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Nirmal Bang Report
We expect IT companies to show steady growth in the Q2 FY25 quarter, driven primarily by the recovery in the banking, financial services and insurance vertical and large deal ramp ups. Expect QoQ CC revenue growth of 2.7% - 0.3% for tier-I and 3.7% - 0.5% for tier-II.
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As noted in our latest IT thematic report, variance to this revenue growth will be a short term headwind which won't tamper with the clients' enthusiasm to spend towards IT in CY25.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Rate cut in Sep'24 and conclusion of U.S. elections will bring more stability in Tech budgets for clients from CY25 onwards. Expect further improvement in the demand environment and enterprise spending towards IT post Q3 FY25.
Our top picks would be TCS on the highest margin of stability with industry par revenue growth and leading margins; HCLTech on its favorable ER&D and P&P business, LTIMindtree on its strong BFSI portfolio and synergy benefits in good demand environment and Coforge on excellent execution even in a bad environment.
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