We need to also see the Revenue and Profit Growth of MNC IT players like Accenture, Cap Gemini and others to check if this slow growth witnessed by TCS and Tata Elxsi both is across the world or India specific.
Since the growth of 5% looks certainly low, one reason could be US elections which are round the corner and certain large deals might be on hold, which might be awarded after election results and/or start of USA New Financial Year.
Generally Q1 and Q2 are better than Q3 for IT industry due to long holidays in Q3, but if Q2 it self is slow than expectations then we need to look at other data points as well.
Just an opinion since worked in IT industry for 2.5 decades.
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