Synopsis
HCL Tech’s Q1 FY25 results were mixed, with better-than-expected net profit due to higher other income offsetting disappointing revenue growth. Operating margins were under pressure as anticipated, and the company secured fewer new deals compared to the previous quarter, a trend also seen in its larger competitor, TCS.
ET Intelligence Group: The June 2024 quarter performance of the two top tier IT exporters including Tata Consultancy Services (TCS) and HCL Technologies (HCL Tech) reveals a continued uncertainty over the demand scenario with a hint of gradual improvement in project ramp ups. In the next few quarters, the extent of new deal wins, which was weak in the June quarter on a sequential basis, and the trend in decision making by clients will be
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