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.

HCLTechs software revenue growth however declined 2.1% YoY in constant currency terms as it failed to close some deal renewals as well as new deals. Consolidated revenue in the three months ended December grew 5.

Global technology company HCLTech on Monday posted 5.5 per cent growth (year-on-year) in net income at Rs 4,591 crore for Q3 FY25, as revenue grew 5.1 per cent at Rs 29,890 crore on an annual basis.

HCLTech’s Q3 net profit rose 8.4% quarter-on-quarter (QoQ) to ₹4,591 crore, slightly below the CNBC-TV18 poll estimate of ₹4,625 crore. Revenue in rupee terms increased 3.6% QoQ to ₹29,890 crore, also missing the estimate of ₹30,

Wipro , India's fourth-largest IT services company, reported higher-than-expected third-quarter revenue on Friday, helped by positive momentum in its banking, financial services, and insurance (BFSI) vertical and in the Americas geography.

IT company HCLTech on Monday reported a 5.54 per cent uptick in consolidated net profit to Rs 4,591 crore for the December quarter as the CEO expressed optimism for improvement in the demand environment and discretionary spending and raised the revenue growth guidance.