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Infy, HCL cut FY24 growth forecast
Mint Mumbai
|October 13, 2023
Infosys Ltd and HCL Technologies Ltd on Thursday said their 2023-24 revenue growth will be weaker than their earlier forecasts as their large foreign clients tighten purse strings amid economic uncertainties.
With India's largest tech services company, Tata Consultancy Services Ltd, already witnessing a revenue decline in the second quarter, this portends a depressing year for at least three of India's Big Five tech companies.
Infosys, India's second-largest technology services provider, on Thursday slashed its growth guidance for a second straight time and now expects it at 1-2.5% in constant currency terms in 2023-24. Constant currency disregards the impact of exchange rate fluctuations.
In April, Infosys signalled 2023-24 revenue growth of 4-7%; in July, this was scaled down to 1-3.5%.
In the April-September period, Infosys added $336 million in incremental revenue, translating to a growth of 3.7%. But management's expectation of at-best growth of 2.5% in 2023-24 implies a fall in revenue in the third and fourth quarters.
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