Bengaluru, Oct. 12 -- HCL Technologies Ltd. has narrowly missed revenue estimates for the July-September quarter as clients hold back technology spending and AI upends the business model of India's $315-billion IT services industry.

Consolidated revenue rose 11.5% to Rs.35,620 crore ($3.72 billion) in the second quarter of the ongoing fiscal. Analysts, on average, expected revenue to come in at Rs.35,686 crore, according to data compiled by LSEG. Net profit rose 21.2% to Rs.5,132 crore, compared with analysts' estimate of Rs.4,859 crore. Annualised AI revenue rose to $219 million in the reporting quarter from $171 million in the previous quarter.

HCLTech has now narrowed its annual revenue growth forecast to 2.5% to 4% from 1% to 4% in ...