Infosys and HCL Technologies bring smiles back to IT sector

Infosys and HCL Paytm shares Technologies brought smiles back to the IT sector amid a morose outlook as they posted better-than-expected numbers for the third quarter ended December 31. Bangalore-based Infosys went a step further when it raised the revenue guidance for the current fiscal.

The positive report cards of the tech duo removed some of the misgivings about the road ahead for the sector, particularly after TCS came out with tepid numbers for the quarter.

In a seasonally weak period, Infosys reported a 13.4 per cent growth in net profit at Rs 6,586 crore against Rs 5,809 crore in the corresponding period of the previous year. Analysts had projected a net profit of around Rs 6,400 crore for the country’s second-largest IT services firm.