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    HCLTECH   INE860A01027

HCL TECHNOLOGIES LIMITED

(HCLTECH)
  Report
Delayed NSE India Stock Exchange  -  09:00 2022-08-08 am EDT
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HCL Technologies : Financial Results Updates

01/14/2022 | 08:12am EDT

HCL Technologies Limited and

Subsidiaries

Unaudited Condensed Consolidated Financial Statements

For The Three and Nine Month Periods Ended December 31, 2021 and 2020

With Independent Auditors' Review Report

HCL Technologies Limited and Subsidiaries

Table of Contents

Page

Independent Auditors' Review Report .................................................................................................

1

Unaudited Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets ...............................................................................................

2

Condensed Consolidated Statements of Income......................................................................................

4

Condensed Consolidated Statements of Comprehensive Income.............................................................

5

Condensed Consolidated Statements of Equity........................................................................................

6

Condensed Consolidated Statements of Cash Flows ...............................................................................

8

Notes to Condensed Consolidated Financial Statements .......................................................................

10

KPMG Assurance and Con1ultlng

Bulldlng No.10, 8th Floor, Tower-C

DLF Cyber City, Phase II

Gurugram - 122 002, (India)

Services

LLP

Telephone:

Fax:

Internet:

+91

124 307 4000

+91

124 254 9101

www.kpmg.com/in

Independent Auditors'Review Report

The Board of Directors

HCL Technologies Limited:

Report on the Financial Statements

We have reviewed the condensed consolidated

financial statements of HCL Technologies

Limited

and its subsidiaries (the 'Company'}, which comprise the condensed consolidated balance sheet as

of December 31, 2021, the related condensed

consolidated statements of income and comprehensive

income for the three and nine month periods ended December 31, 2021 and 2020, the related

condensed consolidated statements

of equity and cash flows for the nine-month periods ended

December 31 , 2021 and 2020, and

the related

notes (collectively

referred to as the condensed

consolidated financial information).

Management's Responsibility

The Company's management is responsible

for the preparation and fair presentation of the condensed

consolidated financial information in accordance

with U.S. generally accepted accounting principles;

and maintenance of internal control sufficient

this responsibility includes the design , implementation,

to provide a reasonable basis for the preparation and fair presentation of interim financial information

in accordance with U.S. generally accepted accounting

principles.

Auditors' Responsibility

Our responsibility is to conduct our reviews in accordance with auditing standards generally accepted

in the United States of America applicable

to reviews of interim financial information.

A review of

interim financial information consists principally of applying analytical procedures and making inquiries

of persons responsible for financial and accounting matters. It is substantially less in scope than an

audit conducted in accordance with auditing standards generally accepted in the United States of

America, the objective of which is the expression of an opinion regarding the financial information.

Accordingly, we do not express such an opinion.

Conclusion

Based on our reviews, we are not condensed consolidated financial U.S. generally accepted accounting

aware of any material modifications that

information referred

to

above for it to

principles.

should be made to the be in accordance with

Report on

Condensed

Balance Sheet as

of

March 31, 2021

We have previously audited, in accordance

with auditing standards generally accepted in the United

States of America , the consolidated balance sheet as of March 31 , 2021, and the related consolidated

statements of income, comprehensive income, equity, and cash flows for the year then ended (not

presented herein); and we expressed an unmodified audit opinion on those audited consolidated

financial statements in our report dated April 23, 2021 . In our opinion, the accompanying

condensed

consolidated balance sheet of HCL Technologies Limited and its subsidiaries as of March 31, 2021 is

consistent, in all material respects, with the audited consolidated financial statements

from which it

has been derived.

't<>11 &-

Gurugram, Haryana, India January 14, 2022

J~LLI

KPMG Als'"nce and Consulting Services LlP, an Indian lim1lld

Ulbllity po/1no"'11p and a - • fltffl ol lho KPMG notwonl ol indepondenl mombor firms affillaled wflh KPMG lntam1Uonal

Cooperollve ("l(PMG lntamationar) a Swiu anllty

KPMG (Regl1!1nMI) t• partn11>hlp form w.th R111lslralion No BA-

52445) converted lnlo KPMG Au ur1nce and Consulllng Servtc:.s

LLP (a UrTUtld Uablhty P1rtnt,-hipwith LLP Reg1strat1on No M T- 0367), w,fh affocl l,om July 23, 2020

R111,.t....i Offlce· LOdha

E.l01tlu1. 1SI FJoor Apc)Uo Mils

Coml)OUno, N. M Joshi Milli

Mahalab tvn,, Mumbai - 400 0t

1

HCL Technologies Limited and Subsidiaries

Condensed Consolidated Balance Sheets

Amount in thousands, except share and per share data

As of

March 31, 2021

December 31, 2021

(Audited)

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$890,959

$976,417

Term deposits with banks

323,073

159,126

Deposit with corporations

662,085

548,512

Investment securities, available for sale

926,406

967,597

Accounts receivable, net

1,868,553

2,126,458

Unbilled receivable

528,123

577,276

Inventories

12,793

16,206

Other current assets

675,948

710,305

Total current assets

5,887,940

6,081,897

Deferred income taxes, net

326,277

320,175

Term deposits with banks

-

1,338

Deposit with corporations

-

13,452

Investments in affiliates

6,356

7,584

Other investments

5,745

5,839

Property and equipment, net

854,053

780,874

Operating lease right-of-use assets

327,123

297,540

Intangible assets, net

1,616,785

1,359,677

Goodwill

2,370,031

2,339,574

Other assets

600,236

611,063

Total assets (a)

$11,994,546

$11,819,013

See accompanying notes to the condensed consolidated interim financial statements.

2

HCL Technologies Limited and Subsidiaries

Condensed Consolidated Balance Sheets

Amount in thousands, except share and per share data

As of

March 31, 2021

December 31, 2021

(Audited)

(Unaudited)

LIABILITIES, REDEEMABLE NON-CONTROLLING

INTERESTS AND EQUITY

Current liabilities

Current portion of finance lease liabilities

$24,746

$14,029

Current portion of operating lease liabilities

69,737

81,016

Accounts payable

320,017

377,464

Short term borrowings

61

-

Current portion of long term debt

10,798

4,449

Accrued employee costs

582,151

550,596

Contract liabilities

421,064

388,840

Income taxes payable

175,952

185,631

Other current liabilities

767,349

746,050

Total current liabilities

2,371,875

2,348,075

Long term debt

523,564

521,639

Deferred income taxes, net

20,144

15,494

Operating lease liabilities, net of current portion

240,304

189,506

Finance lease liabilities, net of current portion

19,954

16,183

Accrued employee costs

187,437

198,441

Contract liabilities

70,479

85,547

Other liabilities

68,880

57,748

Total liabilities (a)

$3,502,637

$3,432,633

Commitments and contingencies (Note 21)

Redeemable non-controlling interests

79,985

-

HCL Technologies Limited Shareholders' Equity

Equity shares, ` 2 par value, authorized 3,017,000,000

shares as of March 31, 2021, and December 31, 2021,

respectively.

Issued and outstanding 2,713,665,096 shares as of March

93,788

93,788

31, 2021, and December 31, 2021, respectively

Additional paid-in capital

412,327

413,544

Treasury Stock, at cost: Nil and 5,500,000 shares as of

-

(94,747)

March 31, 2021, and December 31, 2021, respectively.

Retained earnings

8,974,914

9,117,654

Accumulated other comprehensive loss

(1,078,358)

(1,155,322)

HCL Technologies Limited Shareholders' Equity

Non-controlling interest

Total equity

Total liabilities, redeemable non-controlling interests, and equity

8,402,671

9,253

8,411,924

$11,994,546

8,374,917

11,463

8,386,380

$11,819,013

  1. Consolidated assets at March 31, 2021 and December 31, 2021 include assets of certain variable interest entities (VIEs') that can only be used to settle the liabilities of those VIEs'. Consolidated liabilities at March 31, 2021 and December 31, 2021, include liabilities of certain VIEs' for which the VIEs' creditors do not have recourse to HCL Technologies Limited and Subsidiaries (See Note 8).
    See accompanying notes to the condensed consolidated interim financial statements.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

HCL Technologies Limited published this content on 14 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 January 2022 13:11:21 UTC.


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Sales 2023 983 B 12 357 M 12 357 M
Net income 2023 140 B 1 763 M 1 763 M
Net cash 2023 174 B 2 187 M 2 187 M
P/E ratio 2023 18,7x
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Capitalization 2 615 B 32 874 M 32 874 M
EV / Sales 2023 2,48x
EV / Sales 2024 2,23x
Nbr of Employees 210 966
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