Q3 results: HCLTech bucks trend, Wipro’s woes continue

HCLTech, India’s third-largest software exporter, bucked the prevailing trend of tepid growth in the $245-billion IT services industry to post better-than-expected numbers in the third quarter of the current financial year. Its net profit rose 6.2% on-year to Rs 4,350 crore for the October-December 2023 period, while revenues rose 6.5% to Rs 28,446 crore. Meanwhile, Wipro – the fourth in the quartet of India’s top IT firms – reported a steep 12% year-on-year fall in profits to Rs 2,694 crore and a 4.4% dip in revenue to Rs 22,205 crore in what is traditionally viewed as a slow quarter for the technology industry.