
HCL Tech Q4 PAT Falls 6.2% to ₹4,307 Cr Despite Strong Deal Wins
HCL Technologies has reported a 6.2% drop in profit after tax (PAT) in Q4 FY25, with earnings at ₹4,307 crore compared to the previous quarter. Revenue in dollar terms stood at $3,498.2 million, down 1% QoQ. In constant currency (CC) terms, the drop was slightly lower at 0.8%.
The company also declared a ₹18/share dividend, continuing its unbroken 89-quarter payout streak.

So, what does this mean for the average investor?
Despite the dip in quarterly profits and EBIT, HCL Tech’s full-year performance and operational strength paint a much brighter picture. FY25 net income rose 10.8% to ₹17,390 crore on a 6.5% revenue growth.
That’s not just stability—that’s consistency in a sector often knocked around by global uncertainty.
Here’s the kicker: the company’s Q4 bookings hit a staggering $2.995 billion.
Yes, while PAT took a hit, the business didn’t slow down. HCL Tech’s services division posted a modest 0.7% QoQ CC growth, showing it can still sprint while navigating through economic fog. The firm added 2,665 employees in the quarter, taking total headcount to 223,420, while keeping attrition at a relatively manageable 13%.
Why the drop, then?
The 6.5% decline in EBIT (₹5,442 crore from ₹5,821 crore) suggests margin pressure, likely due to increased costs, currency fluctuations, or sluggish segments. It’s a reminder that in tech, growth often comes with growing pains.
But HCL’s cash flow tells another story:
- Operational Cash Flow: $2.632 billion
- Free Cash Flow: $2.501 billion
- FCF-to-Net Income Ratio: 123%
That’s what CFOs call a strong backbone.
CEO C Vijayakumar sounded upbeat despite the numbers.
“HCLTech grew the fastest among our peers for the second year in a row,” he said, emphasizing the company’s disciplined execution. He also highlighted the role of HCL Software, which saw 3.5% growth in CC terms.
It’s not just about surviving—it’s about smart evolving. The integrated go-to-market (GTM) strategy and AI-first offerings helped catalyze those strong bookings. For anyone wondering whether Indian IT still has its edge, this might be your answer.
Stock market seems to agree.
Shares of HCL Tech surged 6.69% after the earnings announcement, hitting ₹1,579.05 on the BSE. It’s the kind of reaction that suggests investors are more focused on long-term resilience than one-quarter stumbles.
HCL Tech’s Q4 dip in PAT is more of a stumble than a slide. With strong bookings, solid free cash flow, and confident leadership, the company appears poised to keep its growth story going—even if the path is a bit bumpier than before.
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