Accenture's latest quarterly earnings have reignited concerns over whether artificial intelligence is beginning to reshape the global IT services industry. While the consulting giant delivered a solid financial performance, a sharp decline in new bookings and a reduction in guidance have raised fresh questions about the pace of enterprise technology spending.According to market expert, Sandip Agarwal from Sowilo Investment Managers, the headline numbers were largely in line with expectations, but the drop in order inflows deserves close attention."I see Accenture's numbers in three parts. First, the reported numbers show no disappointment. Second, bookings are down 14.7%. Managed services performed slightly better, but the decline is unexpectedly sharp, which is definitely a negative read-through. Third is the guidance cut. I do not read too much into it because, excluding the Federal Reserve-related impact, you have to align your growth accordingly," he said.AI Yet to Be Blamed OfficiallyDespite widespread speculation, Accenture has not directly attributed weaker bookings or lower guidance to artificial intelligence. Agarwal believes that is an important distinction."The current quarter's numbers are good, so there is no negative surprise. AI has not been mentioned as the reason for softer bookings or the guidance cut. That is a positive read-through," he said.However, he acknowledged that the steep decline in order bookings cannot be ignored."The order book is materially lower. A 15% year-on-year decline is substantial. The deflationary impact of AI, which we expected, will likely continue for another quarter or so. After that, the industry should have a better base from which to grow," he added.Limited Impact Expected on Indian ITWhile Accenture's stock reacted sharply to the results, Agarwal believes the implications for Indian IT companies could be less severe than many investors fear.He noted that Accenture has historically grown at a slower pace than Indian IT firms and expects domestic companies to remain relatively resilient."Accenture's growth rate has always been 2-3% lower than Indian IT growth. I do not see a material impact on current analyst forecasts for Indian IT. There may be a stock rub-off effect because Accenture fell sharply, but from an operational perspective, Indian IT should be in a much better position from this quarter."Why Indian IT Could Stay ResilientAgarwal also pointed out that Indian IT companies have a different geographical exposure compared to Accenture, making them less vulnerable to some of the current global uncertainties."Indian IT companies do not have the same level of exposure to West Asia as Accenture. We are more exposed to Europe and the US, and I do not see those regions showing a significant slowdown yet," he said.He added that discretionary spending remains under pressure due to several macroeconomic concerns."Discretionary spending is low because of uncertainty over the war, corporate earnings, interest rates, and AI. There is also a lot of euphoria around AI, which is drawing investment toward that space," he added.A Buying Opportunity Despite Near-Term Pain?While acknowledging that the sector could witness another quarter of weakness, Agarwal believes current valuations already reflect much of the pessimism."Right now is probably the time to buy. Hardware spending has already seen a strong upcycle. AI platform providers like Microsoft and Grok should continue to do well, and IT services are now entering the next phase," he said.He expects concerns around AI replacing traditional IT services to fade over time."There could be one more quarter of pain. People will talk about the death of IT, but I remain optimistic given current valuations. It is a lower-growth industry now, but even lower growth deserves a minimum valuation multiple," he said.Looking ahead, he remains constructive on the sector's earnings outlook."We see EPS growth of 50% to 70%, depending on the company. Even if valuation multiples remain unchanged, that can still deliver very attractive returns over the next two to three years."