New Delhi, May 8 -- Lower-than-expected demand for enterprise 5G services, coupled with sustained caution in macroeconomic conditions, could see India's $254-billion information technology (IT) services industry register slower growth from telecom clients than most had expected a year ago.

While the top five Indian IT services firms have already warned of a muted year ahead, a slowdown in tech spending by global telecom operators could deliver them yet another blow this fiscal year, given that telecommunications accounts for more than 10% of the top five IT firms' annual revenue.

A Mint analysis of these firms-Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro and Tech Mahindra-revealed that revenue from the communication...