GLOBAL IT SERVICES leader Accenture's Q1 FY25 results and upgraded revenue guidance have emerged as a confidence booster for the Indian IT sector. Analysts view the performance as a positive signal for an industry navigating muted demand and cautious client spending.
Accenture revised its FY25 annual revenue growth projection to 4-7%, up from 3-6%, citing reduced forex headwinds. The company's strong Q1 performance, including $1.2 billion in bookings driven by demand for AI and digital transformation projects, points to a growing focus on large-scale initiatives. Brokerages suggest this trend aligns well with the strategies of Indian IT firms, which are emphasizing big-ticket deals amid tighter budgets for smaller projects.
"FY25 guidance upgrade underscores the improving backdrop for Indian IT," Motilal Oswal Financial Services noted in a report on Friday. "The initial phase of recovery in H1FY25 was sluggish, but we now see clear signs of an acceleration, with demand expanding beyond US BFSI to other verticals."
However, Indian IT stocks fell 1-3% on Friday, mirroring the broader bearish sentiment in the market.
This story is from the December 21, 2024 edition of Financial Express Chennai.
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This story is from the December 21, 2024 edition of Financial Express Chennai.
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