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HCL Technologies Ltd

BSE Code : 532281 | NSE Symbol : HCLTECH | ISIN:INE860A01027| SECTOR : IT - Software |

NSE BSE
 
SMC down arrow

1,250.90

-14.80 (-1.17%) Volume 280564

14-Oct-2021 EOD

Prev. Close

1,265.70

Open Price

1,288.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 1,293.00 - 1,244.35

52 wk High/Low 1,377.00 - 800.60

Key Stats

MARKET CAP (RS CR) 339452.37
P/E 37.49
BOOK VALUE (RS) 160.4941342
DIV (%) 500
MARKET LOT 1
EPS (TTM) 33.37
PRICE/BOOK 7.79405432002387
DIV YIELD.(%) 0.8
FACE VALUE (RS) 2
DELIVERABLES (%) 41.97
4

News & Announcements

12-Oct-2021

HCL Technologies expands its strategic partnership with Google Cloud

12-Oct-2021

HCL Technologies Ltd - HCL Technologies Limited - Press Release

05-Oct-2021

HCL Technologies Ltd - HCL Technologies Limited - Loss of Share Certificates

01-Oct-2021

HCL Technologies Ltd - HCL Technologies Limited - Press Release

12-Oct-2021

HCL Technologies expands its strategic partnership with Google Cloud

30-Sep-2021

HCL announces availability of DRYiCE™ iAutomate on Google Cloud Marketplace

29-Sep-2021

HCL bags multi-year engagement with Proximus Group

28-Sep-2021

HCL Technologies joins AWS Service Delivery Program

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Capgemini Technology Services India Ltd 532337 IGS
EIT Services India Pvt Ltd 500121 DIGITALEQP
Infosys Ltd 500209 INFY
Larsen & Toubro Infotech Ltd 540005 LTI
Mindtree Ltd 532819 MINDTREE
Satyam Computer Services Ltd(Merged) 500376 SATYAMCOMP
Tata Consultancy Services Ltd 532540 TCS
Tech Mahindra Ltd 532755 TECHM
Wipro Ltd 507685 WIPRO

Share Holding

Category No. of shares Percentage
Total Foreign 644489575 23.75
Total Institutions 307571279 11.33
Total Govt Holding 482297 0.02
Total Non Promoter Corporate Holding 12300440 0.45
Total Promoters 1637190274 60.33
Total Public & others 111631231 4.12
Total 2713665096 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About HCL Technologies Ltd

