HCLTech , India's third-largest software company, posted a smaller-than-expected December-quarter revenue on Monday, with clients holding back discretionary tech spending amid macroeconomic uncertainties.

At least 11 brokerages cut ratings on the stock after HCLTech reported a 5.1% rise in consolidated revenue to 298.9 billion rupees ($3.45 billion), missing analysts' expectations of 300.68 billion rupees due to underperformance in its software business.

HCLTech has revised its revenue growth guidance for FY25, raising the lower end by 100 basis points in constant currency (CC) terms. The company now expects revenue growth of 4.5-5% YoY in CC, up from the previous estimate of 3.5-5%. Additionally, services revenue growth is projected to be in the same 4.5-5% YoY range.

India's No. 4 IT services provider Wipro beat third-quarter estimates for revenue and profit on Friday, and its CEO hoped for a better year after facing macroeconomic challenges in 2024. "Our clients are cautiously optimistic and we see discretionary spending slowly coming back,

Indias third-largest IT services provider, saw its shares fall on Tuesday following third-quarter results that missed revenue forecasts. The company reported a 5.1% rise in