ASAP drags down HCLTech Europe revenue in Q1

IT major HCLTech reported a downturn in revenue from its European operations in the quarter ended June, largely due to the underperformance of its recent acquisition, ASAP Group, according to C Vijayakumar, chief executive officer of the company.

“The acquired company, ASAP, particularly in the automotive sector, performed below our expectations. There’s noticeable softness in the automotive segment, especially in Germany, which is exerting pressure,” Vijayakumar told FE.