Global headwinds to deeply impact IT revenue growth in FY24, says Crisil

Mumbai: Global macroeconomic and financial sector headwinds are set to take a deep toll on the domestic IT companies’ revenue growth in FY24, a report said on Friday. The Rs 10 lakh crore sector is likely to witness revenue growth plunging by up to 9 percentage points to 10-12 per cent in FY24 as against the nearly 20 per cent growth estimated in FY23, Crisil Ratings said.

“Headwinds in key markets, especially the BFSI (banking, financial services and insurance) segment in the US and Europe, will affect the revenue growth of domestic IT services companies,” it’s senior director Anuj Sethi said.