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Nirmal Bang Report
Unlike the 5-8% local currency (LC) growth guidance that it used to start with in recent years, Accenture Plc’s guidance of 2-5% LC growth for FY21 (August YE) is slower and is a story of two halves with H1 growth likely in the - 3% to 0% range followed by high single digit to low double-digit growth in H2. This is due to impact of Covid-19.
Among the assumptions driving a H2 FY21 pick up (which coincides with H1 FY22 of Indian players) are -
1. a pickup in macroeconomy, 2. Strategy and consulting - discretionary spending - making a comeback 3. larger transformation programs being executed, and 4. base effect.
Just as in FY20, when inorganic part was 2% out of a total of 4% growth in LC, FY21 too will see 2% being added.
We believe that these targets appear to be attainable, as the demand for digital, cloud and security services has received a boost from the pandemic.
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