Dismal Growth, Guidance Downgrades, Declining Headcount: How Indian IT Majors Fared in Q1 | In the News

Indian IT majors kicked off a somber earnings season, where their comments highlighted an uncertain demand environment, cuts in discretionary spending, project delays, and a decline in people addition.

In the second quarter of the calendar year 2023, too, customer sentiment shifted decisively to a more-for-less orientation with discretionary spend taking a significant step backwards and firms looking to adopt strategies to save money, said Peter Bendor-Samuel, founder and CEO of Everest Group.

Read more in Money Control.

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