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Prabhudas Lilladher Report
We expect revenue growth to moderate by 150 basis points QoQ in Q4 given strong sequential growth in last two quarters and currency headwinds of ~30-60 bps.
Management commentary suggests continued healthy deal momentum with no impact of ongoing macro uncertainties on decision making as yet.
We anticipate margins to decline by 40-80 bps QoQ in Q4 led by supply side pressures and decline in utilisation due to ramp up in fresher hiring since last few quarters.
We believe margins will remain under pressure in FY23 as well given persisting supply side constraints and gradual return of travel and facility costs.
We expect strong demand commentary from IT majors led by Infosys Ltd. with revenue growth guidance of 11-13% YoY constant currency for FY23.
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