Overview Key strengths Key risks Good earnings quality from diversified information technology (IT) service offerings and established client relationships. Slower revenue growth amid lower IT spending budgets and macroeconomic headwinds. Healthy profitability, backed by high utilization rates and access to offshore resources. Continued digital investment requirements will constrain profitability improvement. Net cash position with strong cash generation, despite an increased commitment to shareholder distributions. We estimate global IT spending will grow 2.2% in 2023, lower than global GDP growth of 3.1%. This is because of lower discretionary spending amid weak macroeconomic conditions. We expect greater visibility in the coming quarters depending on the pace of recovery across industry verticals and geographic markets. We expect HCL Tech?s revenue to grow about
