HCLTech CEO C Vijayakumar sees headwinds affecting Q1 financial services revenue

Financial services that led the growth for the third largest Indian IT services firm HCLTech is set to see some revenue impact in the first quarter of FY25, said C Vijayakumar, CEO and MD, HCLTech, in an interaction with ET. Led by a 12.1% YoY growth in the financial services vertical, HCLTech delivered the highest on-year growth in the Indian IT industry at 8.3% in FY24.
While being upbeat about HCLTech’s industry leading growth, he also called out headwinds in the current fiscal in the financial services vertical and the slowdown in discretionary spending. Other large India IT services companies have reported a slower growth rate than HCLTech in FY24.