IT Services Q3 Earnings Review - Expect Mid-Teen Growth, Rangebound Margin For FY22E: Motilal Oswal
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Motilal Oswal Report
The Indian IT services industry reported one of its strongest third quarters in FY21, delivering U.S. dollar revenue growth of 4.9% QoQ, helped by increased technology spends across all key industries (despite adverse seasonality), pick up in deal sizes, and faster conversion from pipeline to orders.
The outlook for CY21 continue to improve, with an increase in deal total contract value (median book-to-bill at 1.2 times versus 0.9 times in Q3 FY20) and pipeline across companies.
Managements further highlighted that clients are rolling out multi-year digital and cloud transformation projects, further improving long term visibility in this space.
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