IT Sector is NO longer the Growth Engine of India | TCS, Wipro, & Infosys Q2 2024 Results

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TCS, Wipro, and Infosys have released their quarterly results for Q2 2024. TCS Q2 2024 shows a revenue growth of 7.9%. On the other hand, Wipro Q2 2024 Results show a decline in revenue by 0.1%. Infosys Q2 2024 results show a revenue increase of only 6.7%. The quarterly results of Indian IT companies are not looking good. TCS Quarterly results and Infosys quarterly results do not show a stellar growth that the Indian IT Industry has commanded for a long time now.
Someone might say that these numbers are good. However, if you compare these numbers to the TCS Q2 results 2023 then they won’t look pretty good. Similarly, if you compare Infosys quarterly results of Q2 2024 to Infosys Q2 2023 results, you will see a sharp decline. All these companies were growing at a rate of 15% at least until Q2 2023. Wipro Q2 2023 results also show a much better picture than the current revenue decline that we see right now.
This means that the IT Industry's quarterly results show a revenue decline. This is not good for the IT Industry and neither good for the employees working within it. In this video, I have covered 3 trends from the quarterly results of these IT giants. The first trend is the decline in hiring freshers. The IT industry is known for the high number of jobs it has created in India right from the early 2000s. TCS and Infosys are the first companies of many young Indians who have later built great startups of their own. But today, the IT industry is not hiring as many freshers as they were before.
The fresher hiring rate has gone down by 15-20% in the last few months. TCS, Infosys, and Wipro have said time and again that they are not hiring freshers because of these reasons: first, the freshers have to be put on a training module, then on the bench for some time, and only then they can be put on projects. In the current macroeconomic conditions TCS, Infosys, and Wipro don’t have enough projects for the current employees so why would they look forward to hiring freshers?
What should IT employees do in this case? Imagine getting hired by one of these IT Sector companies. The salaries of IT service sector freshers did not change in the last decade. But the inflation has increased the amount of money you must make to survive. The fresher salary in the IT industry has remained the same at 3.5 Lakhs since 2013-14. So, whether you get a job or not, you will be looking for another job in just a few months. One thing you can do is get yourself into critical skill areas like AI, ML, and the like. The second trend is the salary of experienced IT professionals.
My wife works in the IT sector and she told me that the salaries in the IT sector are not going to increase. So, again you should try to get yourself into that critical skill area. You can start your own side hustle and do the same job that your company does at a very nominal price in comparison to that. The third trend is about Work From Home. Companies are not looking to have employees continue working from home. Because there is extreme competition among companies for IT projects, these IT companies are telling their clients that our employees work from the office and thus offer more productivity and better value for money.
Another problem is that the office rental price is shooting through the roof. That is why companies are trying to get themselves into special economic zones which come with the condition that about 50% of the employees at least should be working from the office. All trends point to the same point which is, that we cannot continue to rely on a single source of income from our corporate careers. Even if it’s difficult, we need to find a new source of income because there is no other choice. Hope you find this video valuable, see you in the next one.
#itresults #q2fy24results #q2resultsanalysis #tcsresults #infosysresults #wiproresults
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Chapters
0:00 - Intro
0:46 - #1 Hiring Trend
3:00 - #2 Salary Trend
5:04 - #3 Work From Home Trend
6:40 - Outro

[@vinayvascuri]

Even in 2008, my first salary in wipro was 3.25 lacs

[@vivekm7971]

Btw, Whats ur salary now after 15 years in IT

[@YV-2000]

​@@vivekm7971Good question

[@mnbvcxzzxcvbnm]

Same for me. But in my case it was TCS, joined in 2014. My current Salary is 3.4L per month; obviously I quit TCS. 😅

[@ManasJoshi-gc7lu]

@@mnbvcxzzxcvbnm 3.4 lpm or lpa

[@yupp_harish3936]

​@@mnbvcxzzxcvbnm9 years u didnt switched??

[@shubhamchauhan9756]

Those freshers make more revenue via client billing for IT giants in less than 15 days against their annual pay.

[@moinakbhattacharya878]

So one student passes out of the college and from day 1 in the IT company they get billing and generate revenue for company? Are you sure? Who pays for the 6-8 months long training of these candidates when they are inducted ? who pays for them during the time they operate as shadow resources till the time they are ready with the knowledge of tools, processes in typical a client project?

