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HDFC Securities Report
The IT sector (coverage universe) is set to post another quarter of strong growth (up 3.6/17.5 QoQ/YoY) in a seasonally weak quarter (furlough impact).
The growth outlook remains robust, based on-
increasing velocity of digital transformation/shift to cloud,
strong annual contract value as large deals are broken into mid-sized deals,
improving deal pipeline,
accelerated fresher hiring, and
improving alignment/investment in the hyperscalers/software-as-a-system ecosystem.
Tier-I IT is expected to deliver up 3.3% QoQ (up 3.9% constant currency terms) and 16.6% YoY (best Q3 performance). In comparison, mid tier IT is expected to post 5.5% QoQ (range of up 2.4% to up 7.8% QoQ) with larger mid-tier averaging more than 4% QoQ.
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