BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
IT services stocks have significantly de-rated over the last one year, owing to growth moderation due to a weak macro environment and historically high base valuations.
While FY24 industry growth is expected to remain muted due to pressure in key client industries, we are positive on the sector due to-
good long-term demand outlook, and
tier-1 median price/earning at 17 times (one year forward) factoring in the near-term weakness.
Moreover, we see support for share prices of our tier-I coverage from historically high payout yields (FY24/FY25 median yield at 4.2%/4.9%), having crossed the 4% mark in FY23 for the first time since FY18.
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