[@FullGardenStudent]

@@moinakbhattacharya878 the task those freshers handle would hardly take a month to learn but they were give 3 to 6 moths for training regardless. Apart from the company paying the freshers for their training, the company extorts from the same freshers by heavily underpaying them and get their returns within a month sometimes. The longer the fresher works, the more the company extorts several folds of their paid salary.

[@shanku61187]

@@moinakbhattacharya878lets stop training freshers 😀

[@moinakbhattacharya878]

​@@shanku61187ok, so freshers can start working on projects straightaway right? Good idea. Which electrical engineering book contains nextjs, kubernetes courses? I hope you know

[@indianlad23]

​​@@moinakbhattacharya878 It is more in the interest of a corporate to train a guy so as to transform him as a earning resource for them. The cost of training him/her will be 'repaid' by him in a matter of a few months.

[@killingmachinelp]

Fresher salary won't change even if they have 500% profit. It doesn't matter, if you notice IT mncs always show less PROFIT, not loss. 😉

[@Nick-du9ss]

You should talk about these data fields company like quantum black bcg x as you are saying data related field is going good You can make a video on these companies

[@rajatjain7365]

Sir you are humble and simultaneously kind. Please keep it up

[@cloudperson1354]

Now everyone will do data analytics 🤣🤣🤣, which will again cause trouble in future. Less demand more supply.

[@SpandanBhatt1985]

it's difficult to start the option B, time constraints and effort const. However the thing is you cant do a full time degree once you are in IT payroll. so it is a paradoxical situation ...I am also an IT developer, working in my third Company.

[@nikhils3895]

Hello Sir, Will TCS do mass layoffs if the situation get worse. Even if they there is layoff what kind of employees will be impacted more fresher or laterals?. Please share your thoughts.

[@shrutisingh891]

Eventually, it's a loss to corporates. Employees are already at loss and to overcome it they will get into other fields. It will be slow and tough but everyone finds their path slowly.

[@maheshshelar7017]

The way communicate your through is just amazing. Great Video Pavan!!

[@PavanSathiraju]

Thank you:)

[@siddheshabnave419]

How data Entry ?? And how should we found gig/opportunities into that?

[@rushilkalola6018]

It is due to global slow down they are highly dependent on Western market.

[@rohittalwar5602]

INDIA NEEDS TO GET INTO HITECH MFG ...PLANES TRAINS DEFENCE CHIPS ETC ETC LADT 30 YEARS STORY OVER

[@moinakbhattacharya878]

That's exactly the solution. Labour arbitrage that worked in 1999 may not work for long. You are bang on target.

[@apexemperor]

Hi, I would really love joining your Accenture friends . I am working in the same org. For the past 3yrs in Big Data Domain.

[@technologicalvivek7510]

Helpful

[@nomadd27828]

Really good video!

[@abdulrahman.a.r8255]

Thanks for the details. Can you suggest some side hustle ?.

[@amarsingh-mx2kw]

Situation B is also worse . If no project in market how it is possible.

[@tokitomuimui]

IT sector have growth potential ❤😊 but IT graduate improved there skills 😊 and pocus on improving skills ❤😊 and also data science and AI have scope in future and also in present ❤😊

[@shrutisingh891]

That's not true because MS, meta all fired great developers. Always focus on second source!

[@abs3793]

One Vada pav seller in our city earns 5000-7000 INR daily

[@AnkitGupta1990]

there is no critical area.. all new tech skills will not have shelf life of more than 2 yrs..

[@parikshasingh3056]

Hi Pavan… Can you make a video on Hyderabad real estate market as the prices are soaring. Wanted to know if it’s a bubble or are the properties really worth the price?

[@sreei6587]

It's pure bubble by current state govt.

[@RevanthKiran]

It was bubble created by ktr with the help of my home rameshwar rao

[@riteshsinha587]

Suggesting moon lighting?

[@moticoneng]

Great Video ❤

[@PavanSathiraju]

Thank you Zaid!

