The demand environment is seen to have become stronger, even as the likelihood of a recession in the US in 2023 remains high
The analysts expect TCS to report fiscal Q4 revenue growth of 1.1 percent versus the previous quarter, and 11.2 percent increase over the same period a year earlier, in constant currency terms, which eliminates the impact of currency exchange rate fluctuations.
Image: Dhiraj Singh / Bloomberg via Getty Images
The mixed bag that is the IT services sector’s outlook continues to evolve rapidly. Even as a new, more positive estimate for the sector’s outlook emerged last week, more locally, hundreds of college graduates from 2022, who previously held job offers from LTIMindtree, found those offers in jeopardy.
LTIMindtree, India’s sixth biggest IT services company by revenue, has asked 700-800 graduates to submit to a new training and assessment programme to be eligible for “onboarding” as the process is known in the industry.
This estimate is from Nascent Information Technology Employees Senate (NITES), a Pune-based non-profit that seeks to organise the IT industry’s employees. An email to LTIMindtree had not elicited a response at the time this copy was published.
LTIMindtree’s move was “unethical,” Harpreet Singh Saluja, president of NITES, says in a statement.
The Larsen and Toubro group company isn’t alone. Ongoing macroeconomic uncertainties, including the high likelihood of a recession in the US this year—99 percent chance according to the latest estimate from The Conference Board, a non-profit business think tank—have made India’s biggest IT services companies circumspect.