India's HCLTech misses Q4 revenue estimates

FILE PHOTO: Employees of HCLTech walk inside the office premises on the outskirts of Lucknow, India, March 20, 2024. REUTERS/Pawan Kumar/File Photo

BENGALURU (Reuters) - HCLTech, India's No.3 IT services player, reported a smaller-than-expected fourth-quarter revenue on Friday amid decelerating tech spending among clients due to macro overhang.

The company posted a 7.1% increase in revenue on-year to 284.99 billion rupees ($3.42 billion), compared with average analysts' estimates of 286.07 billion rupees, as per LSEG data.

($1 = 83.3552 Indian rupees)

(Sai Ishwarbharath B; Editing by Sohini Goswami)