To the Members of HCL Technologies Limited
Repot on the Audit of the Standalone Financial Statements Opinion
We have audited the standalone financial statements of HCL Technologies Limited (the "Company") which comprise the standalone balance sheet as at 31 March 2025, and the standalone statement of profit and loss (including other comprehensive income), standalone
statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including material accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, and its profit and other comprehensive loss, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the
Act. Our responsibilities under those SAs are fukher described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our Repot. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chakered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
Key Audit Ma er
Key audit ma ers are those ma ers that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These ma ers were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these ma ers.
Evaluation of tax positions and litigations |
|
| See Note 1(h) and 3.27 to standalone financial statements | |
| The key audit ma er | How the ma er was addressed in our audit |
| The Company is required to estimate its income tax liabilities in accordance with the tax laws applicable in India. Fukher, there are ma ers of interpretation in terms of application of tax laws and related rules to determine current tax provision and deferred taxes. | In view of the significance of the ma er we applied the following audit procedures in this area, among others to obtain sufficient appropriate audit evidence: |
| The Company has material tax positions and litigations on a range of tax ma ers. This requires management to make significant judgments to determine the possible outcome of uncekain tax positions and litigations and their consequent impact on related accounting and disclosures in the standalone financial statements. | testing the design, implementation and operating effectiveness of the Companys key controls over identifying uncekain tax positions and ma ers involving litigations. |
| obtaining details of tax positions and tax litigations for the year and as at 31 March 2025 and holding discussions with designated management personnel. | |
| assessing and analysing select key correspondences with tax authorities and inspecting external legal opinions obtained by management for key uncekain tax positions and tax litigations. | |
| evaluating underlying evidence and documentation to determine whether the information provides a basis for amounts provided/not provided in the books of account. | |
| involving our internal tax specialists and evaluating managements underlying key assumptions in estimating the tax provisions and possible outcome of material tax positions and litigations; and | |
| n respect of uncekain tax positions and litigations, assessing the computation of provisions and consequent impact on related accounting and disclosures in the standalone financial statements. |
Other Information
The Companys Management and Board of Directors are responsible for the other information. The other information comprises the information included in the
Companys Management Discussion and Analysis, Boards Repot, including Annexures to Boards Repot, Business Responsibility and Sustainability Repot and Corporate Governance Repot, but does not include the financial statements and auditors Repot thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have pefiormed, we conclude that there is a material misstatement of this other information, we are required to Repot that fact. We have nothing to Repot in this regard.
Managements and Board of Directors Responsibilities for the Standalone Financial Statements
The Companys Management and Board of Directors are responsible for the ma ers stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, ma ers related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Companys financial Repoting process.
Auditors Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors Repot that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As pak of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
due to fraud or error, design and pefiorm audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference
to financial statements in place and the operating effectiveness of such controls.
basis of accounting in preparation of standalone financial statements and, based on the audit evidence obtained, whether a material uncekainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncekainty exists, we are required to
draw a ention in our auditors Repot to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors Repot. However, future events or conditions may cause the Company to cease to continue as a going concern.
including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other ma ers, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other
ma ers that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the ma ers communicated with those charged with governance, we determine those ma ers that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit ma ers. We describe these ma ers in our auditors Repot unless law or regulation precludes public disclosure about the ma er or when, in extremely rare circumstances, we determine that a ma er should not be communicated in our Repot because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Repot on Other Legal and Regulatory Requirements
of Directors, none of the directors is disqualified as on 31 March 2025 from being appointed as a director in terms of Section 164(2) of the Act.
3.27 and Note 3.35 to the standalone financial statements.
disclosed in the Note 3.33 to the standalone financial statements, no funds have been advanced or loaned or invested (either
from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
disclosed in the Note 3.33 to the standalone financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Pakies"), with the understanding, whether recorded in writing or otherwise, that the Company shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Pakies ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (i) and (ii) above, contain any material misstatement.
In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is
not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.
For B S R & Co. LLP
Chakered Accountants Firms Registration No.:101248W/W - 100022
Rakesh Dewan
Pakner Membership No.: 092212
ICAI UDIN:25092212BMMJFH6190
Place : Gurugram Date : 22 April 2025
Annexure A to the Independent Auditors Repot on the Standalone Financial Statements of HCL Technologies Limited for the year ended 31 March 2025
(Referred to in paragraph 1 under ‘Repot on Other Legal and Regulatory Requirements section of our Repot of even date)
(B) The Company has maintained proper records showing full pakiculars of intangible assets.
all propeky, plant and equipment are verified in a phased manner over a period of 3 years. In accordance with this programme, cekain propeky, plant and equipment were verified
during the year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No discrepancies were noticed on such verification.
favour of the lessee) disclosed in the standalone financial statements are held in the name of the Company.
(including Right of Use assets) or intangible assets during the year.
in excess of five crore rupees in aggregate from banks and financial institutions on the basis of security of current assets at any point of time of the year. Accordingly, clause 3(ii)(b) of the Order is not applicable to the Company.
or granted any advances in the nature of loans, secured or unsecured to companies, firms, limited liability paknerships or any other pakies during the year. During the year, the Company has made investments in companies and other pakies and has granted unsecured loans in the nature of intercorporate deposits in companies, in respect of which the requisite information is as below. The Company has not made any investments in firms and limited liability paknerships. Fukher, the Company has
not granted any loans, secured or unsecured to firms, limited liability paknerships or any other pakies and not granted any secured loans to Companies.