[@civilpractical8845]

In coming soon years supply triples demand low on lowest history

[@shis10]

It is reality. We Need *Option B* ! 💯

[@VPSINGH.1]

And yeah also keep option C after choosing option B... And so on 😂

[@ashrafkhan4097]

@@VPSINGH.1 and then come back to option A🤣

[@adityapatil4287]

Bhaiyya ne g*** faad diya. Any ways thanks for truth.🙏

[@sanujitroy6830]

situation by time

[@rohittalwar5602]

1 crore cybercoolies 😂😂

[@Masteringguide2]

Fire useless mid level managers, keep few but good ones. Hire people based on skills no matter fresher or anybody. Fire seniors who are not delivering that much and still costing company more money (ie focus on productivity and have good metrics to track employees efficiency) so by doing this, this will make room to hire "talent". Then hire based on skills not "purely" no. Of experience. For tech hiring this is one of the main things, fire dumb recruiters and hiring managers who dont know shit about how tech works and how to identify talent. There are plenty of good recruiters and hiring managers on the market hire them.

[@vijaynats]

Nailed it. Middle manager cartel are actually piggybacking freeloaders. Useless expense. They do all kinds of politics including workplace bulling to make good talent leave the company because they fear that tomorrow this talent will replace them in their jobs, which definitely they will because they will make better managers because of their hard work and talent. The funny thing is that this rot is not only in the middle but also at the top. IT companies are actually middle and top heavy with so many unwanted posts created to accommodate friends and cartel members - like..associate vice president, senior associate vice president etc. These useless freeloaders take huge salaries by giving bad ratings to talented people and usurping the increments that are not given. It's a big scam and IT company directors and investors must realize where their EPS is going and why it is low.

[@sundramkumarmishra2149]

Because its main reason in chatgpt

[@kumaraswamy3452]

Hii sir, how about Business analytics with data science as specialization . how long one can sustain with such skills

[@PavanSathiraju]

Pretty good skill. And data shows that it is a critical skill for the coming decade!

[@suvch5842]

​@@PavanSathirajuwhat about web development and cloud

[@yupp_harish3936]

​@@suvch5842pls reply

[@dexter3425]

Sir about web3 and blockchain

[@DharmajBhardwaj]

​@@dexter3425it is dying

[@nishant115me]

please don't scare people by showing slowing sales numbers because that's due to high interest rate environment which will not last too long.

[@PavanSathiraju]

Are you sure it is only about the high interest rate? It is also about the increase in AI applications. IT is slowly being taken over by AI. That is the scarier part.

[@nishant115me]

@@PavanSathiraju Rather for now, AI is bringing in more business to india. IT services business will surely need lesser headcount in future but for that change to Penetrate deep enough will need few more years. Currently we are getting more work for AI implementations, rest of the domains are not seeing much sales.

[@sanketdeshmukh7490]

​@@nishant115mekeep dreaming, high interest rate is going to be permanent in US and West, they can't print unlimited curren anymore

[@nishant115me]

@@sanketdeshmukh7490 they will have to, politicians have to win elections. There will be too much pain to keep it high for too long, and if that happens by chance a lot of industries in a lot of countries would fall.

[@user-re7bp6uj3s]

Please get information from good HR

[@RupanagudiRaviShankar]

sir namaste: I think there was an error in the narration at 5.14 / 5.15 minutes. you mentioned as Work from Home; where in actually it should have been work from Office. kindly ignore this message if i am wrong in understanding the statement made by you. regards sir

[@sushantachoudhury7021]

Even I observed that.

[@mohansain4077]

See companies like service companies (TCS , Infosys) dont mass layoff instead they freeze the new hiring cut down salaries and doesnt give hikes

[@BelugaD108]

I'm 2022 graduate & Jobless 😞

[@jattlife205]

Which degree

[@vijaynats]

Lol who trains for 1 year? Training is for 1 month down from the 3 months earlier.

[@somnathdutta6311]

Hi, pavan I am a freshman graduating in 2024. I have skills in data analytics and machine Learning. Which you have mentioned as up-skilling. I am not getting any jobs. Now the situation can be I am not good enough skilled. But how can I be evaluated because from the past 11 months I am trying to get just an interview but I failed. I have made some projects, I have an internship. Still I am not getting just an interview after applying to more than 200 companies. Now you tell me what I should do now?

[@abhisheknair8756]

AI TO BE BLAMED

[@a2tigersandfun448]

😊😅😅😅

[@a2tigersandfun448]

​@@heyy_badsha🎉🎉🎉🎉🎉🎉

[@higgsboson_77]

which state bro ?

[@097aatirdaniyal7]

What about cyber security

[@moinakbhattacharya878]

Your idea is correct. But you know for cybersecurity you need to be expert in networking, discrete maths, linux programming, expert in Kali linux, cloud computing. This area is less crowded and is quite difficult, but this has got a good future.

