NEW DELHI: Infosys Ltd and HCL Technologies Ltd on Thursday said their 2023-24 revenue growth will be weaker than their earlier forecasts as their large foreign clients tighten purse strings amid economic uncertainties.
With India's largest tech services company, Tata Consultancy Services Ltd, already witnessing a revenue decline in the second quarter, this portends a depressing year for at least three of India's Big Five tech companies.
Infosys, India's second-largest technology services provider, on Thursday slashed its growth guidance for a second straight time and now expects it at 1-2.5% in constant currency terms in 2023-24. Constant currency disregards the impact of exchange rate fluctuations.
In April, Infosys signalled 2023-24 revenue growth of 4-7%; in July, this was scaled down to 1-3.5%.
In the April-September period, Infosys added $336 million in incremental revenue, translating to a growth of 3.7%.
But management's expectation of at-best growth of 2.5% in 2023-24 implies a fall in revenue in the third and fourth quarters.
"We are seeing discretionary programmes and large transformation programmes getting reduced significantly. And we are seeing the decision-making continuing to be slow," Infosys chief executive Salil Parekh explained on the company slashing its growth outlook.
Esta historia es de la edición October 13, 2023 de Hindustan Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición October 13, 2023 de Hindustan Times.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Indian Idol ki Star Kalakar Sneha Shankar leaves everyone teary-eyed with her soulful performance
SNEHA SHANKAR'S JOURNEY ON INDIAN IDOL BEGAN WITH HER WINNING THE COVETED PLATINUM MIC
Irish-Persian vlogger refutes Delhi's 'Dirty' reputation in viral post
Irish-Persian Instagram vlogger, Sean Hammond, has gone viral with a post defending Delhi against claims that the city is \"dirty and dangerous.\"
Gems from a Guru, who transformed the Gram
One who points his finger not to the world but the heaven to say that \"someone is taking care\" ought to be god-fearing. But if the person adds that he's \"doing his bit here (on earth)\" then he's certainly a karmayogi.
KNITWEAR RENAISSANCE
As temperatures drop, step up your knitwear game. From playful patterns to exaggerated silhouettes, there's a 'fit for every mood and occasion
Thela lagane ke din aa gaye thhe: Rajesh on acting hiatus
It is a year of milestones for Rajesh Kumar. As the actor clocks in 25 years of his acting career, his popular show Sarabhai vs Sarabhai recently marked its 20th anniversary.
I am either winning or learning, nothing is a failure for me
One hardly expects an established actor to go back to school and live the student life, but Harshvardhan Rane never liked adhering to the norms. On International Students' Day today, he tells us, \"My biggest strength is that I don't have the 'log' of 'log kya kahenge' in my life.\"
SANA SULTAN CALLS HER NIKAAH AT MADINAH 'DIVINE INTERVENTION'
One day, I said 'Wazid ji, can we have our nikaah in Madinah?' He said, 'Isse behtar kuch ho hi nahin sakta'. SANA SULTAN, Actor
I'll be watching Karan Arjun with my son, says Aasif Sheikh
With his 1995 hit Karan Arjun set to be re-released on November 22, Aasif Sheikh is on cloud nine.
I would love to work on Chammak Challo 2.0: Akon
Akon's connection to India and Bollywood runs deep. As we sit down for a tête-à-tête with the Senegalese-American singer on Friday at the Cherry Blossom Music Festival in Shillong, he reveals he's ready to make his \"Bollywood comeback.\"
'I HAVE SIGNED UP WITH AN AGENCY IN LONDON'
Parineeti Chopra talks about expanding her artistic horizons in the UK
