Q2FY23 results: IT pack turn in good numbers, cautious on global macros

While Infosys, TCS and HCLTech all reported reasonably good numbers for the September quarter, with HCL Tech beating the street handsomely, Wipro’s September quarter earnings trailed the consensus and were disappointing.

HCL Technologies has upped the FY23 revenue guidance by 50-150 bps to 13.5%-14.5% (in constant currency terms) and maintained its margin guidance of 18-20%. Infosys also raised its revenue guidance marginally to 15-16% for FY23 from 14-16% earlier, although it dropped the margin guidance slightly to 21-22% from 21-23%. However, all managements have sounded cautious given the extremely challenging global macro-environment.