For the top six India-based companies—TCS, Cognizant, Infosys, HCLTech, Wipro, and Tech Mahindra—FY24 revenues totaled around $97 billion, with manufacturing revenue comprising approximately $13 billion.
Mid-sized, automotive-focused engineering firm KPIT Technologies experienced a more pronounced impact, with pressures expected to persist over the next two quarters. Europe and the UK, which represent over 40% of KPIT's revenues, showed a decline for the first time since the pandemic.