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ICICI Direct Research said that due to the unfavourable currency movements, there would be cross-currency headwinds, which are expected to impact dollar revenues for the quarter. “We continue to see faster digital adoption driving strong medium-to-long-term growth potential of the sector.” The report added that given the strong correlation of India’s IT services revenue growth with US IIP growth, PNB Paribas sees growth slowing in line with a macro slowdown in the US. We expect Wipro to guide for 1-3 per cent CC q-o-q 2QFY23 revenue growth.” We expect Infosys (13-15 per cent) and HCL Tech (12-14 per cent) to retain their FY23 CC revenue growth and margin guidance, however, we see them highlighting lack of visibility on 2HFY23 demand. We expect midcaps’ US dollar revenue to grow 2.5- 9.9 per cent q-o-q. For our large-cap coverage, we expect revenue to grow 2.8-3.9 per cent q-o-q CC (constant currency). Accordingly, we see 0-150 basis points q-o-q margin contraction for our coverage companies in 1Q.
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“We expect Infosys and HCL Tech to maintain their annual revenue and margin guidance.”īNP Paribas in its report said, “Our analysis of commentaries of global IT Services companies indicate a weak near-term margin outlook. It added that the demand environment is expected to be strong due to continued deal momentum led by sectors like BFSI, insurance, etc, but we need to be watchful on how macro as well as geopolitical risks play out, especially in H2FY23, which is expected to set tone for FY24 numbers. Margin impact will also be on account of visa related costs as well as uptick in travel related expenses as the economy opens up,” according to a report by ICICI Direct Research. “Margins are expected to take a hit on a QoQ basis on account of annual wage hike cycle for a few while rationalisation of employee costs for others. Here’s what the analysts expect about the Q1 IT earnings: Even as the earnings season for the June 2022 quarter starting this week with IT company TCS first declaring its financial results on Friday, analysts said the growth of Indian IT companies is expected to pick up in the first quarter, barring weakness in a few companies due to company-specific events.