Manik Taneja, Executive Director- IT Services, Axis Capital, discusses the Q2 2023 financial performance of tier-1 and tier-2 tech companies in the IT sector. Taneja highlights the challenges faced by the sector, the impact of wage deferrals, and the importance of deal conversions. He also shares insights into Tech Mahindra’s performance, margins, and management changes. Lastly, he provides Axis Capital’s view on the IT sector and the lone positive-rated stock, Tech Mahindra.