TCS, HCL Tech, Wipro Give Cautious Guidance ?
IIE Digital Desk : Leading IT companies TCS, HCL Tech, and Wipro have all given cautious guidance for the upcoming quarters, citing headwinds such as rising inflation, supply chain disruptions, and the ongoing war in Ukraine. TCS, the largest IT company in India, reported a 5.2% year-on-year (YoY) decline in its net profit for the first quarter (Q1) of 2023-24 to Rs 9,478 crore. The company's revenue grew by 16.2% YoY to Rs 52,758 crore in Q1FY24.
HCL Tech's net profit declined by 1.6% YoY to Rs 3,296 crore in Q1FY24, while its revenue grew by 15.2% YoY to Rs 22,724 crore. Wipro's net profit declined by 2.6% YoY to Rs 2,349 crore in Q1FY24, while its revenue grew by 17.2% YoY to Rs 19,303 crore.
All three companies have given cautious guidance for the upcoming quarters. TCS said that it expects revenue growth to be in the range of 13-16% in constant currency terms in FY24. HCL Tech said that it expects revenue growth to be in the range of 17-19% in constant currency terms in FY24. Wipro said that it expects revenue growth to be in the range of 16-18% in constant currency terms in FY24.
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