HCL Technologies Ltd is a leading global IT services company that helps global enterprises re-imagine and transform their businesses through Digital technology transformation. The company is primarily engaged in providing a range of software services, business process outsourcing and infrastructure services. The company leverages an extensive offshore infrastructure and its global network of offices in various countries and professionals to deliver solutions across select verticals including Financial Services, Manufacturing, Telecommunications, Media, Publishing, Entertainment, Retail & CPG, Life Sciences & Healthcare, Oil & Gas, Energy & Utilities, Travel, Transportation & Logistics and Government. HCL Technologies Ltd was incorporated in the year 1991 as HCL Overseas Ltd. The company received the certificate of commencement of business on February 10, 1992. In July 14, 1994, the name of the company was changed to HCL Consulting Ltd. In the year 1996, the company formed a 50:50 joint venture namely HCL Perot Systems NV with Perot Systems Corporation to provide access to high value client base of Perot Systems. HCL Technologies focuses on Transformational Outsourcing, working with clients in areas that impact and re-define the core of their business after their IPO in 1999 with aim of foray into the global IT landscape and in the same year, the company changed its name to HCL Technologies Ltd. The company started to create wholly owned subsidiaries to cater specific geographic regions from the year 1999. They had the widest service portfolio among Indian IT service providers, with each of its services having attained critical mass. In the year of 2000 the company set up a dedicated offshore development centre in Chennai for KLA-Tencor Corporation, a supplier of process control and yield management solutions for the semiconductor and related microelectronics industry. HCL Comnet, the wholly owned subsidiary company in association with its new partner Globeset Inc introduced net security management solutions. The company launched the Nokia professional centre in New Delhi, second among the chain of centres across the country. In the year 2001, the company entered into a strategic alliance with Nasdaq-listed Vitesse Semiconductor to develop software solutions for global networking markets. They also entered into a strategic alliance with Toshiba Information Systems (Japan) Corporation to set up a dedicated offshore software development centre for developing embedded software for the Japanese company. HCL Comnet Systems & Services Ltd, a fully owned subsidiary company was gone into the business of Web-enabling applications through the launch of demand-chain management solutions. In the year 2002, the company acquired Gulf Computers Inc, USA and formed a JV with Answerthink, Inc., a leading US based provider of technology enabled business transformation solutions to Global 2000 firms. A strategic technology joint venture was made with Jones Apparel Group, Inc. Jones Apparel Group, Inc. a Fortune 500 Company in the same year and also entered into a joint venture with M.A. Partners, a management consulting firm to address software services opportunities in Global Finance Markets, especially in the areas of Investment Banking, Asset Management and Private Banking. M.A. Partners brings a wealth of domain expertise and clients including many of the top Global Investment Banking firms to the JV. In the year 2003, BT Group UK's telecom service provider gave a contract worth of $160 million for BPO service operations. The company set up an exclusive centre in Noida for executing the orders given by BT Group. The software business of HCL Infosystems Ltd was transferred to the company. The company set up Insurance Solutions Center in Chennai. In the year 2004, the company entered into a strategic tie-up with IBM Rational Software, a division of IBM, to strengthen its software development capabilities. The company was conferred the prestigious Excellence in Education Award for 2004 by the Life Office Management Association (LOMA). In August 2004, BPO delivery centre in Chennai got BS7799 certification, by the British Standards Institute (BSI). They introduced Cross View; a framework based Computer Systems Validation (CSV) methodology for the development of robust software applications in the Life Sciences arena. In the year 2005, SEBI made a tie up with the company for market surveillance and the company formed joint venture with NEC, Japan. The company amalgamated their six wholly owned subsidiaries namely, DSL Software Ltd, Shipara Technologies Ltd, HCL Technologies BPO Services Ltd, HCL Technologies (Mumbai) Ltd, Aquila Technologies Ltd and HCL Enterprise Solutions (India) Ltd with the company. In February 2005, the company acquired an Irish Call centre and this acquisition establishes the company's position as the single largest BPO Centre operation on the Island of Ireland. In the year 2006, the company launched RoHS Compliance Management System for Medical Device Users and entered $70 million outsourcing deal with Teradyne of US. HCL developed Trusted ICT Infrastructure Platforms for BPO-ITE'S Segment and has linked pact with Canada based electronics manufacturing services company Celestica Inc to jointly design and manufacture electronic products for global original equipment manufacturers (OEMs). The company forayed into an alliance with $200 million Saudi Arabian company namely Advanced Electronics Company (AEC) to implement IT projects in West Asia in the year 2007 and formed a strategic alliance with Eckler to strengthen Insurance Domain expertise. The company made USD 15 million contract with Aleni Aeronautica, to provide engineering services that will support the improvement of the C-27J Spartan production line. In the year 2007, HCL Venture Capital Ltd, a company incorporated in Bermuda and downstream subsidiary of the company was merged with HCL Bermuda Ltd. Also, HCL Technologies (Mass) Inc., a company incorporated in United States of America and a down stream subsidiary of the company was merged with HCL America Inc. During the year 2007-08, the company incorporated their wholly owned subsidiary viz. HCL Technologies (Shanghai) Limited. Through this entity the company established its first sales and delivery center in Shanghai with an initial investment of Rs. 2.77 crore. In order to consolidate its position in Enterprise Application Integration (EAI) space, the company acquired the balance 49% stake in its Joint Venture Company viz. HCL EAI Services Inc., a California corporation for a consideration of Rs.13.32 crore through their downstream subsidiary HCL America Inc., a company incorporated in USA. With this acquisition, HCL EAI Services Inc. became 100% subsidiary of the company. Further, HCL EAI Services Inc. was amalgamated with HCL America Inc. with effect from July 1, 2008. During the year, the company set up four branches at Dublin in Ireland, Zurich in Switzerland, Tel- Aviv in Israel and Prague in Czech Republic. In December 2007, the company and Jones had entered into an agreement (Termination Agreement) to terminate the Joint Venture agreement entered in June 2002. As a part of the termination agreement, a subsidiary of the Company has obtained binding commitments for the provision of IT services to Jones, with an aggregate contract value of Rs. 96.8 crores (USD 22.5 million) upto 2012. Further, pursuant to this termination, the Joint Venture Company in Bermuda viz. HCL Jones Technologies (Bermuda) Limited will be wound up. During the year 2008-09, the company acquired all the capital stock of Axon Group Ltd (formerly known as Axon Group Plc), a leading UK based SAP consulting company for a cash consideration of Rs. 3302.39 crores by way of a cash offer made by the company to the shareholders of Axon Group Ltd. The company acquired all the capital stock of HCL Insurance BPO Services Ltd (formerly known as Liberata Financial Services Ltd) (IBS), incorporated in UK. Also, the company acquired all the capital stock of HCL Expense Management Services, Inc (formerly known as Control Point Solutions, Inc) (CPS) for a cash consideration of Rs. 107.65 crores. During the year, the company set up six subsidiaries to carry out the activities in Special Economic Zone in different locations in India to get various tax benefits. They also set up their branches in different locations to expand its operations in new geographies. The company set up their branches in Dubai, UAE, Helsinki, Portugal, Finland and Macau during the year ended June 30, 2009 while the branch in Russia was set subsequent to June 30, 2009. In September 2008, HCL BPO expanded their global presence to the USA with the acquisition of Control Point Solutions (CPS). This acquisition makes HCL BPO the first Indian BPO to enter the Telecommunications Expense Management (TEM) market. CPS has been rebranded to HCL Expense Management Services (HCL EMS). During the year 2009-10, the company set up their step down subsidiaries in Denmark viz. HCL Technologies Denmark ApS and in Norway viz. HCL Technologies Norway AS. Also, they set up their branch office in USA. During the year 2010-11, as per the scheme of amalgamation, HCL Technoparks Ltd, a wholly owned subsidiary of the Company, was amalgamated with the company with effect from August 27, 2010. They incorporated HCL Technologies France, PT HCL Technologies Indonesia, HCL Technologies Philippines, Inc, HCL Arabia LLC, Anzospan Investments Pty. Limited, HCL Technologies South Africa (Proprietary) Ltd and Filial Espanola De HCL Technoloiges S.L. as step down subsidiaries of the company. Also, they closed down their two steps down subsidiaries viz. Aspire Solutions Sdn. Bhd., a company incorporated in Malaysia and Axon EBT Trustees Limited, a company incorporated in United Kingdom. In January 2011, it acquired certain software assets of Citi Securities and Fund Services. In July 2011, the company was selected to provide application management services to IKEA. In September 2011, the company signed a strategic five year, Application Support Transformation deal with Deutsche Bank's Capital Markets arm. The service factory delivery model implemented by HCL is expected to enhance productivity, driven by transparent Service Level Agreements (SLAs) and performance metrics, and comes as Deutsche Bank endeavors to move away from a traditional applications support model to a set of process driven services governed by global standards like Information Technology Infrastructure Library (ITIL) and LEAN. In October 2011, Cast SA signed a strategic partnership agreement with the company to strengthen the ASSESS-SMART services of HCL Technologies. In February 2012, the company signed an agreement with State Street Bank and Trust Company (State Street) to provide business process outsourcing services in support of a variety of State Street's investment services businesses. Also, they entered into a strategic relationship with Great American Insurance Group (GAIG), a company in specialty property and casualty insurance, to provide Integrated IT services, Business Process Outsourcing (BPO) and Infrastructure Management Services to GAIG and its affiliates. In 2012, HCL Technologies entered into strategic relationship with State Street to provide BPO services'. HCL Tech bags outsourcing deal from State Street. - HCL Technologies enters into strategic relationship with Great American Insurance Group. HCL wins ICD 10 transformation deal with Blue Shield of California. HCL partners with Cisco to open South Africa Centre of Excellence (GCoE) in Johannesburg. In 2013 HCL Technologies signed a long-term IT services agreement with Nokia. The company also signed a Multi-Year, Multi-Million Dollar Partnership with Cobham Plc. The company gets into the process to provide Strategic Business Transformation Services to Husqvarna Group. The company receives Pegasystems Healthcare Partner Excellence Award. The company Opens Michigan Technology Development Center. The company Wins ITSMA's Diamond and Gold Awards for Marketing Excellence. The company receives PHD Chamber Good Corporate Citizen Award 2013. In 2014, HCL Technologies receives Best Governed Company Award by Asian Centre for Corporate Governance & Sustainability. The company also wins CNBC-TV18's India Business Leader Award for Outstanding Company of the Year. The company wins The HR Excellence Award 2014. In 2015, the company opens new Global Delivery Centre in Oslo. The company Expands U.S. Footprint with New Global Delivery Center in Frisco. The company is Certified as Top Employer in the UK for the Ninth Consecutive Year. Tele2 and HCL Technologies form Strategic Alliance. HCL Technologies and Aegon launch cXstudio for customer-centric digital channel innovation. HCL Technologies wins five-year IT Managed Services Contract with SAI Global. HCL announces a United Xperience Lab Offering for institutionalizing Digital Co-Innovation with customers. The company acquires US based PowerObjects. On 17 November 2015, HCL Technologies announced that it had won an Application Development and Maintenance contract from Deutsche Bank. Under the terms of agreement, HCL will provide digital solutions, systems integration, product implementation and design, build and test new applications in addition to the ongoing application maintenance and support services. On 25 January 2016, HCL Technologies announced that it had won an IT infrastructure services contract from Alstom, a world leader in the supply of the most complete range of systems, equipment and services in the railway sector. On the same day, HCL Technologies announced the acquisition of Point to Point Limited and Point to Point Products Limited (jointly referred as Point to Point or P2P), UK's leading end-user cloud solutions design, implementation and delivery specialists. On 8 February 2016, HCL Technologies announced the launch of an Internet of Things (IoT) Incubation Center in Redmond, Washington, USA, designed to leverage Microsoft Azure IoT Suite to accelerate enterprise IoT adoption. On 16 February 2016, HCL Technologies announced that it had won a significant IT outsourcing contract from the Volvo Group, one of the world's leading manufacturers of commercial vehicles. Simultaneously, HCL Tech announced the acquisition of Volvo's external IT business, adding 40 new customers from the Nordics and France to its portfolio, further enhancing its market leading position in these regions. On 22 February 2016, HCL Technologies and Symantec Corporation, the global leader in cyber security, announced their plan to expand their existing partnership to help enterprises in areas of Cloud Security, Cyber Threats and Forensic Solutions. On 2 March 2016, HCL Technologies announced that it had won a five year Next-Generation Information Technology Outsourcing contract from Husqvarna AB, a leading manufacturer of outdoor power products including robotic mowers, garden tractors, chainsaws and trimmers. On 1 April 2016, HCL Technologies announced an agreement to acquire (through demerger) all of the business of Geometric Limited, except for the 58% stake that Geometric owns in the joint venture 3 DPLM Software Solutions Ltd. with Dassault Systemes. The swap ratio for the merger was fixed at 10 equity shares of Rs. 2 each of HCL Tech for every 43 equity shares of Geometric of Rs 2. each as on the record date. Geometric is one of India's leading PLM consulting, mechanical engineering and manufacturing engineering services providers. On 8 June 2016, HCL Technologies announced that it has signed partnerships with two leading automotive solution providers Movimento and Rightware to expand its offerings for the fast-growing smart vehicle ecosystem. On 17 June 2016, HCL Technologies announced that it had signed a strategic IT partnership contract with LeasePlan, a global fleet management and driver mobility company of Dutch origin. Under the terms of agreement, HCL will create Group Competency in collaboration with LeasePlan Information Services to provide IT solutions in various domains such as core leasing platforms, business intelligence and data warehousing solutions, enterprise IT solutions, and application development & maintenance services. On 1 September 2016, HCL Technologies announced that it has entered into a partnership agreement with Mesosphere, a datacenter infrastructure and container orchestration company. The partnership combines Mesosphere's Datacenter Operating System (DC/OS) with HCL's unique Next-Gen IT & Operations capabilities to deliver a unified operational experience and achieve efficient resource utilization for clients. On 14 September 2016, HCL Technologies announced that it has won a contract to provide application management services to Western Australia's leading energy provider, Synergy. On 21 October 2016, HCL Technologies announced that it had entered into an agreement to acquire Butler America Aerospace, LLC (Butler Aerospace), a provider of engineering, design services and aftermarket engineering services to US Aerospace and Defense customers. On 24 January 2017, HCL Technologies announced that Swiss financial services company UBS AG has renewed its finance operations services contract with the company for three and half years. On 20 March 2017, HCL Technologies announced that it has been chosen as the strategic IT services provider to the Volvo Ocean Race, the world's longest professional sporting event. On 17 April 2017, HCL Technologies announced that Singapore Exchange has renewed its IT services contract with the company for five years. Expanding the scope from the earlier year 2010 engagement covering IT infrastructure, data center services and IT management, the new contract includes transformational IT services in a managed services construct - spanning IT infrastructure, end-user computing, data center, cloud services, workplace transformation, managed networks, enterprise security and GRC. On 24 April 2017, HCL Technologies announced an agreement to acquire US based Urban Fulfillment Services, LLC, a provider of mortgage business process & fulfilment services. On 18 May 2017, HCL Technologies announced that it has joined the Duck Creek Global Alliance Program. As a Delivery Partner of Duck Creek Technologies' Global Alliance Program, HCL will provide customers with industry-leading application maintenance and technical support solutions to reduce time, risk, and costs during implementation and throughout the lifecycle of the deployed software. On 20 June 2017, HCL Technologies announced the launch of its Next Generation Research Platform (NGRP), a pre-competitive drug-discovery ecosystem built with open standards. This Platform will provide research scientists with a collaborative ecosystem, greater computational resources, and the ability to mine research data to make more informed scientific decisions, while improving productivity by automating and eliminating manual administrative tasks. On 29 August 2017, HCL Technologies announced the opening its new delivery centre in Gothenburg, Sweden. The new centre will be a key hub in HCL's global delivery network, providing cutting-edge transformational IT services as part of the global shared services model. In addition, the Gothenburg office will also become HCL's global headquarters for its mainframe services and automotive centre of excellence. On 5 September 2017, HCL Technologies agreed to acquire ETL Factory Limited, doing business as Datawave, a UK-based company that has created an innovative data automation platform which enables enterprise customers execute large scale, complex data-migration and data-integration projects in a leaner, faster and smarter way. The flagship product Datawave won the Informatica Innovation Award and is also extendable to other platforms, including big data. On 6 September 2017, HCL Technologies (HCL) announced a new strategic partnership with Alpha Insight, an intelligent products and solutions company headquartered in London, UK, with industry leading expertise in Business Flow Monitoring and Operational Intelligence. The transaction, which includes purchase of select assets, bolsters HCL's DRYiCE Platform and its positioning as an Enterprise A.I Foundation. On 30 October 2017, HCL Technologies (HCL) announced collaboration with Red Hat, the world's leading provider of open source solutions, to offer HCL Application Platform-as-a-Service (PaaS) services to enterprise customers globally. On 14 November 2017, HCL Technologies (HCL) announced that it had won a five-year IT infrastructure services contract from Jardine Lloyd Thompson Group (JLT), one of the world's leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. On 5 December 2017, HCL Technologies (HCL) announced that it has entered into a strategic partnership with Siemens on Industry 4.0 solutions, with a strategic collaboration on the Siemens Industry Software Suite. The global partnership with Siemens on Mindsphere, a cloud-based open Internet of Things (IoT) operating system, comprises technology, application development, connectivity solutions, system integration and go-to-market strategy. In January 2018,HCL signed a global reseller agreement with SAP SE where SAP will resell the HCL next-generation maintenance,repair and overhaul solution under the brand name of SAP Enterprise Asset Management(SAP EAM).The company was also identified as one of the strategic partners by SAP in its global partner network to drive IoT business.The company has been awarded Best RPA Implementation in Supply Chain Management at Asia Outsourcing Leadership Awards 2018. As on 31 March 2018,the company has 94 subsidiaries and 9 associate companies under its roof. During the fiscal 2019,the company was awarded with Outstanding Achievement Award in Automation Implementation at the Asia Outsourcing Leadership Awards 2019 for EXACTO,which harnesses the latest innovations in AI, machine learning and computer vision techniques that integrates seamlessly with Robotic Process Automation to create differentiated solutions. The company's solution DRYiCE XSM was conferred the Award of Distinction at the Open Group Awards for Innovation and Excellence in Kochi in February 2019. As on 31 March 2019, the company has 133 subsidiaries and 8 associate companies under its roof. During the FY 2019-20,the company has launched a dedicated HCL Microsoft Business Unit focused on Microsoft Technologies. As on 31 March 2020,the company has 137 subsidiaries and 11 associate companies under its roof. In February 2021,HCL has signed a five-year Digital Workplace Services Agreement with Airbus. HCL will establish a modernized digital workplace to enhance the user experience and service quality for the majority of Airbus employees globally.

