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HCL Technologies Doubles Revenue Growth Target for 2023

Industry: IT Services
Current: Company Performance

On October 12, 2022, HCL Technologies Ltd., a supplier of IT services, reported a 7.1% increase in earnings for the September quarter of 2022, supported by an increase in new orders
The earnings of Indian IT services companies 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, surpassed profit predictions, while Wipro reported a decline in profits

HCL Technologies’ Earnings

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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