MUMBAI: HCLTech on Wednesday missed Street estimates and reported a 7.6% rise in its consolidated net profit for June quarter at Rs 3,531 crore as against Rs 3,281 crore in the year-ago period.
Revenue from operations in June quarter stood at Rs 26,296 crore, down 12% sequentially and up 12.1% year-on-year (YoY). HCLTech announced it will defer salary hikes for employees. Ramachandran Sundararajan, chief people officer, HCLTech, said, “This time of the year it makes announcements on pay reviews. In the past couple of years, the hiring that we have done and the compensation revision that we have done...taking that into consideration, the company has taken a decision to defer annual reviews by a quarter,” he said.
Infosys too has deferred salary hikes for its employees that are due for the June quarter. C Vijayakumar, CEO and MD, HCLTech, said, “In Q1FY24, our revenue and people strength sequentially moderated in line with the demand environment. We experience double-digit growth in our largest verticals - financial services, manufacturing and life sciences, and healthcare.”