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IDBI Capital Report
Q3 is a seasonally weak quarter mainly due to higher furloughs. In addition, macro challenges are leading to weakness in mortgage, luxury retail, hi tech and slowdown in 5G capex.
In addition European geo and discretionary spend are expected to slow down. Slowdown in large deal, delay in decision making, cost take outs and vendor consolidation are other key focus areas.
In the current quarter we expect subdued revenues across IT companies. We expect large caps to register dollar growth of 0.7- 2.8% QoQ in constant currency terms aided by 0-10 basis points cross currency.
Among mid-caps we expect revenue growth of down 5%-5% QoQ (organic) in CC aided by 0-20 bps cross currency. Further, tier-1 margins are expected to improve on QoQ basis in the range of 35-117 bps.
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