As per the numbers shared during the Q2 FY 2023-24 results, the 10 largest companies saw their workforce fall to 20.6 lakh people at the end of September from 21.1 lakh employees at the beginning of the fiscal year, resulting in a loss of 51,744 jobs.
Indian IT companies TCS, Infosys, Wipro, and HCLTech announced their Q2 FY24 earnings earlier this month. A common theme across major IT players was their significant interest in generative AI.
"Given the strong 2Q and robust deal bookings, the guidance cut is a disappointment and indicates a weak 2H," said Jefferies analysts Akshat Agarwal and Ankur Pant in a note to clients.
Infosys: IIFL Securities said it was shifting focus towards recovery in FY25 driven by its order book and that an attractive dividend yield (4 per cent) may provide downside support to Infosys valuations.