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India’s HCLTech trims top end of FY rev forecast, beats Q3 profit view

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BENGALURU :HCLTech, India’s third-largest IT services provider, beat quarterly profit estimates on Friday and trimmed the top end of its full-year revenue forecast.

The tech major cut its revenue forecast to 5 per cent-5.5 per cent from 5 per cent-6 per cent for the current fiscal as clients continued to hold back discretionary spending and preferred cost-oriented deals over growth-oriented ones.

The forecast includes the revenue flowing from the German engineering firm ASAP, which it acquired in July 2023 for $279 million.

HCLTech’s third-quarter net profit rose 6.2 per cent to 43.50 billion rupees ($524.80 million) from a year earlier, surpassing analysts’ average estimate of 41.51 billion rupees, per LSEG data.

The Noida-based company’s performance was helped by its deal with U.S. telecom company Verizon and strength in its products and platforms business.

($1 = 82.8890 Indian rupees)

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