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ICICI Securities Report
Infosys Ltd.’s revenue was largely in-line, but Wipro Ltd. and Mindtree Ltd. surprised – the latter was also aided by the one-time unlock of physical retail in UK.
While Wipro’s growth was relatively broad based, Infosys and Mindtree were more concentrated within a few verticals.
Lukewarm growth in key verticals like financial services, retail for Infosys, Wipro and revenue stagnancy in top account for Mindtree were noteworthy trends.
Despite partial wage hikes and supply side cost pressures, all three companies reported impressive margin defence.
Further shift of effort mix towards offshore and step up in utilisation helped, a trend which is unlikely to sustain as travel, office resumes.
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