The statement from Thierry Delaporte, who took over as Wipro boss in July 2020, comes at a time when at least half a dozen brokerages expect Wipro’s full-year revenue to decline this fiscal
The demand environment has not seen much change since June quarter results of Infosys barring a few mega deal closures as certain pockets in banking and financial services and discretionary spending in retail continue to be "under pressure," said the report.
A bulk of the investment (Rs 11,514 crore) went into financial services, which have been a favourite of all big boys of Dalal Street amid solid credit growth. However, the pace of inflow in financial stocks slowed down compared to June when FIIs invested over 19,000 crore in the sector. Capital goods continued to be in the list of top FII favourites as foreign investors spent Rs 5,633 crore in the sector.
The two verticals that most IT companies saw notable slowdown were banking and telecom, and these two sectors saw significantly higher digital spend during the pandemic period. The commentaries by companies indicate that project ramp downs or cancellations might still be on-going as and when these projects come up for renewals.
Operator: Ladies and gentlemen, good day, and welcome to the Infosys Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode.