Adani Enterp. 2433.65↓-0.30(-0.01%)
Adani Ports 745.40↑6.60(0.89%)
Apollo Hospitals 4940.10↓-10.10(-0.20%)
Asian Paints 3212.75↑13.00(0.41%)
Axis Bank 968.20↑17.35(1.82%)
B P C L 356.15↓-0.65(-0.18%)
Bajaj Auto 4726.25↑16.20(0.34%)
Bajaj Finance 7113.95↑70.75(1.00%)
Bajaj Finserv 1475.10↑16.20(1.11%)
Bharti Airtel 829.45↓-5.05(-0.61%)
Britannia Inds. 4705.40↑22.80(0.49%)
Cipla 972.05↓-2.75(-0.28%)
Coal India 227.80↓-1.90(-0.83%)
Divi's Lab. 3537.90↑75.60(2.18%)
Dr Reddy's Labs 4636.65↑33.10(0.72%)
Eicher Motors 3705.10↑31.85(0.87%)
Grasim Inds 1766.40↑31.90(1.84%)
H D F C 2635.35↓-9.45(-0.36%)
HCL Technologies 1128.60↓-9.70(-0.85%)
HDFC Bank 1599.40↓-5.00(-0.31%)
HDFC Life Insur. 579.70↑5.55(0.97%)
Hero Motocorp 2904.80↑34.20(1.19%)
Hind. Unilever 2691.15↓-4.65(-0.17%)
Hindalco Inds. 415.55↓-4.15(-0.99%)
ICICI Bank 942.10↓-4.65(-0.49%)
IndusInd Bank 1306.00↑4.20(0.32%)
Infosys 1279.00↓-25.50(-1.95%)
ITC 442.80↑2.15(0.49%)
JSW Steel 712.85↑0.70(0.10%)
Kotak Mah. Bank 1959.05↑34.15(1.77%)
Larsen & Toubro 2277.95↑9.65(0.43%)
M & M 1411.20↑15.80(1.13%)
Maruti Suzuki 9736.20↑154.10(1.61%)
Nestle India 21705.40↓-128.75(-0.59%)
NTPC 175.40↑1.30(0.75%)
O N G C 153.65↓-1.75(-1.13%)
Power Grid Corpn 235.30↓-0.30(-0.13%)
Reliance Industr 2479.35↑2.10(0.08%)
SBI Life Insuran 1223.00↑7.60(0.63%)
St Bk of India 585.35↓-1.85(-0.32%)
Sun Pharma.Inds. 1013.80↑5.05(0.50%)
Tata Consumer 792.10↓-0.35(-0.04%)
Tata Motors 555.75↑9.50(1.74%)
Tata Steel 109.00↓-0.40(-0.37%)
TCS 3232.30↓-56.60(-1.72%)
Tech Mahindra 1086.25↓-23.10(-2.08%)
Titan Company 2881.45↑25.75(0.90%)
UltraTech Cem. 8109.55↑227.55(2.89%)
UPL 694.00↑4.00(0.58%)
Wipro 399.95↓-4.25(-1.05%)

Weak discretionary spending may bring down revenues of IT firms in Q1

Tremors felt after American IT services firm cut its CY2023 revenue guidance by 2% recently

Sourabh Lele New Delhi

Premium

3 min read Last Updated : Jun 06 2023 | 5:43 PM IST

Listen to This Article

Kotak Institutional Equities (KIE) has said that software services company EPAM Systems cutting its CY2023 revenue guidance by two per cent indicates weak discretionary spending and Indian IT companies will not be immune to this trend.

EPAM, an American IT services company, has cut down its revenue guidance for the current quarter to a range of $1.16-1.17 billion from $1.195-1.205 billion guidance provided in Q1CY23 earnings call. The revenue growth outlook is around 5 per cent lower than the earlier estimates.

The development has sent tremors in the IT services sector across the world. In India, leading IT firms have already warned about the possible impact of economic uncertainties during the March quarter post-results commentary.