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IDBI Capital Report
In this report we have tried to study the impact of inflation on top five U.S. banks revenues, earnings, tech spend, and Indian IT revenues and earnings. Based on our study we conclude that inflation has limited impact on tech spends, Indian IT revenues and earnings.
In addition, we expect tech spend to remain robust and expect Q4 to be healthy with average 4% QoQ growth in U.S. dollar terms. Going forward, the intensity of tech spend is also expected to increase as clients are willing to spend on IT via capex and opex.
So the pool of tech spend has increased for IT companies. Further, global cloud providers continue to grow at robust pace (~40% YoY) and top five U.S. banks are focusing on digital tech. We believe Indian IT will be a key beneficiary of the same.
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