NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Accenture Plc reported in-line growth of 1% YoY in constant currency terms (guided -2% to +2%), led by outsourcing segment, up 5% YoY, while revenues in consulting declined by 2% YoY.
New bookings at $18.4 billion, up 14% YoY (4.8% YoY on last twelve months basis) with book-to-bill of 1.1 time.
Outsourcing/consulting bookings were up 21%/6% YoY, with book-to-bill of 1.3 times/1.0 times respectively.
Accenture maintained its revenue growth guidance of 2% to 5% for FY24 inc. 2%+ inorganic growth. Organic growth range of 0-3% implies compound quarterly growth rate of -0.8% to +1.1% for next three quarters which implies no meaningful demand acceleration expectations even till August 2024.
View for Indian IT:
Retained guidance indicates deterioration is likely limited, although cautious commentary will continue to translate into muted growth. Looking at Accenture implied guidance for H2 FY24, we should expect mid-single digit growth for Indian IT in FY25 in best case scenario, and do not add comfort to recent up-move.
Maintain preference for large caps with HCLTech Ltd./Infosys Ltd. as preferred bets.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Comprehensive Budget 2026 coverage, LIVE TV analysis, Stock Market and Industry reactions, Income Tax changes and Latest News on NDTV Profit.
