The recent developments hint towards the Indian IT sector phasing out remote work and bringing employees back to offices. This comes at a time when major IT players are trying to reduce inefficiencies
The Indian IT sector is facing headwinds due to the broader macroeconomic conditions and cutbacks on discretionary spends. Amid this another prominent trend is multiple senior level executives exits
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.
Wipro’s second-quarter performance was significantly below the analysts’ already muted expectations. In addition, the country’s fourth largest software exporter provided a sombre outlook for the next quarter’s top line notwithstanding a sustained momentum in new deal wins.