IT Sector Delivers Best Q3 In Several Years: KRChoksey
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Revenue for the IT firms under our coverage rose 3-7% QoQ in U.S. dollar terms (3-10% QoQ rise in constant currency terms), with most companies’ revenue ahead of our estimates led by healthy growth in client IT spend across verticals and strong deal wins, mainly towards digital transformation initiatives, particularly the movement of workloads to cloud.
Ebit margin performance for IT firms in our coverage universe was impressive, with all without exception clocking better-than-expected performance(7-427 basis points QoQ margin improvement), despite many firms awarding wage hikes.
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