BUCKING THE INDUSTRY trend of a weak Q3 performance, the country's third largest IT firm, HCLTech, on Friday reported a 13.5% sequential rise in net profit to ₹4,350 crore for the October-December quarter, while its revenue rose 6.7% quarter-on-quarter to 28,446 crore.
The company beat Bloomberg consensus estimate on both fronts, pegged at 4,124 crore and 28,075 crore, respectively.
However, as the slump in discretionary spending is expected to continue, the company trimmed the upper end of its FY24 revenue growth guidance to 5-5.5% from 5-6%. This is the second time HCLTech has cut its full-year growth guidance in FY24, after initially guiding revenue growth between 6-8%.
Indian IT companies have been grappling with a slowdown in client spending since last year. HCLTech, however, sees certain areas where the hit to spending was minimal.
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