K. Krithivasan, CEO and MD at TCS, while announcing the quarterly results, stated that while the overall business environment was positive till February, the company started witnessing some amount of uncertainty since March. This has resulted in some project delays and some ramp-downs. “The Consumer Business Group saw heightened caution and delays in discretionary projects, especially in the US. This was driven by the significant drop in consumer sentiment in February, which preceded changes in global trade and tariffs, creating a domino effect on retail CPG (Consumer Packaged Goods) and TTH (Travel, Transport, and Hospitality) industries,” he said.
Wipro is facing a similar heat from the US tariff announcement. While the company started the January 2025 quarter on a positive note, gradually during the quarter, the sentiments turned negative, and the company started witnessing the impact in the US as well as the European market.
This is because of the tariff hike and the anticipation around that, which had a cascading impact, Srinivas Pallia, CEO & MD of Wipro, said during the company’s recent analyst call. He also acknowledged that some of the clients in Europe have also slowed down transformation projects, and want to relook at the timelines at this point in time.
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