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Prabhudas Lilladher Report
Tier-I IT services revenue grew up 4.2% QoQ U.S. dollar with three out of five companies delivering strong beat in revenue.
Tier-II IT services pack grew at much higher rate (average 8.8% QoQ U.S. dollar).
Ebit margins declined sequentially (~100-250 basis points) for most of the companies, but were in-line or above our estimates.
Some of the headwinds were specific to Q1 such as wage hike and visa costs, whereas cost pressures from-
increased hiring to backfill attrition and fulfill strong order book and
increased sub-contracting costs may persist.
We note that companies have not changed their FY22 margin guidance, implying no further negative surprises and confidence of managing margins.
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