The brokerage firm highlighted the weaknesses and challenges top Indian IT companies are facing in the BFSI, telecom, hitech, manufacturing and retail verticals.
JP Morgan reduced Tech Mahindra's revenue estimates for FY24 and FY25 by 3-5% and those for Mphasis'by 6-8%. The brokerage firm said in a note,"We cut the margins by 40 bps/60 bps, driving 7%/10% cut in EPS" for Tech Mahindra. It also reduced Mphasis' margins by 40bps/30bps, driving 8%/9% cut in EPS for FY24 and FY25.
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