HCL Technologies Ltd Chairman Speech

Shiv Nadar

Founder and Chief Strategy Officer

Dear Shareholders,

The ongoing COVID-19 pandemic has drastically changed our world - society at all levels, businesses around the globe, and our own individual lives, as well as those of families, friends, and colleagues. In the past year, we have all worked valiantly to respond to the disruption of the pandemic, a testament to the tenacity of the human spirit. It is now time for us, both as individuals and as an organization, to embrace positivity and hope for the future.

At HCL, we have always believed that technology and people working together can generate positive change that will advance the world to the next stage. In fact, at HCL we call this partnership of digital technologies and the human spirit "The New Essential".

This collaboration was highlighted during the COVID-19 pandemic, particularly in the way that HCL puts humanity at the core of its business model. As HCL helped its clients transform their businesses, through a resilient and innovative response to the pandemic, it was HCLites around the world who exemplified these qualities. Their ability to problem solve at scale and innovate at pace in a time of crisis provided the momentum that carried HCL to a significant milestone - joining the select group of 10 technology services organizations that generate over $10B in revenue. The achievement was a direct result of the collaborative confluence of people and technology that has been at the heart of HCL’s philosophy for the last 45 years.

As we worked to help our clients navigate through these turbulent times with our advanced and innovative solutions, we also worked continuously to help the 168,000+ HCLites and their family members stay safe and healthy.

But it’s not just the well-being of our customers and employees that shows HCL’s organizational responsibility. We’re also committed to the well-being of the communities where we operate. This year, HCL’s social responsibility arm, HCL Foundation, completes a decade of creative contribution to the development of India and, increasingly, areas around the world. Powered by a unique source code, each Foundation program generates innovative measures to help asset-deprived and marginalized communities by equipping them with tools to transform people’s lives for the better.

It is a matter of great pride for me and all of us at HCL that, even during these turbulent times, HCL employees and partners have been working tirelessly at a grassroots level to raise the quality of life in rural communities by alleviating poverty, improving health and wellness, and promoting inclusive growth.

As the global economy revives and we emerge from the crisis of the COVID-19 pandemic, I am sure that HCL will be well prepared to meet future challenges. Our strong financials, growth momentum, and an extraordinary executive team focused on executing our business’ digital strategy set us up for success in an ever-changing business environment. Armed with our core beliefs of innovation and collaboration, and driven by a strong faith in humanitarian values, we will achieve our business goals - goals that are aligned with the socio-economic development of the communities where we work.

I’d like to thank all of our shareholders, clients, partners, and the entire HCL ecosystem for placing their valuable trust and confidence in the organization. I am confident that, with their help, we will help define and take a lead in the brave new world of "The New Essential".

Shiv Nadar

   

