New Delhi, June 22 -- Global IT services major Accenture's latest quarterly performance and lowered full-year guidance indicate that demand conditions remain challenging, with little sign of an imminent recovery for the IT services industry, according to a report by Kotak Institutional Equities.

The brokerage said Accenture's results offered "no solace to a sector beleaguered by multiple headwinds" as discretionary spending pressures persist and geopolitical uncertainties continue to weigh on client decision-making.

Accenture reported revenue of USD 18.7 billion for the quarter, up 5.6 per cent year-on-year in dollar terms and 3 per cent in local currency, with growth landing at the midpoint of its guidance range.

However, the company ...