IT Services Q3 Earnings Review - Lift-Shift-Transform: Prabhudas Lilladher
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Prabhudas Lilladher Report
Tier-I IT companies posted healthy revenue growth of 5% QoQ U.S. dollar in a seasonally weak Q3.
Revenue growth was led by recovery in manufacturing and communication sectors, which underperformed in Q2.
Highlight of the quarter was margins remained either stable or expanded on top of sharp expansion in Q2, despite headwinds from wage hike in Q3.
We believe some of the margin tailwinds are structural in nature (offshore shift, pyramid reshaping etc.) and would continue to help India’s IT services in market share gains.
Pricing environment remained stable.
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