Cautious narrative, sobering outlook: Top IT cos’ results trail expectations amid tariff woes

India’s top-rung IT services companies TCS, Infosys and Wipro disappointed with their March quarter and full year FY25 scorecards on multiple counts and collectively signalled heightened caution up ahead, as macro uncertainties compounded by global trade woes eroded sentiments and weighed on business outlook. The overhang of macro concerns reflected on several fronts, from muted outlook to hesitation to commit upfront on wage hikes, as management commentary from India’s billion-dollar IT powerhouses remained largely sobering in the just-ended quarter.