New Delhi, May 6 -- Indian domestic technology companies reported another soft performance in the March quarter, led by select cases of delays in project ramp-ups and a cautious spending stance adopted by a few verticals in the run-up to the reciprocal tariff announcement.

Companies also remained cautious that growth would be a challenge in the coming quarters amid potential headwinds in developed economies. All large IT services companies reported a sequential revenue decline in constant currency terms in Q4FY25 - a first since the June 2020 quarter, said domestic brokerage firm Kotak Institutional Equities in its latest report.

According to the brokerage, the decline was sharp in manufacturing and retail verticals, while revenues from...