HCL Tech announces average salary increase of 7%, top performers get 15% increase

IT major HCL Technologies has given a 7% salary hike to its employees. The salary increase, which will come into effect in October 2024, for top performers is 12 to 15 percent, said chief people officer Ramachandran Sundararajan.

The salary hikes will have a minimal impact on HCL’s operating margins in the December 2024 quarter as the company will take efficiency measures to offset the impact, Sundararajan said.

The number of employees eligible for the raise will depend on the company’s review cycle and the proportion of lateral hires who become eligible after completing one year of service.

HCL Tech has a total of 2,18,621 employees as of September 30, 2024, a number lower by 780 employees compared to July 31, 2024.

Meanwhile, HCL Technologies on Monday reported an 11 percent year-on-year increase in its net profit to Rs 4,235 crore, beating Street expectations, for the second quarter of fiscal 2025. The revenue of operations of India’s third largest IT company during July-September 2024 increased by 8.2% to Rs 28,862 crore.

On a quarterly basis, HCL Tech’s net profit fell marginally by 0.5%. However, its revenue grew by around 3 percent.

It also declared an interim dividend of Rs 12 per share for the financial year 2024-25. The company has set October 22 as the registration date and October 30 as the payment date.