The Indian IT industry has reported underwhelming numbers in the latest earning season, signaling a challenging time for the sector in the face of tough macroeconomic conditions.
As a result of the slowdown in the IT sector, the decline in hiring numbers and net employee addition across major companies in FY 2022-23 was recorded.
The hiring at Indian IT companies has crashed up to 95%, with companies such as Tech Mahindra, Wipro, TCS, Infosys and HCLTech recording a significant decline in net employee addition in FY23 YoY.
The banking crisis that played out in February-March of this year led to further ramp-down in existing deals of IT companies and cutbacks in discretionary spending. Companies are dialing back on hiring and considering using automation to improve productivity with the increasing interest in AI.
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