HCLTech remains resilient in its core IT services despite a challenging macro environment, driven by strong cost takeout initiatives and productivity execution, with AI/GenAI embedded across most client engagements. However, near-term growth visibility is tempered by AI-driven disruption in traditional service lines, which management estimates could translate into a 23% portfolio-level revenue drag over time, alongside client-specific budget cutbacks in the US and reduced discretionary spending in the telecom sector. Geopolitical uncertainty and softness...