India's leading IT majors TCS, Infosys, and Wipro recently announced their January-March quarter results for fiscal 2023-24 (Q4FY24) and reported a full-year decrease in their total employee headcount for the entire fiscal. Cumulatively, the three software services exporters reported a full-year decline of 63,759 in headcount numbers during the entire financial year 2023-24 (FY24).
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Wipro on April 19 said it sees green shoots in its consulting business Capco, a division that has been troubling the company ever since demand environment started deteriorating. Consulting businesses are usually the first ones to see a decline in revenue when adverse macroeconomic issues affect demand. But, these are also the first ones to rebound as and when the macroeconomic situation improves.
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Several brokerage firms reduced their target price for Infosys stock after the IT major lowered its revenue forecast for FY25, citing unclear prospects for discretionary spending and reported weaker-than-expected Q4 earnings. Infosys slashed its revenue guidance for FY25 to 1-3% from 4-7% a year ago. It has revised its annual revenue growth guidance five times in the previous five quarters.
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