On October 12, 2022, IT services provider HCL Technologies Ltd. announced a 7.1% increase in earnings for the September quarter of 2022 supported by an increase in new orders. The company also increased its full-year revenue growth projections.
The earnings of IT services companies in India increased in 2021 as they benefited from the pandemic-driven demand, but this quarter's results have been inconsistent. Tata Consultancy Services, the largest IT services provider in the country, exceeded profit projections, while Wipro reported a decline in profits. However, the company issued a warning about weakness in long-term partnerships. The total revenue and net profit of HCL Technologies increased significantly in 2022 in comparison to that in 2021, according to GlobalData.
Recession-wary clients from the US and Europe are expected to reduce their spending, which could hurt the revenue of IT services companies in India.
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