[@user-vi7kg3rd7p]

what about data science as career?

[@PavanSathiraju]

It is a fantastic option. Sorry I didn't speak about it in this video

[@Ritesh-pv4yi]

​@@theartist2486yes, exactly. The youtuber's don't know the reality

[@jeetpranav2304]

​@@theartist2486I have a friend who works at a startup as a data engineer. She gets paid roughly 12lpa. She had 1yr of experience at TCS in SQL.

[@moinakbhattacharya878]

It's a good option and for along term career make sure you are good in maths - Statistics/multi-variate calculus/linear algebra/linear programming, Python programming (including libraries such as Panda, numpy, tensorflow, pytorch, matplotlib, seaborne), tools such as PowerBI; plus one needs to develop skills about story telling based on data

[@technologicalvivek7510]

But sir what freshers can do if companies are not hiring freshers.😢

[@indian5005]

Have a back up option...like any non it field.

[@technologicalvivek7510]

@@indian5005 I have family business but I want to make my career in the field of it sector.

[@indian5005]

@@technologicalvivek7510 If that is the case then give it all and try....don't look for money initially but look for experience...eventually you will end up earning with the skills and experience.

[@jayabrataghosh4146]

Struggle like core branches. Don’t be a lazy lumb

[@ajaybhosale7539]

Inke canteen ki sale badhi hogi..Sabhi canteen me hi to baithte hai ..Pura din

[@roveenkumar8612]

This is personal😅

[@pavanm6070]

Y people are only talking about tcs, Infosys, Wipro there are so many companies in india

[@PavanSathiraju]

Because they are public and it is easy to access information. Also, people can understand the topic faster if they know the example:)

[@vaibhavjadhav1702]

Soon there will be jobs in IT industry only for the experienced

[@PavanSathiraju]

I think so! Only for the folks experienced in certain niche fields

[@CasperFiles1969]

Isn't that chicken and egg situation as employees working in IT switch often?

[@harishreddy8523]

How come you are attributing IT only to these 3 companies? there are thousands of companies much better than these shops which do business. Wake up dont attribute IT to only these. There was no real requirement of people like these shops do recruitment. Only number of heads matter to them not work. more number of heads more billing on those heads. In the end these heads doesn't even get 0.01 of the money client pays as salary.

[@worldofcats5309]

Freshers can start making KZbin videos like you 😂

[@PavanSathiraju]

KZbin is fun for me:) You can do it too if it is the same for you:)

[@Inshaallah419]

😂

[@Coding_Student144]

​@@PavanSathirajuu are fired.From tomorrow I don't want to see your face .

[@vigneshradhakrishna6548]

This is just a filthy video. Every private sectors have cross cutting and lay off.. It's best to tel how to survive in industry rather than putting bunch of recession things and make people even more scared.

[@moinakbhattacharya878]

Watch 3 idiots - Kaabil bano, kamiyabi jakmarkar picchhe pichhe ayegi" - getting into CSE with 234000876545 ranking in JEE and shelling out 12 lakhs rupees donation are getting over. Go for higher studies, understand how IT industry operates - as I have mentioned in few posts already - if you want data science career be strong in maths, python programming, do internship in good institutions.

[@moinakbhattacharya878]

@@user-ch2if2sx2d AI is not a language that you will find a AI developer - for AI you need a use case and data to work on. You need knowledge of statistics to work with data and find the right model. AI has several sub-branches - like movement of Robotic machines are AI as well. The programming language could be Python, C, Rust etc. Blockchain - not every large organization will use Blockchain, there is a specific use of Blockchain where the "write" operations are not trusted - like cases of consortium, provenance. BTW, no one stops you from creating user interface using Angular on top of core blockchain or AI based applications.

[@artishinde2943]

You talk very negative 😔

[@guptasagar694]

IT companies should hire more freshers and fire mid level managers and Mediocre 5 year experienced SWE, That way they can easily shoot up their revenues..and it can be easily done..I am a 4 year experiened SWE and skills are easily transferrable

[@krisop28]

Sir if they fire you after one year as you have 5 years experience on that time what will do I mean how will sustain your family ?

[@Avinashkumar-fo2bu]

Phle to tumhe layoff karenge

[@baburaju30]

My office laptop cost 70000. But my office take it in insurance for 130000. Need operations efficiency.