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Motilal Oswal Report
Our IT services coverage universe should witness modest median revenue growth in Q1 FY23E (up 3.3% QoQ in constant currency terms and 14.3% YoY).
Growth in Ebit/ profit after tax (down 1%/down 2.8% QoQ) should be impacted by wage hikes and supply-side pressure, despite a depreciation in the Indian rupee against the U.S. dollar.
We will be watchful of any moderation in the demand commentary across both tier I and tier II companies in the IT services space.
While our recent discussions with managements indicate continued momentum in spends on technology services, we expect initial signs of an impact in sectors like retail and manufacturing in Q1 FY23. The growth deficit in tier I players versus tier II peers will further narrow in Q1 FY23.
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