HCL Technologies, the fourth-largest information technology (IT) services provider, followed in the footsteps of Tata Consultancy Services in disappointing the markets by missing the estimates for the January-March quarter. The company’s financial year ends in June.
“These results are a mixed bag – while on the positive side, the overt reliance on IMS is slowly expected to reduce over time, and increasing exposure to Europe is a worry since the geo remains volatile. This has been a tough quarter for nearly everyone in the industry, but the HCL results is a classic case of the dark cloud with a silver lining,” said Sanchit Vir Gogia, chief analyst and group CEO, Greyhound Research.
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