Income of IT companies increased by 14-20 percent in the third quarter

India’s leading information technology (IT) services companies reported 14-20 per cent year-on-year revenue growth during the December quarter. During this he faced global uncertainties and ups and downs. It is also expected that cost and commercial aspects will drive the technology demand. Earnings figures of IT companies started coming in with Tata Consultancy Services (TCS), Infosys, Wipro and HCL Technologies. The results came amid gloomy forecasts from analysts around a slowdown in advanced economies and geopolitical tensions.

Industry veterans said they are keeping a close watch on the global economy and cues. Overall, the revenue of top IT companies increased by 14-20 percent on an annual basis in the third quarter of FY 2022-23. Similarly, compared to the previous quarter, this increase ranged between 3 per cent and 8 per cent. Similarly, the net profit of top IT companies grew in the range of three per cent (Wipro) to 19 per cent (HCL Tech) year-on-year in the December quarter. Compared to the previous quarter, the growth ranged from 4 per cent (TCS) to 17 per cent (HCL Tech).

TCS’s total revenue grew by 19.1 per cent to Rs 58,229 crore in the quarter under review. Rajesh Gopinathan, chief executive and managing director of India’s largest IT services company, said the company is confident about the North American and British operations. However, he said that there are some short-term uncertainties regarding Europe, which need to be closely monitored. Infosys’ integrated revenue grew 20.2 per cent year-on-year in the December quarter. The company surprised many by raising its full-year revenue forecast to 16-16.5 percent. Wipro has spoken of a possible slowdown in the retail sector in its results. However, the company is optimistic about the fourth quarter.

Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.