June quarter earnings of domestic IT companies are expected to be soft, but a revival is anticipated in the second half of FY24, according to ICICI Securities. The brokerage remains optimistic on the prospects of Infosys, Persistent Systems, and Tata Consultancy Services (TCS), recommending a 'buy' and upgrading HCL Technologies to 'add'. LTIMindtree, Happiest Minds, and Tech Mahindra have been downgraded. ICICI Securities expects a resilient tech spend demand over the medium-to-long term, with triggers for growth including healthy guidance from SaaS players and a stable or growing deal pipeline. Risks include potential negative impacts of Generative AI on pricing and margins.