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ICICI Securities Report
Our anti-consensus sector stance that steady state growth/margins are unlikely to be higher versus pre-Covid-19 echoed in Q4 FY21 performance/outlook.
As consensus rationalised lofty expectations to an extent, sector witnessed downgrades - notwithstanding the sharp Indian rupee depreciation.
Despite the continued euphoria, incremental cloud sales at hyper-scalars remained range bound.
The sector continued reporting strong deal wins. However, this metric per se is noticed to be incomplete with no strong causal relationship on future growth.
In FY21, banking and financial services / healthcare witnessed ‘reactive' (to Covid crisis) spends.
Rebalancing of these spends in FY22 and geographic de-risking by clients pose key risks to outlook.
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