Global IT spend bottoming out

Near-term outlook muted; medium-term offers hope

Three big information-technology (IT) software companies — Tata Consultancy Services (TCS), Infosys, and Wipro — have reported weak results in the fourth quarter, January-March (Q4FY24), and full year FY24. All three have also issued cautious advisories and guidance (TCS does not give revenue guidance).
 

However, the management of these three does think although there’s no visible resurgence in demand, the second half of FY24 (October 2023-March 2024) may have seen a bottoming out. They expect a gradual recovery in earnings momentum and in demand, with late FY25 and FY26 seeing better conditions across the globe.  The three have a presence