Citi’s India Research Head Surendra Goyal flags a tougher macro setup driven by rising oil prices, a weaker rupee, and El Niño risks. He warns of earnings downside if oil stays above $100. On IT services, Goyal remains underweight, citing competitive fragmentation, GCC expansion, and growing AI disruption from players like OpenAI and Claude. Q4 earnings are broadly in line at ~9% EBITDA growth, but June quarter numbers will be the real test. Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