HCL Technologies Ltd Company History

HCL Technologies Ltd is a leading global IT services company that helps global enterprises re-imagine and transform their businesses through Digital technology transformation. The company is primarily engaged in providing a range of software services, business process outsourcing and infrastructure services. The company leverages an extensive offshore infrastructure and its global network of offices in various countries and professionals to deliver solutions across select verticals including Financial Services, Manufacturing, Telecommunications, Media, Publishing, Entertainment, Retail & CPG, Life Sciences & Healthcare, Oil & Gas, Energy & Utilities, Travel, Transportation & Logistics and Government. HCL Technologies Ltd was incorporated in the year 1991 as HCL Overseas Ltd. The company received the certificate of commencement of business on February 10, 1992. In July 14, 1994, the name of the company was changed to HCL Consulting Ltd. In the year 1996, the company formed a 50:50 joint venture namely HCL Perot Systems NV with Perot Systems Corporation to provide access to high value client base of Perot Systems. HCL Technologies focuses on Transformational Outsourcing, working with clients in areas that impact and re-define the core of their business after their IPO in 1999 with aim of foray into the global IT landscape and in the same year, the company changed its name to HCL Technologies Ltd. The company started to create wholly owned subsidiaries to cater specific geographic regions from the year 1999. They had the widest service portfolio among Indian IT service providers, with each of its services having attained critical mass. In the year of 2000 the company set up a dedicated offshore development centre in Chennai for KLA-Tencor Corporation, a supplier of process control and yield management solutions for the semiconductor and related microelectronics industry. HCL Comnet, the wholly owned subsidiary company in association with its new partner Globeset Inc introduced net security management solutions. The company launched the Nokia professional centre in New Delhi, second among the chain of centres across the country. In the year 2001, the company entered into a strategic alliance with Nasdaq-listed Vitesse Semiconductor to develop software solutions for global networking markets. They also entered into a strategic alliance with Toshiba Information Systems (Japan) Corporation to set up a dedicated offshore software development centre for developing embedded software for the Japanese company. HCL Comnet Systems & Services Ltd, a fully owned subsidiary company was gone into the business of Web-enabling applications through the launch of demand-chain management solutions. In the year 2002, the company acquired Gulf Computers Inc, USA and formed a JV with Answerthink, Inc., a leading US based provider of technology enabled business transformation solutions to Global 2000 firms. A strategic technology joint venture was made with Jones Apparel Group, Inc. Jones Apparel Group, Inc. a Fortune 500 Company in the same year and also entered into a joint venture with M.A. Partners, a management consulting firm to address software services opportunities in Global Finance Markets, especially in the areas of Investment Banking, Asset Management and Private Banking. M.A. Partners brings a wealth of domain expertise and clients including many of the top Global Investment Banking firms to the JV. In the year 2003, BT Group UK's telecom service provider gave a contract worth of $160 million for BPO service operations. The company set up an exclusive centre in Noida for executing the orders given by BT Group. The software business of HCL Infosystems Ltd was transferred to the company. The company set up Insurance Solutions Center in Chennai. In the year 2004, the company entered into a strategic tie-up with IBM Rational Software, a division of IBM, to strengthen its software development capabilities. The company was conferred the prestigious Excellence in Education Award for 2004 by the Life Office Management Association (LOMA). In August 2004, BPO delivery centre in Chennai got BS7799 certification, by the British Standards Institute (BSI). They introduced Cross View; a framework based Computer Systems Validation (CSV) methodology for the development of robust software applications in the Life Sciences arena. In the year 2005, SEBI made a tie up with the company for market surveillance and the company formed joint venture with NEC, Japan. The company amalgamated their six wholly owned subsidiaries namely, DSL Software Ltd, Shipara Technologies Ltd, HCL Technologies BPO Services Ltd, HCL Technologies (Mumbai) Ltd, Aquila Technologies Ltd and HCL Enterprise Solutions (India) Ltd with the company. In February 2005, the company acquired an Irish Call centre and this acquisition establishes the company's position as the single largest BPO Centre operation on the Island of Ireland. In the year 2006, the company launched RoHS Compliance Management System for Medical Device Users and entered $70 million outsourcing deal with Teradyne of US. HCL developed Trusted ICT Infrastructure Platforms for BPO-ITE'S Segment and has linked pact with Canada based electronics manufacturing services company Celestica Inc to jointly design and manufacture electronic products for global original equipment manufacturers (OEMs). The company forayed into an alliance with $200 million Saudi Arabian company namely Advanced Electronics Company (AEC) to implement IT projects in West Asia in the year 2007 and formed a strategic alliance with Eckler to strengthen Insurance Domain expertise. The company made USD 15 million contract with Aleni Aeronautica, to provide engineering services that will support the improvement of the C-27J Spartan production line. In the year 2007, HCL Venture Capital Ltd, a company incorporated in Bermuda and downstream subsidiary of the company was merged with HCL Bermuda Ltd. Also, HCL Technologies (Mass) Inc., a company incorporated in United States of America and a down stream subsidiary of the company was merged with HCL America Inc. During the year 2007-08, the company incorporated their wholly owned subsidiary viz. HCL Technologies (Shanghai) Limited. Through this entity the company established its first sales and delivery center in Shanghai with an initial investment of Rs. 2.77 crore. In order to consolidate its position in Enterprise Application Integration (EAI) space, the company acquired the balance 49% stake in its Joint Venture Company viz. HCL EAI Services Inc., a California corporation for a consideration of Rs.13.32 crore through their downstream subsidiary HCL America Inc., a company incorporated in USA. With this acquisition, HCL EAI Services Inc. became 100% subsidiary of the company. Further, HCL EAI Services Inc. was amalgamated with HCL America Inc. with effect from July 1, 2008. During the year, the company set up four branches at Dublin in Ireland, Zurich in Switzerland, Tel- Aviv in Israel and Prague in Czech Republic. In December 2007, the company and Jones had entered into an agreement (Termination Agreement) to terminate the Joint Venture agreement entered in June 2002. As a part of the termination agreement, a subsidiary of the Company has obtained binding commitments for the provision of IT services to Jones, with an aggregate contract value of Rs. 96.8 crores (USD 22.5 million) upto 2012. Further, pursuant to this termination, the Joint Venture Company in Bermuda viz. HCL Jones Technologies (Bermuda) Limited will be wound up. During the year 2008-09, the company acquired all the capital stock of Axon Group Ltd (formerly known as Axon Group Plc), a leading UK based SAP consulting company for a cash consideration of Rs. 3302.39 crores by way of a cash offer made by the company to the shareholders of Axon Group Ltd. The company acquired all the capital stock of HCL Insurance BPO Services Ltd (formerly known as Liberata Financial Services Ltd) (IBS), incorporated in UK. Also, the company acquired all the capital stock of HCL Expense Management Services, Inc (formerly known as Control Point Solutions, Inc) (CPS) for a cash consideration of Rs. 107.65 crores. During the year, the company set up six subsidiaries to carry out the activities in Special Economic Zone in different locations in India to get various tax benefits. They also set up their branches in different locations to expand its operations in new geographies. The company set up their branches in Dubai, UAE, Helsinki, Portugal, Finland and Macau during the year ended June 30, 2009 while the branch in Russia was set subsequent to June 30, 2009. In September 2008, HCL BPO expanded their global presence to the USA with the acquisition of Control Point Solutions (CPS). This acquisition makes HCL BPO the first Indian BPO to enter the Telecommunications Expense Management (TEM) market. CPS has been rebranded to HCL Expense Management Services (HCL EMS). During the year 2009-10, the company set up their step down subsidiaries in Denmark viz. HCL Technologies Denmark ApS and in Norway viz. HCL Technologies Norway AS. Also, they set up their branch office in USA. During the year 2010-11, as per the scheme of amalgamation, HCL Technoparks Ltd, a wholly owned subsidiary of the Company, was amalgamated with the company with effect from August 27, 2010. They incorporated HCL Technologies France, PT HCL Technologies Indonesia, HCL Technologies Philippines, Inc, HCL Arabia LLC, Anzospan Investments Pty. Limited, HCL Technologies South Africa (Proprietary) Ltd and Filial Espanola De HCL Technoloiges S.L. as step down subsidiaries of the company. Also, they closed down their two steps down subsidiaries viz. Aspire Solutions Sdn. Bhd., a company incorporated in Malaysia and Axon EBT Trustees Limited, a company incorporated in United Kingdom. In January 2011, it acquired certain software assets of Citi Securities and Fund Services. In July 2011, the company was selected to provide application management services to IKEA. In September 2011, the company signed a strategic five year, Application Support Transformation deal with Deutsche Bank's Capital Markets arm. The service factory delivery model implemented by HCL is expected to enhance productivity, driven by transparent Service Level Agreements (SLAs) and performance metrics, and comes as Deutsche Bank endeavors to move away from a traditional applications support model to a set of process driven services governed by global standards like Information Technology Infrastructure Library (ITIL) and LEAN. In October 2011, Cast SA signed a strategic partnership agreement with the company to strengthen the ASSESS-SMART services of HCL Technologies. In February 2012, the company signed an agreement with State Street Bank and Trust Company (State Street) to provide business process outsourcing services in support of a variety of State Street's investment services businesses. Also, they entered into a strategic relationship with Great American Insurance Group (GAIG), a company in specialty property and casualty insurance, to provide Integrated IT services, Business Process Outsourcing (BPO) and Infrastructure Management Services to GAIG and its affiliates. In 2012, HCL Technologies entered into strategic relationship with State Street to provide BPO services'. HCL Tech bags outsourcing deal from State Street. - HCL Technologies enters into strategic relationship with Great American Insurance Group. HCL wins ICD 10 transformation deal with Blue Shield of California. HCL partners with Cisco to open South Africa Centre of Excellence (GCoE) in Johannesburg. In 2013 HCL Technologies signed a long-term IT services agreement with Nokia. The company also signed a Multi-Year, Multi-Million Dollar Partnership with Cobham Plc. The company gets into the process to provide Strategic Business Transformation Services to Husqvarna Group. The company receives Pegasystems Healthcare Partner Excellence Award. The company Opens Michigan Technology Development Center. The company Wins ITSMA's Diamond and Gold Awards for Marketing Excellence. The company receives PHD Chamber Good Corporate Citizen Award 2013. In 2014, HCL Technologies receives Best Governed Company Award by Asian Centre for Corporate Governance & Sustainability. The company also wins CNBC-TV18's India Business Leader Award for Outstanding Company of the Year. The company wins The HR Excellence Award 2014. In 2015, the company opens new Global Delivery Centre in Oslo. The company Expands U.S. Footprint with New Global Delivery Center in Frisco. The company is Certified as Top Employer in the UK for the Ninth Consecutive Year. Tele2 and HCL Technologies form Strategic Alliance. HCL Technologies and Aegon launch cXstudio for customer-centric digital channel innovation. HCL Technologies wins five-year IT Managed Services Contract with SAI Global. HCL announces a United Xperience Lab Offering for institutionalizing Digital Co-Innovation with customers. The company acquires US based PowerObjects. On 17 November 2015, HCL Technologies announced that it had won an Application Development and Maintenance contract from Deutsche Bank. Under the terms of agreement, HCL will provide digital solutions, systems integration, product implementation and design, build and test new applications in addition to the ongoing application maintenance and support services. On 25 January 2016, HCL Technologies announced that it had won an IT infrastructure services contract from Alstom, a world leader in the supply of the most complete range of systems, equipment and services in the railway sector. On the same day, HCL Technologies announced the acquisition of Point to Point Limited and Point to Point Products Limited (jointly referred as Point to Point or P2P), UK's leading end-user cloud solutions design, implementation and delivery specialists. On 8 February 2016, HCL Technologies announced the launch of an Internet of Things (IoT) Incubation Center in Redmond, Washington, USA, designed to leverage Microsoft Azure IoT Suite to accelerate enterprise IoT adoption. On 16 February 2016, HCL Technologies announced that it had won a significant IT outsourcing contract from the Volvo Group, one of the world's leading manufacturers of commercial vehicles. Simultaneously, HCL Tech announced the acquisition of Volvo's external IT business, adding 40 new customers from the Nordics and France to its portfolio, further enhancing its market leading position in these regions. On 22 February 2016, HCL Technologies and Symantec Corporation, the global leader in cyber security, announced their plan to expand their existing partnership to help enterprises in areas of Cloud Security, Cyber Threats and Forensic Solutions. On 2 March 2016, HCL Technologies announced that it had won a five year Next-Generation Information Technology Outsourcing contract from Husqvarna AB, a leading manufacturer of outdoor power products including robotic mowers, garden tractors, chainsaws and trimmers. On 1 April 2016, HCL Technologies announced an agreement to acquire (through demerger) all of the business of Geometric Limited, except for the 58% stake that Geometric owns in the joint venture 3 DPLM Software Solutions Ltd. with Dassault Systemes. The swap ratio for the merger was fixed at 10 equity shares of Rs. 2 each of HCL Tech for every 43 equity shares of Geometric of Rs 2. each as on the record date. Geometric is one of India's leading PLM consulting, mechanical engineering and manufacturing engineering services providers. On 8 June 2016, HCL Technologies announced that it has signed partnerships with two leading automotive solution providers Movimento and Rightware to expand its offerings for the fast-growing smart vehicle ecosystem. On 17 June 2016, HCL Technologies announced that it had signed a strategic IT partnership contract with LeasePlan, a global fleet management and driver mobility company of Dutch origin. Under the terms of agreement, HCL will create Group Competency in collaboration with LeasePlan Information Services to provide IT solutions in various domains such as core leasing platforms, business intelligence and data warehousing solutions, enterprise IT solutions, and application development & maintenance services. On 1 September 2016, HCL Technologies announced that it has entered into a partnership agreement with Mesosphere, a datacenter infrastructure and container orchestration company. The partnership combines Mesosphere's Datacenter Operating System (DC/OS) with HCL's unique Next-Gen IT & Operations capabilities to deliver a unified operational experience and achieve efficient resource utilization for clients. On 14 September 2016, HCL Technologies announced that it has won a contract to provide application management services to Western Australia's leading energy provider, Synergy. On 21 October 2016, HCL Technologies announced that it had entered into an agreement to acquire Butler America Aerospace, LLC (Butler Aerospace), a provider of engineering, design services and aftermarket engineering services to US Aerospace and Defense customers. On 24 January 2017, HCL Technologies announced that Swiss financial services company UBS AG has renewed its finance operations services contract with the company for three and half years. On 20 March 2017, HCL Technologies announced that it has been chosen as the strategic IT services provider to the Volvo Ocean Race, the world's longest professional sporting event. On 17 April 2017, HCL Technologies announced that Singapore Exchange has renewed its IT services contract with the company for five years. Expanding the scope from the earlier year 2010 engagement covering IT infrastructure, data center services and IT management, the new contract includes transformational IT services in a managed services construct - spanning IT infrastructure, end-user computing, data center, cloud services, workplace transformation, managed networks, enterprise security and GRC. On 24 April 2017, HCL Technologies announced an agreement to acquire US based Urban Fulfillment Services, LLC, a provider of mortgage business process & fulfilment services. On 18 May 2017, HCL Technologies announced that it has joined the Duck Creek Global Alliance Program. As a Delivery Partner of Duck Creek Technologies' Global Alliance Program, HCL will provide customers with industry-leading application maintenance and technical support solutions to reduce time, risk, and costs during implementation and throughout the lifecycle of the deployed software. On 20 June 2017, HCL Technologies announced the launch of its Next Generation Research Platform (NGRP), a pre-competitive drug-discovery ecosystem built with open standards. This Platform will provide research scientists with a collaborative ecosystem, greater computational resources, and the ability to mine research data to make more informed scientific decisions, while improving productivity by automating and eliminating manual administrative tasks. On 29 August 2017, HCL Technologies announced the opening its new delivery centre in Gothenburg, Sweden. The new centre will be a key hub in HCL's global delivery network, providing cutting-edge transformational IT services as part of the global shared services model. In addition, the Gothenburg office will also become HCL's global headquarters for its mainframe services and automotive centre of excellence. On 5 September 2017, HCL Technologies agreed to acquire ETL Factory Limited, doing business as Datawave, a UK-based company that has created an innovative data automation platform which enables enterprise customers execute large scale, complex data-migration and data-integration projects in a leaner, faster and smarter way. The flagship product Datawave won the Informatica Innovation Award and is also extendable to other platforms, including big data. On 6 September 2017, HCL Technologies (HCL) announced a new strategic partnership with Alpha Insight, an intelligent products and solutions company headquartered in London, UK, with industry leading expertise in Business Flow Monitoring and Operational Intelligence. The transaction, which includes purchase of select assets, bolsters HCL's DRYiCE Platform and its positioning as an Enterprise A.I Foundation. On 30 October 2017, HCL Technologies (HCL) announced collaboration with Red Hat, the world's leading provider of open source solutions, to offer HCL Application Platform-as-a-Service (PaaS) services to enterprise customers globally. On 14 November 2017, HCL Technologies (HCL) announced that it had won a five-year IT infrastructure services contract from Jardine Lloyd Thompson Group (JLT), one of the world's leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. On 5 December 2017, HCL Technologies (HCL) announced that it has entered into a strategic partnership with Siemens on Industry 4.0 solutions, with a strategic collaboration on the Siemens Industry Software Suite. The global partnership with Siemens on Mindsphere, a cloud-based open Internet of Things (IoT) operating system, comprises technology, application development, connectivity solutions, system integration and go-to-market strategy. In January 2018,HCL signed a global reseller agreement with SAP SE where SAP will resell the HCL next-generation maintenance,repair and overhaul solution under the brand name of SAP Enterprise Asset Management(SAP EAM).The company was also identified as one of the strategic partners by SAP in its global partner network to drive IoT business.The company has been awarded Best RPA Implementation in Supply Chain Management at Asia Outsourcing Leadership Awards 2018. As on 31 March 2018,the company has 94 subsidiaries and 9 associate companies under its roof. During the fiscal 2019,the company was awarded with Outstanding Achievement Award in Automation Implementation at the Asia Outsourcing Leadership Awards 2019 for EXACTO,which harnesses the latest innovations in AI, machine learning and computer vision techniques that integrates seamlessly with Robotic Process Automation to create differentiated solutions. The company's solution DRYiCE XSM was conferred the Award of Distinction at the Open Group Awards for Innovation and Excellence in Kochi in February 2019. As on 31 March 2019, the company has 133 subsidiaries and 8 associate companies under its roof. During the FY 2019-20,the company has launched a dedicated HCL Microsoft Business Unit focused on Microsoft Technologies. As on 31 March 2020,the company has 137 subsidiaries and 11 associate companies under its roof. In February 2021,HCL has signed a five-year Digital Workplace Services Agreement with Airbus. HCL will establish a modernized digital workplace to enhance the user experience and service quality for the majority of Airbus employees globally.

