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ICICI Securities Report
Accenture’s strong performance in outsourcing (up 8% YoY, constant currency) is a positive read-through for Indian IT.
This is a decent lead indicator of a residual ‘comeback’ by Indian IT in the impending earnings season.
New booking strength (up 25% YoY) is encouraging. However, even on the upgraded revenue growth guidance (up 3-5% YoY, organic, constant currency, adjusted for reimbursements), the implied compound quarterly growth rate over next three quarters (down 2.0% to down 0.8%) is low.
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