The sequential constant currency (CC) revenue performance of Tata Consultancy Services (TCS), Infosys, HCL Technologies and Wipro were better than estimates. Expectations were low as Q3 is a seasonally weak quarter due to furloughs coupled with the ongoing demand uncertainty.
Notably, management commentary is still cautious with large-caps not seeing a visible pick-up in discretionary IT demand just yet. Cost optimization projects continue to drive the deal momentum. For instance, Infosys's management said the number of digital programmes in the deal pipeline is low, whereas the number of cost takeout and vendor consolidation programmes is relatively higher. Clients are focusing on conserving cash, thus leading to a delay in decision-making and project deferrals. This means that a faster conversion of deals into meaningful revenue growth isn't on the cards in the near term.
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