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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.
There would be some cross currency headwinds during the quarter, which will dampen dollar revenues, to some extent, for the quarter.
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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