HCLT has reported weaker-than-expected revenue growth of 1% QoQ CC (vs I-SEC estimate of 1.9%) in Q2FY24 due to weakness in products and platform business (-4% QoQ CC). Revenue growth revived in services business with 0.9% QoQ growth in IT services and 5% (1.6% organic) QoQ CC growth in ER&D vs a decline in Q1FY24 (exhibit 4).