Indian IT Firms Rally Despite Global Tech Spending Cuts

Wipro Leads with Better-Than-Expected Q3 Revenue Amid Signs of Growth in Consulting Services

Wipro, India's fourth-largest software-services exporter, reported better-than-expected revenue in Q3, with early signs of growth in its consulting services.
Indian IT companies, including market leaders Tata Consultancy Services and Infosys, saw their stocks rally following better-than-feared quarterly reports.
Despite the positive results, Indian IT companies have been grappling with a difficult macroeconomic environment, with clients in the United States and Europe reducing discretionary tech spending.
Infosys and TCS, which earn more than 80% of their revenue from Western markets, have seen demand taper as customers cut back on tech spending due to higher inflation and an uncertain global economic outlook.
Wipro expects its March-quarter IT services revenue to range between $2.62 billion and $2.67 billion, following a 1.7% sequential decline to $2.66 billion in October-December.