HCL Tech slumps after management indicates lower rev growth in FY23

9 Dec 2022 , 03:09 PM

The company held its Investor Day in New York on 8 December 2022. Chief executive officer C Vijayakumar at companys Investor Day said: In October, we had increased our guidance from 13.5% to 14.5%. We had certain assumptions which helped us to devise 16-17% services growth. We had assumed certain furloughs. But we are seeing a bit higher. BFSI is the segment which is little bit impacted by furloughs, followed by tech companies, he said. The IT major reported 6.27% rise in consolidated net profit to Rs 3,489 crore on a 5.2% rise in revenue to Rs 24,686 crore in Q2 FY23 over Q1 FY23. Compared with Q2 last year, net income rose 7.09% while topline jumped 19.5% in the second quarter. For FY23, the company increased revenue guidance to 13.5%-14.5% YoY in constant currency. It expected services revenue to grow 16%-17% YoY in constant currency. EBIT margin guidance was revised to 18%-19%. HCL empowers global enterprises with technology for the next decade, today. 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). Powered by Capital Market – Live News