HCLT disappointed with overall miss. The disappointment was on account of a sharp ramp-down in the technology and telecom segments, where revenues declined significantly. Despite a weak Q1, HCLT has retained its FY24 revenue and EBITM guidance of 6-8% and 18-19%. This implies CQGR of 3.1-4.4% over Q2-Q4 — a steep ask, given the current environment.