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Anand Rathi Report
Q1 is seasonally strong for IT companies, leading to higher QoQ growth expectations. We also expect higher YoY growth compared to Q4 FY24 for most companies, driven by better total contract value: revenue conversion as discussions on deal cancellations/ pauses fade away.
No notable improvement is seen at the macro level. Within sectors, we see better financials of S&P500 banking, financial services and insurance and energy and utility sectors and a steady hi-tech. Retail remains weak.
ER&D companies are likely to report a slower Q1, while IT services inches up. Overall, expectations to end FY25 on a stronger note remain intact, compared to FY24.
Due to the deal booking momentum in Gen AI, discretionary spends are likely to inch up on a low base. Cross-currency headwinds of ~31 bps are likely in Q1, resulting in slightly lower reported $ growth.
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