EPAM Systems Q4 Results Review - A Slow Start But Hopes For A Strong H2 CY24: Nirmal Bang

Nirmal Bang Report

EPAM Systems Inc guided for YoY organic constant currency revenue growth of 1-4% for CY24. With revenue in Q1 CY24 to decline by 4% and a weak seasonal Q2, expectation is for H2 CY24 recovery along the lines of guidance provided by almost all larger peers who reported in recent times - Accenture, Cognizant, and Capgemini. The H2 recovery according to EPAM is based on its conversations with clients.

In Q4 CY23, EPAM's revenues declined by 6% YoY. CC basis and excluding impact of exit from Russia, revenues were down by 7.1%. For CY23, EPAM’s revenue of $4.691 billion saw a YoY decline of 2.8%.

In organic CC terms excluding impact of exit from Russia it saw a decline of 2.6% YoY. It stated that the demand environment in H1 2024 is a continuation of trends seen in H2 2023.

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