{"id":185882,"date":"2023-11-09T09:26:20","date_gmt":"2023-11-09T09:26:20","guid":{"rendered":"https:\/\/indiansapidnews.com\/?p=185882"},"modified":"2023-11-09T09:26:20","modified_gmt":"2023-11-09T09:26:20","slug":"we-see-strong-momentum-for-the-second-half","status":"publish","type":"post","link":"https:\/\/indiansapidnews.com\/india\/we-see-strong-momentum-for-the-second-half\/","title":{"rendered":"‘We see strong momentum for the second half’"},"content":{"rendered":"

‘We will have a strong exit as our third quarter is strong.’<\/strong><\/p>\n

HCLTech, which missed Bloomberg estimates for its second-quarter revenue but still managed to beat its larger peers in profit and revenue growth, expects to exit FY24 strongly.<\/p>\n

The information technology services major, however, slashed its top-line growth guidance for the current financial year to 5-6 per cent.<\/p>\n

C Vijayakumar<\/strong>, chief executive officer and managing director, HCLTech, talks about the revenue guidance cut, growth drivers, and hiring targets in a video interview with Shivani Shinde<\/strong>\/Business Standard<\/em>.<\/p>\n

HCLTech has signed one of its largest deals; Q3 is traditionally strong for the company, and you have also said H2 (the second half of the financial year) looks better.
Then why have you slashed the revenue guidance for FY24?<\/strong><\/p>\n

Yes, our bookings have been very good. We will have a strong exit as our third quarter is strong.<\/p>\n

But our first quarter was weak and the second quarter was reasonably okay.<\/p>\n

However, when you combine the first two quarters, the first half is weak.<\/p>\n

We see strong momentum for the second half.<\/p>\n

Based on these, we took the decision to cut the revenue guidance.<\/p>\n

The mismatch between revenue growth and deal wins is happening quite regularly. Do you see client decisions also changing in the current order book?<\/strong><\/p>\n

Our deal bookings are only those where we go and start execution. In these deals, there will be no delays.<\/p>\n

A majority of the deals that are coming now are in the efficiency and cost optimisation segment.<\/p>\n

Hence, customers want to move faster on these things.<\/p>\n

That does not mean discretionary deals are not there. They are a little soft.<\/p>\n

Efficiency deals are not just about people transition but also about how you bring technology transformation, which will reduce the cost of operations.<\/p>\n

That’s where we are actively engaged.<\/p>\n

Are there any updates on generative artificial intelligence (AI) deals for this quarter?<\/strong><\/p>\n

We have 100 projects underway that are generative AI-focused. Last quarter, the number was 70.<\/p>\n

While some are at the ‘proof of concept’ stage, others are getting implemented.<\/p>\n

We will continue to proliferate our offerings in this segment and this will eventually become a big offering.<\/p>\n

However, at this point, it’s about taking one step at a time.<\/p>\n

Your peers have seen BFSI impacting their growth. In the case of HCLTech, the segment has grown. What is driving this growth?<\/strong><\/p>\n

In financial services, we have been positioned as a disruptive player.<\/p>\n

We have always questioned the status quo in every client’s tech landscape, in terms of how they have outsourced, what are the areas that they can do differently.<\/p>\n

A lot of traditional vendors are in a comfort zone and they don’t ask these questions.<\/p>\n

As a newcomer, as a challenger, we’ve really taken a position of challenging the status quo. And that has resonated extremely well.<\/p>\n

You added 3,630 freshers, but still had a net fall in headcount in Q2. Will this continue in FY25?<\/strong><\/p>\n

The headcount has reduced because we have had attrition but did not backfill those positions.<\/p>\n

This is because we had access to trained people in the system.<\/p>\n

These freshers were hired in the last 18 months. For this fiscal year, we continue to hold our target of fresher hire at 10,000.<\/p>\n

For FY25, HCLTech teams are already at campuses.<\/p>\n

Feature Presentation: Aslam Hunani\/Rediff.com<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

‘We will have a strong exit as our third quarter is strong.’ HCLTech, which missed Bloomberg estimates for its second-quarter revenue but still managed to beat its larger peers in profit and revenue growth, expects to exit FY24 strongly. 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