HCL Tech to Award Employees One-Time Special Bonus Worth Rs 700 Crores

NEW DELHI: IT giant HCL Technologies on Monday announced they are giving out a one-time special bonus worth ₹700 crore to their employees around the globe, to mark the historic crossing of $10 billion mark in revenue for the year 2020.

All employees with one year of service or more will receive a bonus amount equivalent of ten days' salary.

The company released a statement announcing the bonus. The statement from Chief Human Resources Officer Apparao V.V said, "In celebration and gratitude. all employees with one year of service or greater will receive a bonus, the equivalent of ten days' salary. Our employees are our most valuable asset. Despite an unrelenting pandemic, each and every member of our HCL family has demonstrated immense commitment and passion, contributing to the growth of the organization. The $10B revenue milestone is a testament to our remarkable resilience as an organization and the entrepreneurial spirit of our 159,000+ employees. With this gesture, we want to sincerely express our gratitude to our employees and their families for all their support."

The statement further added that achieving this milestone in twenty years since the company's initial public offering or IPO is evidence of the passion and consistency of its employees.

The Chief Human Resources Office further added that the company considers its employees as the most valuable assets. "Despite an unrelenting pandemic, each and every member of our HCL family has demonstrated immense commitment and passion, contributing to the growth of the organization," said Apparao VV, Chief Human Resources Officer.

The special bonus will be paid to employees in February 2021, amounting to approximately $90 million-plus payroll taxes in some countries, the impact of which is excluded from the FY21 EBIT guidance provided by the company last month, HCL Tech said.

As of now, HCL employs 159,682 around the world.

HCL Tech's revenue of over $10 billion milestones in the calendar year 2020 has delivered a 3.6% YoY growth in constant currency.

In the recent December quarter, HCL Tech's revenue rose to ₹19,302 crores, up 3.8% QoQ and up 6.4% YoY, while profit jumped to ₹3,982 crores, up 26.7% QoQ and up 31.1% YoY

Revenue expected to grow QoQ between 2% to 3% in constant currency for Q4, Financial Year 2021, including DWS contribution. Margin expected to be between 21.0% and 21.5% for FY21.

HCL Tech's shares have gone up 60% in the past year and many analysts remain confident on the stock.

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