023
Revenue from operations from external customers
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Total 1,09,913 1,01,456
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Total 1,09,913 1,01,456
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Total 20,027 18,483
8QDOORFDEOHH[SHQVHV
2WKHULQFRPH
3UR¿WEHIRUHWD[ 20,967 19,488
7D[H[SHQVH
3UR¿WIRUWKH\HDU 15,710 14,845
6LJQL¿FDQWQRQFDVKLWHPV
+&/6RIWZDUH
Total 4,173 4,145

Year ended
31 March 2024 31 March 2023
+&/6RIWZDUH
Total 312 308
6HJPHQWUHYHQXHIURPFXVWRPHUVE\JHRJUDSKLFDUHDEDVHGRQORFDWLRQRIWKHFXVWRPHULVDVIROORZV
Year ended
31 March 2024 31 March 2023
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109,913 101,456
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As at
31 March 2024 31 March 2023
India
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37,065 36,512
(PSOR\HHEHQH¿WV
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Year ended
31 March 2024 31 March 2023
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Balance Sheet
As at
31 March 2024 31 March 2023
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31 March 2024 31 March 2023
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Changes in fair value of the plan assets are as follows:

Year ended
31 March 2024 31 March 2023
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Closing fair value of plan assets 16 16
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The principal assumptions used in determining gratuity for the Group’s plans are shown below:
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31 March 2024 31 March 2023
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RWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW,QKHUHQWULVNH[LVWVIRUWKH&RPSDQ\WKDWDQ\
DGYHUVHVDODU\JURZWKRUGHPRJUDSKLFH[SHULHQFHRULQDGHTXDWHUHWXUQVRQXQGHUO\LQJSODQDVVHWVFDQUHVXOWLQDQLQFUHDVHLQ
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Discount rate Salary escalation rate
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31 March 2024 31 March 2023
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Balance Sheet
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31 March 2024 31 March 2023
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31 March 2024 31 March 2023
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Employers Contribution to Provident Fund

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Net liability recognized in balance sheet - -
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3.32 Related party transactions
(a) Related parties where control exists
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S. No. Name of the Subsidiaries Country of Percentage holding as at
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HCLTech AGM2024

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HCLTech AGM2024

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July 22, 2024

The General Manager The Manager

BSE Scrip Code: 532281 NSE Scrip Code: HCLTECH

This is for your information and records.

Anand Date: 2024.07.22

Technology Hub, Special Economic Zone Corporate Identity Number: L74140DL1991PLC046369

Item No. 3 – Re-appointment of Statutory Auditors of the Company

Item No. 4 - Payment of commission to Non-Executive Directors of the Company

Date: July 19, 2024 By Order of the Board of Directors

Link Intime India Pvt. Ltd.

End of e-voting: At 05:00 p.m. (IST) on Monday, August 12, 2024

Step 1: Access to NSDL remote e-voting system

Type of members Login Method

Individual members A. NSDL IDeAS facility

B. Remote E-voting website of NSDL

3. Visit the remote e-voting website of NSDL. Open web browser by

3. If the user is not registered for Easi/Easiest, option to register is

4. Alternatively, the user can directly access remote e-voting page by

Login type Helpdesk details

How to Log-in to NSDL e-voting website?

5. Your User ID details are given below:

Manner of holding shares i.e. Demat (NSDL Your User ID is:

b) For members who hold shares in demat 16 Digit Beneficiary ID

For example if folio number is 001*** and

c) How to retrieve your ‘initial password’?

9. Now, you will have to click on ‘Login’ button.

Step 2: Cast your votes electronically on NSDL e-voting system.

How to cast your votes electronically on NSDL e-voting system?

Item No. 2 - Re-appointment of Mr. C. Vijayakumar as a Director liable to retire by rotation.

Brief Profile of Mr. C. Vijayakumar

Item No. 3 – Re-appointment of Statutory Auditors of the Company

Brief Profile of M/s. B S R & Co. LLP (‘B S R & Co.’)

Item No. 4 - Payment of remuneration by way of commission to Non-Executive Directors

Brief Profile of Mr. Simon John England

DETAILS OF DIRECTORS RECOMMENDED FOR RE-APPOINTMENT AS REQUIRED UNDER THE SEBI

Name of Director Mr. C. Vijayakumar

Terms and conditions of appointment / Re-appointment as a Director, liable to retire by rotation.

Relationship with other Directors / KMPs None

He does not hold any Committee Memberships in other

Resignation from Listed entities in the past three None

Name of Director Mr. Simon John England

He will be paid sitting fee for attending the Board/ Committee

He would also be paid commission, as may be approved by the

Number of shares held in the Company including

Date: July 19, 2024 By Order of the Board of Directors

Sr. Particulars Details

Our full-stack portfolio,

As we engineer the digital future

And we do it all sustainably,

Corporate Governance Report 145

CEO and CFO Certificates 177

Upskilling our people has become more important than

When it comes to GenAI, we see the market moving

6 HCLTech Annual Report 2023-24

Shiv Nadar Roshni Nadar Malhotra C Vijayakumar Shikhar Malhotra

Non-Executive, Independent Directors

Bhavani Deepak Kapoor Lee Fang Chew S Madhavan

Simon John England R Srinivasan Thomas Sieber Vanitha Narayanan

Key to Audit Committee