Indian IT firms set for “washout” year, focus now on 2025 – J.P.Morgan

J.P.Morgan analysts expect investors to parse upcoming second-quarter results and commentary from Indian IT companies for signs of recovery in deal signings in fiscal 2025 following a “washout” year.

“We remain negative on the sector as we haven’t seen a meaningful uptick in demand in our recent checks. We think the overall setup is not as positive as last quarter,” analysts Ankur Rudra and Bhavik Mehta said in a note on Wednesday.