The results of major IT companies for the quarter ended September 2023 are out, and the report card is not looking good. India’s five largest IT companies — Tata Consultancy Services, Infosys, HCL Technologies, Wipro and LTIMindtree — saw a muted quarter due to demand slowdown, macroeconomic headwinds and weak discretionary spending. Analysts don't see tailwinds for these companies in the near term, either.