Accenture - Outsourcing In-Line With Pre Covid-19 Trends; Consulting-Led Beat: ICICI Securities
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Accenture - Outsourcing In-Line With Pre Covid-19 Trends; Consulting-Led Beat: ICICI Securities

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ICICI Securities Report

Accenture Plc.’s ‘headline’ growth (up 9.7% QoQ, U.S. dollar) was strong in Q3 FY21 (May-21).

This was largely led by the sharp recovery in consulting (up 12.8% QoQ, U.S. dollar) and associated travel reimbursements.

However, this segment is not comparable to the Indian IT!

Outsourcing, which is more relevant, grew ~3.1%-3.6% QoQ (organic, our estimate) – largely in-line with pre-Covid-19 trends.

Historically, positive seasonality for Accenture is more pronounced in May (versus Indian IT in June), given the furloughs in the base (December month).

Guidance increase was unsurprising given the conservative guidance to start-off with.

Click on the attachment to read the full report:

ICICI Securities Accenture Update.pdf

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