HCLTech’s first quarter net drops 10% YoY to Rs 3,843 crore, revenue up 8%

India’s third-largest software services company reported a net profit of Rs 3,843 crore in the three months ended June, historically a soft quarter for the software business. Margins fell 16.3% during the quarter amid lower employee utilisation “due to delay in implementation and ramp-down of a specific program, which resulted in a larger bench.”