HCL Tech has lowered its guidance for FY24 by 300 basis points, from 6-8% to 4-5%. However, the company's Q2 numbers are not bad. The silver lining for HCL Tech is that the second half of the year is expected to grow faster than the first half, unlike Infosys. The IT services business grew by only 0.9%, while ER&D jumped up by 5%. The slowdown in services revenue is a bigger concern. Europe is the slowest growth area for HCL Tech.