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ICICI Direct Report
The growth of Indian IT companies is expected to pick up in Q1, barring weakness in a few companies due to company specific events. The deal execution normally picks up in Q1 as this is the first quarter of full execution after major/minor impact of furlough in Q3 and Q4, respectively.
However, margins are expected to take a hit on a QoQ basis on account of annual wage hike cycle for a few while rationalisation of employee costs for others.
Margin impact will also be on account of visa related costs as well as uptick in travel related expenses as the economy opens up. The demand environment is expected to be strong due to continued deal momentum led by sectors like banking, financial services and insurance etc., but we need to be watchful on how macro as well as geopolitical risks play out, especially in H2 FY23, which is expected to set tone for FY24 numbers.
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