Global firm Accenture's fourth quarter results prove that the worst is behind for the Indian information technology (IT) sector, said analysts on Friday.
While the pace and the broadness of recovery is debatable, they said Accenture's results and revenue growth guidance for the next financial year (FY25) reduce downside risks for Indian IT companies.
“While a strong recovery in discretionary demand may take a few quarters, it is unlikely to worsen. We expect revenue growth for India's largecap IT companies to improve in financial year 2025-26 (FY26), registering a growth of around 7.9 per cent year-on-year (Y-o-Y) as against FY25's estimated growth of 3.6 per cent Y-o-Y,” said analysts at Nomura.
They gave a 'buy' rating for Infosys and Wipro in largecaps and the same for eClerx Services in mid-caps. Accenture on Thursday reported a revenue of $16.41 billion for the June-August quarter of FY24, up 5 per cent Y-o-Y in constant currency terms. The growth was in the upper end of its 2-6 per cent guidance band.
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