Weak macros, rising competition make market challenging for IT companies

The macro environment for Indian IT companies persists to be weak with global clients tightening their purse strings and the competition to grab existing deals in the market getting fiercer, company executives said as first quarter of the fiscal draws to a close.

HCLTech chief executive C Vijayakumar has said fiscal 2024 could be a “challenging year” for growth, according to a report by brokerage Kotak Institutional Equities.