HCL Technologies Ltd Directors Reports

Dear Members,

Your Directors have immense pleasure in presenting the Twenty-Ninth Annual Report of HCL Technologies Limited ("HCL" or the "Company") together with the Audited Financial Statements for the Financial Year (FY) ended March 31, 2021.

1. FINANCIAL RESULTS

Key highlights of the financial results of your Company prepared as per the Indian Accounting Standards (Ind AS) for the financial year ended March 31, 2021 are as under:

( in crores)

Consolidated Year ended

Standalone Year ended

Particulars March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Revenue from operations 75,379 70,676 35,673 32,666
Other income 927 589 965 613
Total Income 76,306 71,265 36,638 33,279
Total Expenses 60,453 57,285 24,228 22,101
Profit before tax 15,853 13,980 12,410 11,178
Tax Expense 4,684 2,923 3,667 2,209
Profit for the year 11,169 11,057 8,743 8,969
Other comprehensive income / (loss) 758 479 520 (486)
Total comprehensive income for the year 11,927 11,536 9,263 8,483
Earnings per share of 2 each
Basic (in ) 41.07 40.75 32.22 33.06
Diluted (in ) 41.07 40.75 32.22 33.05

Note: The comparative numbers of the standalone financial statements for the previous year have been restated to give effect of the Scheme of Amalgamation providing for the amalgamation of four direct / step-down wholly owned subsidiaries of the Company with and into the Company, with effect from April 1, 2019, the Appointed Date. The accounting treatment for the said amalgamation has been explained in the "Summary of Significant Accounting Policies" of the standalone financial Report.

2. BUSINESS OVERVIEW AND STATE OF AFFAIRS

The Company empowers global enterprises with technology for the next decade today. The Company’s Mode 1-2-3 strategy, through its deep-domain industry expertise, customer-centricity and entrepreneurial culture of Ideapreneurship™ enables businesses to transform into next-gen enterprises.

The Company offers its services and products through three business units - IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P). ITBS enables global enterprises to transform their businesses through offerings in the areas of Applications, Infrastructure, Digital Process Operations and next generation Digital Transformation Solutions. ERS offers engineering services and solutions in all aspects of product development and platform engineering. Under P&P, the Company provides modernized software products to global clients for their technology and industry-specific requirements.

Through its cutting-edge co-innovation labs, global delivery capabilities and broad global network, the Company delivers holistic services in various industry verticals, categorized under Financial Services, Manufacturing, Technology & Services, Telecom & Media, Retail & Consumer Packaged Goods, Life Sciences & Healthcare and Public Services.

On a consolidated basis, the Company’s revenue from operations was 75,379 crores in the financial year under review, as against 70,676 crores in the previous financial year. The profit for the financial year under review was 11,169 crores, as against 11,057 crores in the previous financial year.

On a standalone basis, the Company’s revenue from operations was 35,673 crores in the financial year under review, as against 32,666 crores in the previous financial year. The profit for the financial year under review was 8,743 crores, as against 8,969 crores in the previous financial year.

The state of affairs of the Company is presented as part of the Management Discussion and Analysis Report forming part of this Annual Report.

3. DIVIDEND

Your Directors have declared the following dividends during the financial year under review:

Dividend Declared during FY 2020-21 Date of Declaration Rate of Dividend per Equity Share (face value of 2 each) Gross Dividend ( in crores)
1 1st Interim Dividend July 17, 2020 2.00 543
2 2nd Interim Dividend October 16, 2020 4.00 1,085
3 3rd Interim Dividend January 15, 2021 4.00 1,085
Total 2,713

Note: The amount shown under Gross Dividend is the amount before deduction of tax at source.

The Company had also paid Final Dividend for FY 2019-20 at 2 per equity share of face value of 2 each aggregating to 543 crores, after deduction of tax at source. The same was approved by the shareholders of the Company in the Twenty-Eighth AGM held on September 29, 2020.

The Board of Directors in its meeting held on April 21-23, 2021, declared an interim dividend of 6 per equity share of face value of 2 each, and a special interim dividend of 10 per equity share of face value of 2 each, for FY 2021-22.

The special interim dividend was declared by the Board in recognition of the Company’s recent milestone, crossing the USD 10 billion mark in revenue during FY 2020-21.

The Board of Directors did not recommend any final dividend during the financial year under review.

4. TRANSFER TO GENERAL RESERVES

No amount was transferred to the General Reserves during the financial year under review.

5. SHARE CAPITAL

During the financial year under review, pursuant to the

Scheme of Amalgamation providing for the amalgamation of four direct / step-down wholly owned subsidiaries of the Company namely, HCL Eagle Limited, HCL Comnet Limited, HCL Technologies Solutions Limited and Concept2Silicon Systems Private Limited with and into the Company, effective on July 13, 2020, the Authorized share capital of the said subsidiaries aggregating to 3,40,00,000/- was transferred to and added with the Authorized share capital of the Company. As on March 31, 2021, the Authorized share capital of the Company was 603,40,00,000/- divided into 301,70,00,000 equity shares of face value of 2 each.

The Issued, Subscribed and Paid-up share capital of the Company as on March 31, 2021 was 542,73,30,192/- divided into 271,36,65,096 equity shares of face value of 2 each.

6. ISSUANCE OF USD DENOMINATED UNSECURED NOTES

BY WHOLLY OWNED SUBSIDIARY

HCL America Inc., a step-down wholly owned subsidiary of the Company incorporated under the laws of California, on March 10, 2021, issued and allotted USD 500 million fixed rate, senior unsecured notes, bearing interest at the rate of 1.375% per annum to be matured in 2026, in accordance with Rule 144A and Regulation S of the U.S. Securities Act, 1933. The Notes are rated "A-" by S&P and have been listed on the Singapore Exchange Securities Trading Limited (SGX-ST) w.e.f. March 11, 2021. The net proceeds of the sale of the said

Notes were to be used by HCL America Inc. for re-financingits existing debt and/or meeting its working capital requirements.

The Notes are guaranteed by the Company. The Guarantee is unconditional and irrevocable. The Company’s aggregate potential liability under the Guarantee is capped at USD 525 million which is 105% of the total aggregate principal amount of the Notes outstanding from time to time. The Corporate Guarantee is being treated as "Contingent Liability" for the Company.

7. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report in terms of Regulation 34(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations"), is attached and forms a part of this Annual Report.

8. ACQUISITIONS

The acquisitions consummated by the Company (including by its step-down wholly owned subsidiary) during FY 2020-21 are summarized as below -

DWS Limited

The Company’s step-down wholly owned subsidiary, HCL

Australia Services Pty. Ltd., acquired DWS Limited (DWS), a public company listed on the ASX, the Australian Securities

Exchange. DWS is a provider of IT, Business and Management consulting services in Australia and New Zealand. Pursuant to this acquisition, DWS and all its subsidiaries have become the step-down wholly owned subsidiaries of the Company with effect from January 5, 2021, being the date of completion of the acquisition. Post the acquisition DWS was delisted from the ASX.

Cisco’s SON Technology

The Company acquired asset carve-out of the product and servicesbusinessthatcomprisesoftheSelf-OptimizingNetwork (SON) from Cisco Systems Inc., a company incorporated in California. SON is a multi-vendor multi-technology solution that optimizes the Radio Access Networks for 2G-5G. The acquisition was completed on October 25, 2020.

9. SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES

As on March 31, 2021, the Company has 140 subsidiaries and 11 associate companies within the meaning of Sections 2(87) and 2(6) of the Companies Act, 2013 ("Act") respectively. During the year under review, there has been no material change in the nature of business of the subsidiaries.

As per the firstproviso to Section 129(3) of the Act, a statement containing salient features of the financial statements of the

Company’s subsidiaries, associates and joint ventures in Form AOC-1 shall form part of this Annual Report.

In accordance with the provisions of Section 136 of the Act and Regulation 46 of the Listing Regulations, the standalone and consolidated financial statements of the

Company along with relevant documents for FY 2020-21 would be available on the website of the Company at https://www.hcltech.com/investors/results-reports and the financial statements in respect of the subsidiaries for FY 2020-21 would be available at https://www.hcltech.com/investors/subsidiaries-financials.

Note: The word "subsidiaries" used in this Annual Report includes both direct and step-down subsidiaries.

Incorporation of Subsidiaries during the financial year under review:

1. HCL Technologies Angola (SU), LDA., a private limited liability company, was incorporated during the year under the laws of Angola as a step-down wholly owned subsidiary of the Company.

2. HCL Technologies S.A.C., a Corporation was incorporated during the year under the laws of Peru as a step-down wholly owned subsidiary of the Company.

Merger of Subsidiaries during the financial year under review:

Merger of Indian Subsidiaries –

In the previous financial year ended March 31, 2020, the

Scheme of Amalgamation ("Scheme") providing for the amalgamation of four direct / step-down wholly owned subsidiaries of the Company namely, HCL Eagle Limited, HCL Comnet Limited, HCL Technologies Solutions Limited and Concept2Silicon Systems Private Limited, with and into the Company, was sanctioned by the Hon’ble National Company Law Tribunal, New Delhi vide its Order dated December 12,

2019 along with its Modification Order dated January 23, 2020 and certified copy of the said Order was filed with the Registrar of Companies on March 13, 2020.

During the financial year under review, the Scheme was also sanctioned by the Hon’ble National Company Law Tribunal, Bengaluru vide its Order dated June 24, 2020 and certified copy of the said Order was filed with the Registrar of

Companies on July 13, 2020.

Accordingly, the Scheme became effective from July 13, 2020 i.e. the date from which the certified copies of orders of both the jurisdictional Tribunals were filed with the Registrar of Companies.

The Appointed Date of the Scheme was April 1, 2019. Merger of Foreign Subsidiaries –

1. Honigsberg & Dvel Datentechnik Czech s.r.o. (incorporated in Czech Republic), a step-down wholly owned subsidiary of the Company was merged with and into HCL Technologies Czech Republic s.r.o. (incorporated in Czech Republic), another step-down wholly owned subsidiary of the Company.

2. Axon Solutions Singapore Pte. Ltd. (incorporated in Singapore), a step-down wholly owned subsidiary of the Company was merged with and into HCL Singapore Pte. Ltd. (incorporated in Singapore), another step-down wholly owned subsidiary of the Company.

