After increasing it to 13. 5-14. 5% in the September quarter, IT services provider HCL Technologies reduced its revenue outlook for FY23 to 13. 5-14% in constant currency. Additionally, it reduced its margin outlook, which was previously expected to be 18–19%, to 18–18.5%.

Revenue of $3.2 billion, up 13.1% year over year and 5% sequentially in constant currency, was reported for the December quarter. From 23. 8% in the September quarter, HCL’s attrition decreased even further in this quarter to 21. 7%. With just 2,945 hires as opposed to 8,359 in the September quarter, the net employee addition has significantly decreased, similar to peers.

According to the firm, the services sector’s 15. 4% year-over-year gain in constant currency was a major factor in the increase in revenue.

The $2. 35 billion in new contract bookings for the quarter were 10% more than the same period last year. “The introduction of cloud technology, big vendor consolidation transactions and changes in IT operating models were the driving forces behind the booking surge. Powered by our positioning, our strong positioning, our compelling offers, and our dedicated team, we are sure that we will produce industry-leading growth over the medium term. The CEO of HCL, C Vijayakumar, remarked.