BENGALURU: HCLTech looks to be the star of the quarter ended December, outshining its IT peers with a 4.3% year-on-year revenue growth in constant currency (which discounts impact of currency fluctuations), compared to the year-ago quarter.
On the other hand, Wipro‘s weak performance continued, with a sharp decline of 6.9% during the same period. TOI had reported on Friday that TCS‘s revenue in the quarter grew 1.7% year-on-year in constant currency, while that of Infosys declined by 1%.
HCLTech CEO C Vijayakumar said this has been their highest revenue growth since the same quarter in 2021. “Our services business grew 3.1% quarter-on-quarter in constant currency, even in a seasonally weak quarter (given the year-end holidays). Our software revenue grew 5% year-on-year in constant currency which is again stellar performance,” he said. HCL expects its revenue to grow between 5% and 5.5% year-on-year in constant currency in the 2023-24 financial year. Its EBIT margin is expected to be 18% for the fiscal.
On the other hand, Wipro‘s weak performance continued, with a sharp decline of 6.9% during the same period. TOI had reported on Friday that TCS‘s revenue in the quarter grew 1.7% year-on-year in constant currency, while that of Infosys declined by 1%.
HCLTech CEO C Vijayakumar said this has been their highest revenue growth since the same quarter in 2021. “Our services business grew 3.1% quarter-on-quarter in constant currency, even in a seasonally weak quarter (given the year-end holidays). Our software revenue grew 5% year-on-year in constant currency which is again stellar performance,” he said. HCL expects its revenue to grow between 5% and 5.5% year-on-year in constant currency in the 2023-24 financial year. Its EBIT margin is expected to be 18% for the fiscal.