3. HCL Belgium NV (incorporated in Belgium), a step-down wholly owned subsidiary of the Company was merged with and into HCL Technologies Belgium BVBA (incorporated in Belgium), another step-down wholly owned subsidiary of the Company.

4. Hnigsberg & Dvel Corporation (incorporated in Tennessee, USA), a step-down wholly owned subsidiary of the Company was merged with and into HCL America Inc. (incorporated in California, USA), another step-down wholly owned subsidiary of the Company.

5. HCL Sweden AB (incorporated in Sweden), a step-down wholly owned subsidiary of the Company was merged with and into HCL Technologies Sweden AB (incorporated in Sweden), another step-down wholly owned subsidiary of the Company.

6. HCL (Netherlands) BV (incorporated in Netherlands), a step-down wholly owned subsidiary of the Company was merged with and into HCL Technologies B.V. (incorporated in Netherlands), another step-down wholly owned subsidiary of the Company.

7. Geometric SAS (incorporated in France), a step-down wholly owned subsidiary of the Company was merged with and into HCL Technologies France SAS (incorporated in France), another step-down wholly owned subsidiary of the Company.

Merger of Subsidiaries after the close of the financial year under review:

Merger of Foreign Subsidiaries –

1. 14 subsidiaries including step-down subsidiaries (all incorporated in Germany) of Hnigsberg & Dvel Datentechnik GmbH (‘H&D’), all being step-down wholly owned subsidiaries (‘WOS’) of the Company, merged with and into H&D (incorporated in Germany), another step- down WOS of the Company in the following manner.

4 step-down wholly owned subsidiaries of H & D merged with their immediate parent company viz.

H&D IT Automotive Services GmbH, WOS of H & D.

1 step down wholly owned subsidiary of H & D merged with its immediate parent company viz.

CATIS GmbH, WOS of H & D.

Post merger of the aforesaid 5 subsidiaries with their immediate parents, both these parent companies along with other 7 subsidiaries of H & D merged with and into H & D.

The aforesaid mergers were approved by the appropriate authorities in Germany on April 1, 2021 and the mergers were effective from January 1, 2020.

2. Hnigsberg & Dvel Datentechnik GmbH (incorporated in Germany), a step-down wholly owned subsidiary of the Company merged with and into HCL Technologies Germany GmbH (incorporated in Germany), another step-down wholly owned subsidiary of the Company. The said merger was approved by the appropriate authorities in Germany on April 6, 2021 and the merger was effective from January 1, 2020.

3. HCL GmbH (incorporated in Germany), a step-down wholly owned subsidiary of the Company merged with and into HCL Technologies Germany GmbH (incorporated in Germany), another step-down wholly owned subsidiary of the Company. The said merger was approved by the appropriate authorities in Germany on April 6, 2021 and the merger was effective from April 1, 2020.

4. The merger of PowerTeam, LLC, (a Delaware Limited Company), a step-down wholly owned subsidiary of the

Company with and into HCL America Inc. (incorporated in California, USA), another step-down wholly owned subsidiary of the Company with effect from January

1, 2021 was approved by the State of Delaware on December 3, 2020. The approval from the California Secretary of State is awaited.

10. MATERIAL CHANGES AND COMMITMENTS AFFECTING

FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THE REPORT

There have been no material changes and commitments, which affect the financial position of the Company, that have occurred between the end of the financial year to which the financial statements relate and the date of this Report

11. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The composition of the Board of Directors is in accordance with the provisions of Section 149 of the Act and Regulation 17 of the Listing Regulations, with an optimum combination of Executive Director, Non-Executive Non-Independent Directors and Independent Directors.

Details of the composition of the Board of Directors, appointments / re-appointments during the financial year under review, re-appointments after the close of the financial year, director(s) retiring by rotation and details of declaration by Independent Directors have been provided in the Corporate Governance Report, which forms part of this Annual Report.

12. NUMBER OF MEETINGS OF THE BOARD

During the financial year under review, nine meetings of the Board of Directors were held. The details of the meetings are provided in the Corporate Governance Report, which forms part of this Annual Report.

13. BOARD COMMITTEES

As on March 31, 2021, the Company had the following 7

Board Committees:

1. Audit Committee

2. Corporate Social Responsibility Committee

3. Nomination and Remuneration Committee

4. Finance Committee

5. Stakeholders’ Relationship Committee

6. Risk Management Committee

7. Diversity Committee

Details of the composition of the Committees and changes therein, terms of reference of the Committees and other requisite details are provided in the Corporate Governance

Report, which forms part of this Annual Report.

14. FAMILIARIZATION PROGRAMME

The details of the familiarization programme have been provided under the Corporate Governance Report, which forms part of this Annual Report.

15. BOARD EVALUATION

The Annual Performance Evaluation of the Board, its Committees, the Chairperson of the Board and the individual Directors was undertaken by the Board of Directors / Independent Directors in terms of the provisions of the Act and the Listing Regulations. The evaluation was carried out in terms of the framework and criteria of evaluation as approved by the Nomination and Remuneration Committee of the

Company. The process and criteria of evaluation is explained in the Corporate Governance Report, which forms part of this Annual Report.

16. STATUTORY AUDITORS AND STATUTORY AUDITORS’ REPORT

M/s. B S R & Co. LLP, Chartered Accountants (ICAI Firm Registration No. 101248W/W-100022) were appointed as the Statutory Auditors of your Company in the Twenty-Seventh Annual General Meeting (‘AGM’) of the Company held on August

6, 2019 for a term of five consecutive years from the conclusion of the said AGM till the conclusion of the Thirty-Second AGM to be held in the year 2024. The Statutory Auditors have confirmed that they are not disqualified to serve as the Statutory Auditors of the Company.

Statutory Auditors’ Report

There are no qualifications, reservations, adverse remarks or disclaimer made by M/s. B S R & Co. LLP, Statutory Auditors in their report for FY 2020-21. The Statutory Auditors have not reported any incident of fraud to the Audit Committee of the

Company during the financial year under review.

17. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT In terms of Section 204 of the Act, M/s. Chandrasekaran Associates, Practicing Company Secretaries were appointed as the Secretarial Auditor of the Company for FY 2020-21. The report of the Secretarial Auditor is enclosed as Annexure 1 to this Report. The report is self-explanatory and does not call for any further comments. There are no qualifications, reservations, adverse remarks or disclaimer made by the Secretarial Auditor in its report for FY 2020-21.

18. MAINTENANCE OF COST RECORDS

The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act, and accordingly, such cost accounts and records are not maintained by the Company.

19. ANNUAL RETURN

Pursuant to Sections 92(3) and 134(3)(a) of the Act and Rule 12(1) of the Companies (Management & Administration) Rules, 2014, the Annual Return of the Company for FY 2020-21 is available on the website of the Company at https://www.hcltech.com/investors/results-reports

20. POLICY ON DIRECTORS’ APPOINTMENT AND

REMUNERATION

The Nomination and Remuneration Committee formulates the criteria for determining the qualifications, positive attributes and independence of directors in terms of its charter. In evaluating the suitability of individual Board members, the Committee takes into account factors such as educational and professional background, general understanding of the Company’s business dynamics, professional standing, personal and professional ethics, integrity and values, willingness to devote sufficient time and energy in carrying out their duties and responsibilities effectively.

The Committee also assesses the independence of directors at the time of their appointment / re-appointment as per the criteria prescribed under the provisions of the Act, the rules made thereunder and the Listing Regulations.

The Remuneration Policy for Directors, Key Managerial Personnel and other employees is provided in the Corporate Governance Report, forming part of this Annual Report.

21. RISK MANAGEMENT POLICY

The Board of Directors of the Company have formed a Risk Management Committee to inter-alia assist the Board in overseeing the responsibilities with regard to identification, evaluation and mitigation of operational, strategic and external environmental risks. In addition, the Audit Committee is also empowered to oversee the areas of risks and controls. The Company has developed and implemented a Risk Management Policy that ensures appropriate management of risks in line with its internal systems and culture.

22. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR

ADEQUACY

The Company’s internal financial control systems are commensurate with its size and nature of its operations and such internal financial controls are adequate and are operating effectively. The Company has adopted policies and procedures for ensuring orderly and efficient conduct of the business.

These controls have been designed to provide reasonable assurance regarding recording and providing reliable financial and operational information, adherence to the Company’s policies, safeguarding of assets from unauthorized use and prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

23. SIGNIFICANT AND MATERIAL ORDERS

There are no significant regulators or courts or tribunals impacting the going concern status and Company’s operations in future.

24. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The particulars of loans, guarantees and investments have been disclosed in the financial statements which forms part of this Annual Report.

25. TRANSACTIONS WITH RELATED PARTIES

The particulars of transactions entered into with the related parties referred to in Section 188(1) and applicable rules of the Act, have been given in Annexure 2 to this Report in Form AOC-2. The Company also has in place a ‘Related Party Policy’, which is available on the website of the Company at https://www.hcltech.com/investors/governance-policies.

26. CORPORATE SOCIAL RESPONSIBILITY

The Company contributes progressively to the socio-economic and environmental advancement of the planet with ‘Corporate Social Responsibility’ ("CSR") at the very core of its existence. To meet its goals, the Company drives its corporate social responsibility agenda through its CSR arm, HCL Foundation, a Public Charitable Trust. The CSR Committee of the Company is inter-alia responsible for formulating, recommending and monitoring the CSR Policy of the Company which contains the approach and direction given by the Board of Directors, and includes guiding principles for selection, implementation and monitoring of activities as well as formulation of the annual action plan.

A brief outline of the CSR Policy of the Company and the initiatives undertaken by the Company on CSR activities during the financial year under review are set out inAnnexure 3 to this Report in the format as prescribed under Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. The composition of the CSR Committee, the CSR Policy and the CSR projects as approved by the Board of Directors for FY 2021-22 are available on the website of the Company at https://www.hcltech.com/investors/corporate-social-responsibility-hcl.

27. DIVIDEND DISTRIBUTION POLICY

The Company has formulated and published a Dividend Distribution Policy which provides for the circumstances under which the members may / may not expect dividend, the financial parameters, internal and external factors, utilization of retained earnings, parameters regarding different classes of shares, etc. The provisions of this Policy are in line with Regulation 43A of the Listing Regulations, and the Policy is available on the website of the Company at https://www.hcltech.com/investors/governance-policies.

28. UNCLAIMED DIVIDENDS AND TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

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 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. The details of the unpaid / unclaimed dividend amount which will be transferred to IEPF in the subsequent years are given in the Corporate Governance section of this Annual Report. and material orders passed by the

Further, according to the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (the "IEPF Rules"), the shares in respect of which dividends have not been paid or claimed by the members for seven consecutive years or more are also required to be transferred to the demat account created by the IEPF Authority. Accordingly, during the financial year under review, the Company has transferred 4,111 equity shares to the demat account of the IEPF Authority. The details of such shares are available on the website of the Company at https://www.hcltech.com/investors/iepf-details.

