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KRChoskey Report
Revenue for most mid-sized Information Technology firms declined 1-18% QoQ in Q1 FY21 in U.S. dollar terms, as the pandemic impacted demand across verticals, with supply side issues of transitioning to a work-from-home model also impacting growth.
Clearly, engineering research and development (ER&D) firms were impacted more, with the four companies in our sample reporting 9-15% QoQ revenue declines; vertical specific issues for some firms and ER&D investments being discretionary in nature contributed to the greater revenue decline of this segment compared with IT services.
Post 1Q FY21 results, most mid cap IT stocks have surged 40-100%, as expectations of swift growth recovery took centerstage even among under-performing companies.
Increasing criticality of technology, fast-tracked digital investments and company-specific factors have driven stock performance.
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