As per the financial details of both the big Indian IT companies, they reported a dip in headcount. On the hiring front too, the two companies witnessed a slowdown in the first quarter of the fiscal year 2024 (April to June 2023). This has triggered a fear of possible recession, which could have serious consequences for the country's wider economy given the IT sector accounts for around 8 per cent of the country's GDP., Companies News, Times Now
In an exclusive conversation with Business Today, Subramaniam said, “Generative AI technology has a lot of potential. It has been widely embraced by consumers, and now enterprises are exploring its applications. However, there are constraints when adopting generative AI at an enterprise level.”
Tata Consultancy Services (TCS) reported a YoY rise of 17% in consolidated net profit of Q1 to Rs 11,074 crore. However, consolidated revenue increased nearly 13%, marginally lower than the estimated Rs 59,500 crore. Motilal Oswal and Nuvama retained their Buy recommendation on the IT major, while Nomura maintained a Reduce rating.