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HCL Tech announces Rs 700 cr bonus to employees as company crosses $10b revenue milestone

Special bonus will be paid to employees in February, amounting to around $90 million (over Rs 650 crore) plus payroll taxes in some countries. All employees with one year of service or greater will receive a bonus, which is equivalent of 10 days' salary

twitter-logoBusinessToday.In | February 8, 2021 | Updated 12:12 IST
HCL Tech announces Rs 700 cr bonus to employees as company crosses $10b revenue milestone
"Our employees are our most valuable asset," says HCL

After crossing a major milestone of $10-billion in revenue for 2020, Tech major HCL Technologies (HCL) has issued a one-time special bonus worth around Rs 700 crore to over 1.5 lakh of its employees around the world.

The special bonus will be paid to employees in February, amounting to around $90 million (over Rs 650 crore) plus payroll taxes in some countries. The financial impact of this initiative is excluded from the FY21 EBIT guidance provided by the company in January.

"Achieving this historic milestone in technology, business and engineering services and software -- just twenty years since HCL Technologies' IPO -- is a testament to the passionate efforts and consistent achievements of its employees, many long terms, deep relationships with leading companies across all industries and a leading network of partners and stakeholders," the company said in a statement.

Also read: Infosys, TCS, Wipro to shine! IT companies look forward to best Q3 in a decade

The company said 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, every member of our HCL family has demonstrated immense commitment and passion, contributing to the growth of the organisation," said the company.

"We want to sincerely express our gratitude to our employees and their families for all their support," said Apparao VV, Chief Human Resources Officer, HCL Technologies.

HCL 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). HCL Technologies posted 31.1 per cent year-on-year rise in net profit at Rs 3,982 crore for the December 2020 quarter. On a Q-o-Q basis, HCL's profit grew 26.7 per cent. The HCL Tech Board had declared an interim dividend of Rs 4 per equity share for the financial year 2020-21.

Meanwhile, HCL Tech stock price was trading at Rs 952, up Rs 5.75 or 0.61 per cent, on the Bombay Stock Exchange (BSE) today.

Also read: HCL Q3 profit grows 31.1% to Rs 3,982 cr on momentum in digital, cloud segments

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