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).
Open FlipWipro 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.
Open FlipSeveral 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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