Information Technology Sector — Q4 FY24 Earnings Overview

5 companies reported. 1 bullish, 4 neutral, 0 bearish.

Average revenue growth: 0.4%

Sector sentiment: neutral

Aggregate revenue: ₹1,42,848 Cr

Average margin: 12.6%

Company Results

Company	Revenue	YoY	Margin	Sentiment
TCS	₹61,237 Cr	+3.5%	26.0%	neutral high
Infosys	₹37,923 Cr	—	20.1%	neutral high
HCLTech	₹28,499 Cr	+5%	—	neutral high
Tech Mahindra	₹12,871 Cr	-6.4%	—	neutral medium
Coforge	₹2,318 Cr	—	17.0%	bullish high

Key sector risks this quarter

Tech Mahindra · high

Achieving 15% EBIT margin by FY27 requires consistent execution of Project Fortius and pyramid restructuring, which may face delays.

Infosys · high

Clients continue to defer discretionary and digital transformation projects, which could delay revenue conversion from large deals.

HCLTech · high

The offshoring of a large financial services deal will cause a ~2% sequential revenue decline in Q1, and similar impacts may occur with other mega deals like Verizon later in the year.

TCS · high

Management highlighted that clients continue to pause or defer discretionary projects with unclear ROI, creating headwinds to near-term revenue.

Tech Mahindra · medium

Communications vertical remains under pressure; recovery may be slower than expected, impacting overall growth.