IT companies see recovery signs in BFSI spends uptick, AI boom
BFSI) and rupee depreciation in a seasonally weak third quarter (Q3) of the financial year has brightened prospects for India's $254 billion outsourcing industry. This, along with growing momentum for artificial intelligence (AI) adoption across enterprises, has put growth in core markets on track for 2025.
Top six software service providers, reporting earnings over the past two weeks, have witnessed revival in the key regions and business verticals of North America and BFSI, with at least three companies — Infosys, HCLTech and Wipro — upgrading guidance, although manufacturing continues to be soft in Europe.
«The December 2024 quarter earnings of major Indian service providers — Tata Consultancy Services (TCS), Infosys, HCLTech, Wipro and TechM — indicated signs of recovery, though the current growth and margins performance was tepid,» said Prashant Shukla, vice president at Everest Group.
