The revenues of Wipro came in at ₹22,205 crore in Q3, indicating a 4.4% YoY drop, while HCL Tech reported consolidated revenue of ₹28,446 crore in Q3, reflecting a 6.5% YoY growth.
The CEO and Chief Investment Strategist of Omniscience Capital says IT companies will surprise the streets with higher earnings as global players fat budgets will benefit Indian companies as well
Indian IT companies are using non-compete clauses in their contracts to deter new hires, but legal experts argue that this tactic is not enforceable in India. Non-compete agreements, ranging from six to twelve months, are a standard feature of contracts from major Indian IT companies like TCS, Infosys, Wipro, HCLTech, and Tech Mahindra.
Indian IT companies may see faster revenue growth starting from Q4FY24 due to a better overall economy and large deal wins, according to BNP Paribas. The firm believes Q3FY24 will be the last quarter of weakness before growth picks up.