29. DEPOSITS

The Company has not accepted any deposits from the public during the financial year under review.

30. CORPORATE GOVERNANCE REPORT

The Corporate Governance Report in terms of Regulation 34(3) of the Listing Regulations, along with the Statutory Auditors’ certificate forms part of this Annual Report.

31. BUSINESS RESPONSIBILITY REPORT

The Listing Regulations mandates the inclusion of Business Responsibility Report (‘BRR’) as part of the Annual Report of the Company. In compliance with this regulation, the Company has prepared a BRR for FY 2020-21 which describes the initiatives taken by the Company from an environmental, social and governance perspective and the same forms part of this Annual Report.

32. INSIDER TRADING REGULATIONS

Pursuant to the provisions of the SEBI (Prohibition of Insider Trading) Regulations, 2015 (as amended from time to time), the Company has adopted a Code of Conduct on Prohibition of Insider Trading (‘Insider Trading Code’) and a Code of Practices and Procedures for fair disclosure of Unpublished Price Sensitive Information (‘Fair Disclosure Code’). The Fair Disclosure Code is available on the website of the Company at https://www.hcltech.com/investors/governance-policies.

33. AWARDS AND RECOGNITIONS

Your Company relentlessly pursues excellence and is delighted to receive phenomenal share of recognitions and awards this year, not only from the media, but also from analysts, governing bodies, academic institutions, partners and even customers. Some of the key honors received by the Company during the year include:

Awards –

1. The Company was awarded the "2020 Rising Star Award" from Pegasystems Inc., for the Company’s thought leadership and trusted advisor role in driving large scale digital transformation and implementation services.

2. The Company was awarded the "Industrial IoT Product of the Year 2020" Award by IoT Evolution World for its Real- Time Manufacturing Solution (RMI).

3. The Company was awarded the "Gold Stevie Award" at the 2020 American Business Awards for EXACTO™, under the category ‘New Product and Service – Business Technology’ for its Artificial Intelligence and Machine Learning Capabilities.

4. The Company was awarded the "Partner of the Year Award" from Skybox Security North America under the ‘Win of the Year 2020’ category.

5. The Company was named the ‘Target Specialized Partner’ by Adobe. The Company is a global service provider for Adobe Experience Cloud solutions and this accomplishment comes in addition to the existing Adobe Experience Manager, Analytics and Campaign specializations in the US.

6. PowerTeam, LLC, a step-down wholly owned subsidiary of the Company, has been named the "Microsoft Proactive Customer Service Partner of the Year", which is a global award and is the highest recognition within Microsoft. PowerTeam, LLC was also named a "Finalist for Financial Services Partner of the Year".

Recognitions –

1. The Company was positioned as a ‘Leader’ in The Forrester Wave for Specialized Insights Service Providers, Q2 2020, and as a ‘Strong Performer’ in The Forrester Wave TM for Commerce Services, Q1 2021.

2. The Company was positioned as a ‘Leader’ in IDC Market

- Scape for:

Worldwide Manufacturing Intelligence Transformation

Strategic Consulting 2020 Vendor Assessment (IDC

- Doc #US46844920, September 2020)

Worldwide Business Analytics Consulting and

Systems Integration Services 2020 Vendor Assessment (IDC Doc #US45353220, June 2020)

Worldwide Application Management Services on the Cloud 2020 Vendor Assessment (IDC Doc

#US46924517, November 2020)

- Worldwide Retail Co-Innovation Services Providers 2020 Vendor Assessment (IDC Doc #US46160020, December 2020)

- Asia / Pacific (Excluding Japan) Workplace Services in the Era of Multiplied Innovation 2020 Vendor

Assessment (IDC Doc #AP46571220, June 2020)

- Worldwide Cloud Professional Services 2020 Vendor

- Assessment (IDC Doc #US45439120, April 2020) Canadian Cloud Professional Services 2021 Vendor Assessment (IDC Doc #CA46215320, January 2021)

- Worldwide Supply Chain SAP Ecosystem Services 2021 Vendor Assessment (IDC Doc #US47537120, March 2021)

3. The Company was positioned as a ‘Leader’ by Everest

Group for:

Industry 4.0 Services PEAK Matrix Assessment 2020 for The Transformational Leap in Cyber-

Physical Convergence.

- Next-generation Application Management Services

PEAK Matrix Assessment 2021.

- Open Banking IT Services PEAK Matrix Assessment 2020.

- System Integrator (SI) Capabilities on Microsoft Azure

Services PEAK Matrix Assessment 2021.

- System Integrator (SI) Capabilities on Google Cloud

Platform (GCP) Services PEAK Matrix Assessment 2021.

- System Integrator (SI) Capabilities on Amazon Web

Services (AWS) PEAK Matrix Assessment 2021.

- Life Sciences Digital Services PEAK Matrix Assessment 2021.

- - IT Security Services PEAK Matrix Assessment 2020.

Artificial Intelligence (AI) Services PEAK Matrix

- Assessment 2021.

Insurance Business Model Innovation Enablement

- Services PEAK Matrix Assessment 2021.

Software Product Engineering Services PEAK

- Matrix Assessment 2021.

Semiconductor Engineering Services PEAK Matrix Assessment 2021.

4. The Company was positioned as a ‘Leader’: - across 11 quadrants of ISG Provider Lens SAP

HANA and Leonardo Ecosystem Partners.

- across 6 quadrants of ISG Provider Lens IoT -

Services and Platforms for U.S and Germany, 2020 under ‘Managed Services’ category.

- across 19 quadrants of ISG Provider Lens Digital

Business - Solutions and Service Partners.

- across 5 quadrants of ISG Provider Lens Cyber

Security - Solutions & Services.

- across 10 quadrants of ISG Provider Lens SIAM

/ ITSM.

- for ISG Provider Lens™ Salesforce Ecosystem Partners for U.S. and Germany 2020 under ‘Managed Application Services’ category.

5. The Company was positioned as a Leader in Avasant’s:

- Digital Masters, 2020 Radar View™ report.

- AI and Advanced Analytics, 2020 Radar View™ report.

Retail & CPG Digital Services 2020-21 Radar View™ report.

- Manufacturing Digital Services 2020-21 Radar View™ report.

6. The Company was positioned at No. 2 in HFS Top 10 Agile Software Development, 2020 category.

34. SUSTAINABILITY

"Creating harmony between the Planet, People and Prosperity" The Company builds sustainability principles and actions into its strategy, culture and day-to-day operations. The Company aims to improve the lives of people around the planet, engaging its employees, clients, stakeholders and the communities we live in, to a higher purpose.

The Company focuses on areas where it can make the most difference: health, education, technology, jobs and people who are denied benefits and access. Guided by the United

Nations Sustainable Development Goals, the Company views sustainability in three ways - economic, social and environmental, known informally as Profit, People and the Planet.

35. ORGANIZATION EFFECTIVENESS Human Resource

2020, like never before, was the year that challenged the human spirit in each and every way. It has tested our resilience, and our Company has demonstrated its fortitude and has emerged much stronger, together. The Company salutes the strength and endurance of its employees in these challenging times. The Company continues its journey with proactive efforts to safeguard the employees, minimize impact on clients, reduce financial risk, maintain supply chain resilience and provide support to the communities lived and served around the world. The Company is successfully navigating rising Covid-19 infections in India, secondary waves in certain geographies and coinciding crisis situations with minimal impact due to stable remote working arrangements. In line with our ‘Duty of Care’ responsibilities and commitment to employee health and safety, the Company has become the first IT company in India to achieve the ‘PROTEK’ certification from Intertek, the world-renowned quality assurance leader, that tests and inspects the end-to-end health and safety of your people, places, and products.

Employee Strength and Expansion

As we close out another successful year, the Company and its subsidiaries have attained an impressive employee strength of 1,68,977 and continues to build and support the business strategy of "Mode 1-2-3".

Our emphasis and commitment to talent localization continues.

We believe this strategy confers us competitive advantages in a tightening regulatory environment with respect to workforce mobility. In the United States, our localization stands at 70.4%.

The Company prides itself in employing people from different geographies and nationalities, creating a unique fabric of values and traditions. As on March 31, 2021, the Company employed resources from 157 nationalities and women represented 27.2% of the global workforce.

Talent Acquisition

The talent acquisition practices of the Company are aligned to its Mode 1-2-3 strategy. The Company has leveraged digital technologies to enhance the quality and experience of its talent acquisition programs. The Company’s gross hiring was 44,695 globally.

Talent Development

The Company’s Talent Development Centre of Excellence (CoE) continues to focus on creating a culture of continuous learning through its business focused learning solutions, contributing to the vision of building a truly global organization.

During the fiscal year, 1,20,652 employees availed 6.64 million hours of training for enhancing their current skills and learning new skills. 47,232 unique employees were also trained in digital skills during this period.

The vagaries posed by the Covid-19 pandemic pushed team members to work in a virtually connected mode, further prodding talent development to rearticulate competencies relevant to this unprecedented change. The ‘New Normal’ competencies became an integral part of the key learning solutions being deployed globally. These were also translated into micro-learning nuggets to adequately engage the people and provide them the necessary perspective to lead ‘Self’ and ‘Team’ during the trying times.

Diversity and Inclusion

Having built and scaled a multinational enterprise over nearly four decades, the Company believes that diversity and inclusion in the workplace is an asset for both businesses and their employees to foster innovation, creativity and empathy in ways that homogeneous environments seldom do. Yet it takes careful nurturing and conscious orchestration to unleash the true potential of this invaluable asset. The Company has crafted multiple initiatives for its diverse employees to realize their potential, while striking a good work-life balance. The Company makes an intentional and continuous focus to create and sustain a culture of equality, self-awareness, authenticity and accountability in the realm of gender, cross-cultural diversity, persons with disabilities and LGBTQ+ inclusion. The Company believes that the effort towards creating an inclusive environment should translate into people feeling valued, treated equally and with respect, feeling safe to express their opinions and empowered to take decisions and do their best. Keeping the same in mind, ‘Inclusion Lab’ and ‘Inclusion at Scale’ has been launched for all employees to foster the inclusive work environments. These targeted initiatives have helped the Company to make tremendous progress over the years in fostering gender diversity.

In order to affirm, guide and support the commitment of the Company to drive diversity and inclusion, the Board of Directors of the Company has constituted a Committee of the Board named as Diversity Committee to focus on these areas.

