Bad times are just starting for India's IT outsourcers, says JP Morgan
JP Morgan has predicted tough times are around the corner for India's big IT services outfits.
In a report released Wednesday, based on meetings with 15 players, the firm concluded"the demand environment for IT services has likely weakened further in June." Author and JP Morgan's head of APAC telecoms and India TMT research Ankur Rudra noted"increased competition for a smaller pie could trigger falling win-rates, pricing and deteriorating deal terms" and projected that deferred project starts, project halts and cancellations are likely to persist.
The firm predicts recovery for the industry isn't likely over the next six to nine months, making all of calendar 2023 – indeed all of financial year 2024 – a"washout." JP Morgan previously expected that only the first half of 2023 would be tough for India's tech services sector. It's since trimmed its estimates of the industry's revenue by one to three percent for Q1. The report also suggests the sector will not deliver investors' hoped-for revenue figures or growth expectations for around a year.
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