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Motilal Oswal Report
Our IT services coverage universe should deliver median revenue growth of 4.2% QoQ and 15.4% YoY in constant currency terms in Q2 FY23E.
Growth in Ebit/profit after tax (5.9%/9.1% QoQ) should be aided by seasonal margin improvement, although the impact is muted due to continued supply side pressure.
With a weakening macro environment and looming fears of recession, 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 various managements indicate continued spends on technology services, we expect some impact across sectors (led by retail and manufacturing) for the remaining part of the year. The growth deficit in tier I players versus tier II peers will further narrow in Q2 FY23.
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