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Axis Securities Report
The IT Services sector is expected to report moderate growth in March-quarter, primarily due to the lack of a meaningful improvement in demand, a steady deal pipeline, and ongoing macroeconomic uncertainties such as geopolitical conflicts, trade tensions, and political instability.
Over the past few quarters, clients of Indian IT services companies have curtailed IT budgets amid this uncertainty, particularly in the US and Europe.
Large enterprises continue to prioritise cost optimisation and defer discretionary spending, resulting in a higher share of cost take-out deals, vendor consolidation, and reduced headcount-related expenses.
Telecom sector
Telecom players, i.e., Bharti Airtel Ltd. and Reliance Jio, continue to gain market share, supported by higher customer stickiness, improving financial performance, and favourable market conditions. The brokerage believes this momentum is likely to continue, driven by the 5G rollout, tariff hikes, strategic alliances, and robust cash flows.
While competitive intensity has moderated due to market consolidation, challenges such as high debt levels for weaker players and regulatory obligations persist.
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