 "HCLTech Q3 results: Net profit rises 6.2% to Rs 4,350 cr, beats estimates")
HCLTech, India's third-largest IT services provider, beat quarterly profit estimates on Friday and trimmed the top end of its full-year revenue forecast.
The tech major cut its revenue forecast to 5%-5.5% from 5%-6% for the current fiscal as clients continued to hold back discretionary spending and preferred cost-oriented deals over growth-oriented ones.
The forecast includes the revenue flowing from the German engineering firm ASAP, which it acquired in July 2023 for $279 million.
HCLTech's third-quarter net profit rose 6.2% to Rs 4,350 crore ($524.80 million) from a year earlier, surpassing analysts' average estimate of Rs 4,151 crore, per LSEG data.
The Noida-based company's performance was helped by its deal with US telecom company Verizon and strength in its products and platforms business.
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