{"id":58576,"date":"2023-06-01T14:58:35","date_gmt":"2023-06-01T06:58:35","guid":{"rendered":"https:\/\/news.outsourceaccelerator.com\/?p=58576"},"modified":"2023-06-01T14:58:35","modified_gmt":"2023-06-01T06:58:35","slug":"icra-predicts-slump-in-indian-it","status":"publish","type":"post","link":"https:\/\/news.outsourceaccelerator.com\/icra-predicts-slump-in-indian-it\/","title":{"rendered":"ICRA predicts slump in Indian IT growth, hiring in FY24"},"content":{"rendered":"

NEW DELHI, INDIA \u2014 India’s IT sector, worth nearly US$250 billion, will face a further slowdown in revenue growth to mid-single digits in FY24, according to the domestic rating agency ICRA.\u00a0<\/span><\/p>\n

Amid ongoing uncertainties, hiring in the sector is also predicted to remain at “low levels” in the near future.<\/span><\/p>\n

ICRA\u2019s forecast comes on the heels of a report by the industry lobby group NASSCOM, which revealed a decline in the sector’s growth to 8.4% in FY23, down from over 15% in the previous fiscal year.<\/span><\/p>\n

“Despite a strong order book and deal pipelines of Indian IT services companies, we expect the revenue growth to remain subdued in mid-single digits in USD terms in FY2024,” said ICRA.<\/span><\/p>\n

However, the agency maintained a stable outlook for companies in the sector, typically recognized for having the best leverage positions.<\/span><\/p>\n

ICRA cited macroeconomic headwinds in the United States and Europe. These regions generate up to 90% of the industry’s revenues as significant contributors to the slowed growth in the past two quarters.\u00a0<\/span><\/p>\n

In particular, the banking, financial services, and insurance segment, accounting for nearly a third of the overall revenues, faced more substantial declines due to crises in American banks.<\/span><\/p>\n

ICRA also noted a 1.90% contraction in operating profit margins to 22.9% in FY23. Despite the predicted revenue growth slowdown, the agency expects this number to remain steady.<\/span><\/p>\n

Employee addition in the top five companies dropped to 83,906 in FY23, down from 273,000 in FY22, reinforcing ICRA’s prediction of low-level hiring amid continuing macroeconomic uncertainty.<\/span><\/p>\n

Read more here.<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI, INDIA \u2014 India’s IT sector, worth nearly US$250 billion, will face a further slowdown in revenue growth to […]<\/p>\n","protected":false},"author":12,"featured_media":58569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[201],"tags":[],"yoast_head":"\nICRA predicts slump in Indian IT growth, hiring in FY24 - Outsource Accelerator<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/app2690.cloudwayssites.com\/icra-predicts-slump-in-indian-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICRA predicts slump in Indian IT growth, hiring in FY24 - Outsource Accelerator\" \/>\n<meta property=\"og:description\" content=\"NEW DELHI, INDIA \u2014 India’s IT sector, worth nearly US$250 billion, will face a further slowdown in revenue growth to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/app2690.cloudwayssites.com\/icra-predicts-slump-in-indian-it\/\" \/>\n<meta property=\"og:site_name\" content=\"Outsource Accelerator\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/outsourceaccelerator\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-01T06:58:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/app2690.cloudwayssites.com\/wp-content\/uploads\/2023\/06\/7.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"HJ Suroy suroy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@outsourceaccel\" \/>\n<meta name=\"twitter:site\" content=\"@outsourceaccel\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"HJ Suroy suroy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/app2690.cloudwayssites.com\/icra-predicts-slump-in-indian-it\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/app2690.cloudwayssites.com\/icra-predicts-slump-in-indian-it\/\"},\"author\":{\"name\":\"HJ Suroy suroy\",\"@id\":\"https:\/\/news.outsourceaccelerator.com\/#\/schema\/person\/f226e9b21c9720115eb44eadda5ea32a\"},\"headline\":\"ICRA predicts slump in Indian IT growth, hiring in FY24\",\"datePublished\":\"2023-06-01T06:58:35+00:00\",\"dateModified\":\"2023-06-01T06:58:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/app2690.cloudwayssites.com\/icra-predicts-slump-in-indian-it\/\"},\"wordCount\":262,\"publisher\":{\"@id\":\"https:\/\/news.outsourceaccelerator.com\/#organization\"},\"articleSection\":[\"Global\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/app2690.cloudwayssites.com\/icra-predicts-slump-in-indian-it\/\",\"url\":\"https:\/\/app2690.cloudwayssites.com\/icra-predicts-slump-in-indian-it\/\",\"name\":\"ICRA predicts slump in Indian IT growth, hiring in FY24 - 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