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In addition, HCLTech's operating margin (EBIT margin) expanded significantly by 130 basis points sequentially to 19.8%. This compares with the contraction reported by Infosys and Wipro and an expansion in TCS margin after excluding one-off items.
In the absence of an immediate resumption in the expenditure cycle, HCLTech would harness deal conversions, a diversified R&D portfolio, and rising demand for generative AI to boost both its top and bottom-lines in the near term, Vijayakumar said in an interview.
Wipro's staff strength for the quarter ended December was 240,234 as against 244,707 in the previous quarter. HCLTechs staff strength for the quarter ended December was 224,756 as against 221,139 in the quarter ended September 2023.
The revenues of Wipro came in at ₹22,205 crore in Q3, indicating a 4.4% decrease compared to the revenue of ₹23,229 crore reported in the corresponding period last year. Sequentially, revenue also saw a 1.4% drop.
Slowdown in revenue growth for Indian tech shares threatens stock surge. Profit estimates for Indian companies are moderating, with growth at 17.7%. Infosys and Tata Consultancy Services to report slow sales growth. Reduced spending and slower revenue conversion are likely to dent investor optimism. Weakness in the services industry can impact the broader economy.
Tata Consultancy Services (TCS) and Infosys will declare their Q3FY24 report card on January 11 (Thursday) and Wipro and HCL Technologies on January 12 (Friday).
Call it Outsourcing 2.0, which can take India from once being the telemarketing voice of American companies to becoming in near future their very brains. A far cry from early captive units of American MNCs in India, the GCCs have now embedded themselves deeper within business functions, moving up the value chain to deliver higher-value processes.
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