(B) Based on the audit procedures carried on by us and as per the information and explanations given to us, the Company has granted loans
in the nature of intercorporate deposits to pakies other than subsidiaries, Joint venture and associate as below:
Pakiculars |
Amount in INR Crores |
Aggregate amount during the year - Others |
1,251 |
Balance outstanding as at balance sheet date - Others |
1,300 |
of loans given in the nature of intercorporate deposits, the repayment of principal and payment of interest has been stipulated and the repayments or receipts have been regular.
Fukher, the Company has not given any advance in the nature of loan to any paky during the year.
in respect of loans given in the nature of intercorporate deposits. Fukher, the Company has not given any advances in the nature of loans to any paky during the year.
overdues of existing loans given in the nature of intercompany deposits to same pakies.
or provided guarantees or securities, as specified under section 185 of the Companies Act, 2013.
Fukher, the Company has complied with the provisions of Section 186 of the Companies
Act, 2013 in relation to investments made,
loans in the nature of intercorporate deposits and guarantees given. The Company has not provided security as specified under section 186 of the Companies Act, 2013.
According to the information and explanations given to us and on the basis of our examination of the records of the Company, in our opinion, undisputed statutory dues including Goods and Service Tax, Provident Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues have generally been regularly deposited by the Company with the appropriate authorities, though there have been slight delays in payment of Duty of Customs.
According to the information and explanations given to us and on the basis of our examination of the records of the Company, no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, Employees State Insurance, Income-Tax, Duty of Customs or Cess or other statutory dues were in arrears as at 31 March 2025 for a period of more than six months from the date they became payable.
Name of the Statute |
Nature of the dues | Amount in INR Crores* | period to which the amount relates Financial Year ("FY") | Forum where dispute is pending |
Finance Act 1994, read with Service Tax Rules,1994 |
Service Tax | 1.18 | FY 2007-10 | High Couk of Allahabad |
Finance Act 1994, read with Service Tax Rules,1994 |
Service Tax | 2.06 | April 2011 to March 2015 | Customs, Excise, Service Tax Appellant Tribunal, Allahabad |
Finance Act 1994, read with Service Tax Rules,1994 |
Service Tax | 0.21 | FY 2011-12 to FY 2012-13 | Commissioner Appeal, Central Goods & Services Tax, U ar Pradesh |
Finance Act 1994, read with Service Tax Rules,1994 |
Service Tax | 6.27 | FY 2014-15 and 2016-17 | Customs, Excise, Service Tax Appellant Tribunal, Allahabad |
*Total amount deposited under protest/adjusted against refunds in respect of Income tax is INR 167 Crores and guarantee given under protest is INR 310 crores.
of account, in the tax assessments under the Income Tax Act, 1961 as income during the year.
and borrowing or in the payment of interest thereon to banks during the year. Fukher, the Company did not have any outstanding loans or borrowings from financial institutions or any other lender during the year.
we Repot that no funds raised on shok-term basis have been used for long-term purposes by the Company.
or to meet the obligations of its subsidiaries as defined under the Act. The Company does not hold any investment in any associates and joint venture (as defined under the Act) during the year ended 31 March 2025.
(including debt instruments). Accordingly, clause 3(x)(a) of the Order is not applicable.
according to the information and explanations given to us, considering the principles of materiality outlined in Standards on Auditing, we Repot that no fraud by the Company or on the Company has been noticed or Repoted during the year.
of Section 143 of the Act has been filed by the auditors in Form ADT-4 as prescribed under Rule 13 of the Companies (Audit and Auditors) Rules, 2014 with the Central Government.
(c) of the Order is not applicable.
suppoking the assumptions, nothing has come to our a ention, which causes us to believe that any material uncekainty exists as on the date of the audit Repot that the Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We fukher state that our Repoting is based on the facts up to the date of the audit Repot and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.
of the Act pursuant to any project. Accordingly, clauses 3(xx)(a) and 3(xx)(b) of the Order are not applicable.
For B S R & Co. LLP
Chakered Accountants Firms Registration No.:101248W/W-100022
Rakesh Dewan
Pakner Membership No.: 092212
ICAI UDIN:25092212BMMJFH6190
Place: Gurugram Date: 22 April 2025
Annexure B to the Independent Auditors Repot on the standalone financial statements of HCL Technologies Limited for the year ended 31 March 2025
Repot on the internal financial controls with reference to the aforesaid standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act
(Referred to in paragraph 2(A)(g) under ‘Repot on Other Legal and Regulatory Requirements section of our Repot of even date)
Opinion
We have audited the internal financial controls with reference to financial statements of HCL Technologies Limited ("the Company") as of 31 March 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at 31 March 2025, based on the internal financial controls with reference to
financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Repoting issued by the Institute of Chakered Accountants of India (the "Guidance Note").
Managements and Board of Directors Responsibilities for Internal Financial Controls
The Companys Management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence
to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Act.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and pefiorm the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and if such controls operated effectively in all material respects.
Our audit involves pefiorming procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Companys internal financial controls with reference to financial statements.
Meaning of Internal Financial Controls with Reference to Financial Statements
A companys internal financial controls with reference to financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial Repoting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls with reference to financial statements include those policies and procedures that (1) pekain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with Reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls
with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
For B S R & Co. LLP
Chakered Accountants Firms Registration No.:101248W/W-100022
Rakesh Dewan
Pakner Membership No.: 092212
ICAI UDIN:25092212BMMJFH6190
Place: Gurugram Date: 22 April 2025
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