Indian IT firms are unlikely to show any improvement in performance in the second quarter of the ongoing financial year (FY24) despite a slew of big deals coming their way during the July-September period.
“The large wins are misleading; most of them are a result of vendor consolidation. Hence, a vendor may win in one case and lose in others. Often, no new scope is added, and they do not have a big positive impact on the industry. When this is combined with the reduction in discretionary spend, we can expect to see growth rates continue at the 4-5% level,” Peter Bendor Samuel, CEO of Everest Group, told Bizz Buzz.