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ICICI Direct Report
The growth of Indian IT companies is expected to moderate in Q4 FY22 as witnessed in Q4 quarters historically. Margins are expected to take a hit due to continued higher employee expenses. The demand environment continued to be strong led by continued deal momentum led by sectors like banking, financial services and insurance etc.
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There would be some cross currency headwinds during the quarter, which will dampen dollar revenues, to some extent, for the quarter.
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The companies continue to see a demand tailwind (recent Accenture commentary and outlook suggests that) in terms of investment in newer technologies like cloud transformation (as per Accenture commentary, only 30% of applications has been migrated to cloud, suggests long tail of cloud transformation ahead), artificial intelligence/machine learning, block chain (as per CB insights, $25 billion have been already invested by blockchain companies in CY21), which is expected to further propel demand in coming quarters.
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