IT majors lowering revenue projections for FY23 amid macroeconomic troubles

HCL's CEO C Vijaykumar recently said that the spending on hi-tech and telecom verticals was lower than expected and with price changes, it is going to be a big macroeconomic challenge

Amid macroeconomic pressures, Information Technology (IT) companies have lowered their growth and revenue projections for the current financial year (FY23). HCL has set its revenue guidance growth of 16-17 per cent for the year FY23, a report in the Times of India (TOI) said. Accenture, another tech giant, said that the clients were pausing smaller deals and there was a delay in overall decision-making.

"All of this (macro challenges) impacts the smaller deals more than the bigger deals because we're continuing to see that big transformation focus," Accenture said while announcing its financial results for the quarter ending November. HCL, according