Top IT cos wrap up Q1 with single-digit topline growth

India’s top IT services firms delivered single-digit revenue growth in April-June, capping off a mixed, somewhat-sobering quarter as macroeconomic instability and geopolitical tensions weighed on global tech demand and delayed client decisionmaking.

- Press Trust of India

Management commentary painted a mixed picture, caution prevailed, yet industry CEOs also emphasised cost optimisation, vendor consolidation, and opportunities in AI makeovers.

An overview of Q1 report cards of Indian IT giants shows year-on-year revenue growth ranging from 0.8% (for Wipro) to 8.1% (HCL Technologies).

Axis Securities, while penning its results review on Infosys, noted that overall the business environment remains uncertain due to unresolved tariffs and geopolitical issues, prompting clients to be cautious with discretionary spending, and delaying decision-making.

Nuvama Institutional Equities expects the demand environment to remain challenging for the next one-two quarters due to macro uncertainty.