Accenture’s Q3FY25 performance, while not extraordinary, showed a steady hand amid global uncertainties. Revenues rose 7% in local currency, with a guidance band of 6-7%. Notably, new bookings were down 7% in local currency, a reflection of cautious enterprise spending in a choppy macro landscape.Geographically, growth remained broad-based with Americas leading at 9%, followed by EMEA at 6% and Asia Pacific at 4%. The financial services vertical grew by a strong 13%, while managed services outpaced consulting. Generative AI bookings came in at $1.5 billion, pointing to increasing AI integration.For Indian IT, the report offers a mixed but mostly stable read. Growth is not accelerating yet, but the worst may be behind. Below is a roundup of what top brokerages are saying:.“Cautious spending behavior by clients amid elevated macro uncertainties and downgrade in earnings,” Emkay wrote. However, they noted “no further deterioration in the demand environment,” and highlighted that “the earnings downgrade cycle is likely bottoming out.” Emkay prefers INFO, TCS, and HCL Tech, TECHM, LTIM, and WPRO in large caps..B&K states “discretionary spending trends remain muted” . They see “limited upside triggers for the sector” due to rich valuations and prefer Infosys, TCS, Persistent Systems, and Coforge..Morgan Stanley termed Accenture’s Q3 as “neutral to slightly positive” for Indian IT. “The demand environment has remained relatively resilient… and financial services strength bodes well for Indian IT.” However, they added, “pickup in discretionary is still missing.”.Nuvama believes “slightly positive for Indian IT” and maintains a “positive stance on the sector over the medium to long term,” especially macro recovery to strengthen tech budgets..Goldman Sachs read Accenture’s report as “broadly unchanged demand environment… largely neutral for Indian IT.” While noting that “the demand environment has likely not worsened,” they flagged limited visibility on near-term improvement and forecast just 0.4% YoY revenue growth for Indian IT in Sep ‘25E..Nomura mentions “momentum continues to be strong in Financial Services” and “no meaningful deterioration of the demand environment” was observed. They highlighted that “Gen AI opportunities continue to mature gradually,” but a “sharp growth revival hinges on macroeconomic improvement, particularly in the US.” Top picks include Infosys and Coforge..Despite ongoing uncertainty in global tech spending, Accenture’s results offer a sense of stability. While discretionary spend hasn’t fully recovered, financial services demand and AI-led programs are offering support.Indian IT players may not be in a breakout phase yet but the bottom could be near.