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ICICI Direct Report
The revenue growth of Indian IT companies is expected to continue in Q2, however margin expansion is likely to be restricted due to continued high attrition.
Recent trends in Accenture's Q4 FY22 (August ending company) earnings also indicates some near term encouraging trends especially in its outsourcing business which is proxy to Indian IT companies.
Outsourcing business, 46% of the revenue mix in Q4, grew by 16% YoY in USD and 23% YoY in local currency to $7.1 billion for the same business, new bookings (net new order book) stands at $10 billion for the quarter, which grew by 41.1% YoY while that of FY22 stands at $33.9 billion, up 18% YoY.
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