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IDBI Capital Report
Weak macro, lower discretionary spend and furloughs to impact revenues of IT companies in Q3 FY24E. Delayed decision making, slower ramp up in deals, slower deal conversion, slowdown in discretionary spend, challenges in hi tech, retail and banking, financial services and insurance continues to be a broad commentary of IT companies.
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The outlook of FY25E is riding on expectation of higher client budget, traction in generative AI and improving macro.
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For Q3 FY24E, in terms of large caps we expect dollar revenue growth in the range of -2.5% - +3.9% QoQ offset by cross currency impact of ~35 basis points. Among mid-caps we expect -4.3% to +5% QoQ growth.
In terms of margins, we expect margins to dip across companies (except Coforge Ltd. Newgen Software Technologies Ltd.) mainly due to furloughs and wage hike in some cases.
We expect Sonata Software Ltd., Newgen and Coforge to report robust numbers. Newgen, Sonata and Cyient are our top picks.
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