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HDFC Securities Report
IT sector (coverage universe) is set to post its strongest Q3 sequential growth of the past eight years, despite the seasonality factor and the volatile macro situation.
Following a 6% QoQ growth (rebound) in revenue in Q2, Q3 is expected to print 3.7% QoQ for the sector. The stage is set for a double-digit FY22. Key drivers are -
1. accelerated cloud consumption and shift to cloud (migration and modernisation of workloads) triggered by the pandemic,
2. portfolio consolidation of vendors and applications by enterprise clients driven by cost optimisation and leading to multiple large re-badging deals, and
3. improving partner ecosystem/alliances and continuity in strong execution, despite operational displacement and re-alignment.
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