Recognition of HCL Culture and Engagement Practices across the World

To reinforce alignment of core beliefs and actions, the Company continues to transform its policies, processes and practices. This has further enabled and empowered the employees, a fact that has been well recognized by various industry forums and leading associations. Our distinctive people practices continue to win accolades across the globe.

1. The Company has been recognized as the ‘Top Employer 2021’, for its exemplary HR performance by the Top Employer’s Institute in France, Germany, Netherlands, Australia, New Zealand, Philippines, Poland, Singapore, South Africa, Sweden and the United Kingdom. The Company is proud to have received this prestigious accolade in the United Kingdom for the fifteenth consecutive year.

2. The Company has been ranked No. 1 across multi-national companies headquartered in India and No. 30 in the World’s Best Employers by Forbes.

3. In the ‘Diversity and Inclusion’ space, the Company won - the following accolades –

Won the Brandon Hall Gold award for ‘Best Inclusion and Diversity Strategy’.

- Won a place in the ‘Top 100 Best Companies for Women in India’ the prestigious ‘Exemplar of Inclusion’ award in the 2020 Working Mother & Avtar

Most Inclusive Companies Index (MICI).

- Won a place in the Gender-Equality Index by

Bloomberg.

4. The Company won the Brandon Hall Gold award for

‘Best Unique or Innovative Learning and Development Program’.

5. The Company was felicitated with various Stevie Awards including Gold Award for ‘Most Innovative Work From

Home Plan – All Other Nations’, Silver award for ‘Most

Valuable Employer - Asia Pacific’ and Silver Award for ‘Most Valuable HR Team - Asia Pacific’.

36. CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Disclosures of particulars as required under Section 134(3)(m) of the Act, read with the Companies (Accounts) Rules, 2014 to the extent applicable to the Company, are set out in Annexure 4 to this Report.

37. DIRECTORS’ RESPONSIBILITY STATEMENT

A statement of responsibility of the Directors relating to compliance with the financial accounting and reporting requirements in respect of the financial statements, as specified under Section 134(3)(c) of the Act, is annexed as Annexure 5 to this Report.

38. STOCK OPTIONS PLANS

The stock option plans of the Company viz. the 1999 Stock Option Plan, the 2000 Stock Plan and the 2004 Stock Option Plan have been terminated.

39. PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

A. The ratio of remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Name of the Director Ratio to median remuneration of employees
Executive Director
1 Mr. Shiv Nadar (1) 46.02
Non-Executive Directors (2)
2 Ms. Roshni Nadar Malhotra 7.84
3 Mr. Deepak Kapoor 6.60
4 Mr. S. Madhavan 8.49
5 Dr. Mohan Chellappa 7.26
6 Ms. Nishi Vasudeva 6.58
7 Ms. Robin Ann Abrams 9.93
8 Dr. Sosale Shankara Sastry 7.26
9 Mr. Shikhar Malhotra 6.75
10 Mr. R. Srinivasan 9.14
11 Mr. Simon John England 7.26
12 Mr. Thomas Sieber 8.09

Notes:

(1) The ratio has been calculated after taking into account the remuneration drawn from the Company as well as the subsidiaries.

(2) The remuneration of Non-Executive Directors also includes sitting fees paid during the year.

B. The percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer, Company Secretary in the financial year:

Name of the Director % increase in Remuneration in the financial year
Executive Director
1 Mr. Shiv Nadar (1) (3.96)
Non-Executive Directors (2)
2 Ms. Roshni Nadar Malhotra 1.57
3 Mr. Deepak Kapoor 1.56
4 Mr. S. Madhavan 1.21
5 Dr. Mohan Chellappa (3) -
6 Ms. Nishi Vasudeva 0.62
7 Ms. Robin Ann Abrams (23.78)
8 Dr. Sosale Shankara Sastry (30.32)
9 Mr. Shikhar Malhotra (3) -
10 Mr. R. Srinivasan (25.31)
11 Mr. Simon John England (3) -
12 Mr. Thomas Sieber (19.87)
Key Managerial Personnel (4)
13 (5)Mr. C. Vijayakumar (President & Chief Executive Officer) (73.91)
14 (6)Mr. Prateek Aggarwal (Chief Financial Officer) 57.91
15 Mr. Manish Anand (Company Secretary) 9.60

Notes:

(1) The % has been calculated after taking into account the remuneration drawn from the Company as well as from HCL America Inc., a step-down wholly owned subsidiary of the Company and the above change includes any variation on account of exchange rate.

(2) The remuneration of Non-Executive Directors also includes sitting fees paid during the year.

(3) Dr. Mohan Chellappa, Mr. Shikhar Malhotra and Mr. Simon John England were appointed as Directors of the Company during FY 2019-20. Since they were Directors for part of the year, the said information is incomparable and not provided.

(4) The remuneration paid to the Key Managerial Personnel includes Long Term Incentive which was disbursed by the Company during the financial year 2020-21.

(5) Mr. C Vijayakumar is not getting any remuneration from the Company, however, he receives remuneration from HCL America Inc., a step-down wholly owned subsidiary of the Company. Accordingly, the above change includes any variation on account of exchange rate.

(6) The % has been calculated after taking into account the remuneration drawn from the Company as well as from HCL America Inc., a step-down wholly owned subsidiary of the Company and the above change includes any variation on account of exchange rate.

C. The percentage increase in the median remuneration of employees in the financial year:5.03% D. The number of permanent employees on the rolls of Company: There were 86,647 permanent employees on the rolls of the Company. In addition, the Company had 82,330 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 percentile increase made in the salaries of employees other than the managerial personnel in the last financial year was 4.09%.

Mr. Shiv Nadar being the Managing Director is the managerial person of the Company. There has been no change in the overall remuneration of Mr. Shiv Nadar. In addition to receiving remuneration from the Company, Mr. Shiv Nadar receives remuneration from HCL America Inc., a step-down wholly owned subsidiary of the Company, hence, the difference of -3.96% in the remuneration as appearing above includes any variation on account of exchange rate.

F. Affirmation remuneration policy of the Company:

The Company affirms that the remuneration is as per the Remuneration Policy of the Company.

40. STATEMENT OF EMPLOYEES PURSUANT TO RULE 5(2) AND 5(3) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

In terms of Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the list of top ten employees of the Company in terms of the remuneration drawn in FY 2020-21 and a statement containing the names of the employees employed throughout the financial year and in receipt of remuneration of 1.02 crores per annum or more and employees employed for part of the year and in receipt of 8.50 lacs or more per month is provided in a separate exhibit forming part of this report. The Annual Report and the Financial Statements are being sent to the shareholders excluding this exhibit. This exhibit is available to any shareholder for inspection on request and is also available on the website of the Company at https://www.hcltech.com/investors/results-reports

41. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has formulated and published a Whistleblower Policy to provide Vigil Mechanism to report genuine concerns (including reporting of instances of leakage of unpublished price sensitive information) and to ensure strict compliance with ethical and legal standards across the Company. The provisions of this Policy are in line with the provisions of the Section 177(9) of the Act and the Listing Regulations and are available on the website of the Company at https://www.hcltech.com/investors/governance-policies. The details of the Whistleblower Policy form part of the Corporate Governance Report annexed with this Annual Report.

42. OBSERVANCE OF THE SECRETARIAL STANDARDS ISSUED BY THE INSTITUTE OF COMPANY SECRETARIES OF INDIA

The Company complies with all applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

43. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place a Prevention and Redressal of Sexual Harassment at Workplace Policy in line with the requirements of Sexual Harassment of Women at Workplace

(Prevention, Prohibition and Redressal) Act, 2013. The Company has constituted an Internal Committee for the redressal of all sexual harassment complaints. These matters are also being reported to the Audit Committee. The details of the Policy and the complaints are given under Corporate Governance Report and the Business Responsibility Report respectively, which form part of this Annual Report.

44. ACKNOWLEDGEMENTS

The Board wishes to place on record its appreciation of made by the employees of the thesignificant

Company and its subsidiaries during the year under review. The Company has achieved impressive growth through competence, hard work, solidarity, cooperation and support of employees at all that the levels. Your Directors thank remuneration is as per the customers,the vendors and other business associates for their continued support in the Company’s growth. Your Directors also wish to thank the government authorities, banks and members for their cooperation and assistance extended to the Company.

For and on behalf of the Board of Directors
of HCL Technologies Limited
Place: New Delhi, India ROSHNI NADAR MALHOTRA
Date: April 23, 2021 Chairperson

   

HCL Technologies Ltd Company Background

Roshni Nadar MalhotraC Vijayakumar
Incorporation Year1991
Registered Office806 Siddharth,96 Nehru Place
New Delhi,New Delhi-110019
Telephone91-11-26444812/26436336,Managing Director
Fax91-11-26436336
Company SecretaryManish Anand.
AuditorB S R & Co LLP
Face Value2
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park ,L B S Marg ,Vikhroli West ,Mumbai-400083

HCL Technologies Ltd Company Management

Director NameDirector DesignationYear
Shiv Nadar Chairman Emeritus & Strategic 2021
Robin Abrams Non-Exec. & Independent Dir. 2021
Manish Anand. Company Secretary 2021
R Srinivasan Ramanathan Non-Exec. & Independent Dir. 2021
Sosale Shankara Sastry Non-Exec. & Independent Dir. 2021
Subramanian Madhavan Non-Exec. & Independent Dir. 2021
Roshni Nadar Malhotra Chairperson / Non Indepen. Non 2021
Thomas Sieber Non-Exec. & Independent Dir. 2021
Nishi Vasudeva Non-Exec. & Independent Dir. 2021
Deepak Kapoor Non-Exec. & Independent Dir. 2021
Mohan Chellappa Non-Exec. & Independent Dir. 2021
Shikhar Neelkamal Malhotra Non-Exec & Non-Independent Dir 2021
Simon John England Non-Exec. & Independent Dir. 2021
VANITHA NARAYANAN Addtnl Independent Director 2021
C Vijayakumar Managing Director & CEO 2021

HCL Technologies Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_IT
BSE_100
BSE_200
BSEDOLLEX
BSE_TECK
CNX500
CNX_IT
CNX100
CNXSERVICE
CNX200
BSECARBONE
NFT100LQ15
NIFTY50V20
NFT100EQWT
BSEALLCAP
BSELARGECA
NFTQULTY30
SENSEX50
LMI250
BSEDSI
NFT50EQWT
NFT100LV30
BSE100LTMC
NFTY200Q30

HCL Technologies Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Softwares & Related Services Rs.00032384
Sale of Software & Hardware Rs.000222
Switches No 0000
Others No 0000
Servers No 0000
Software Licenses Rs.0000
Storage Devices No 0000
Routers. No 0000

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