ACCENTURE'S SUBDUED FIRST-quarter performance, tepid demand outlook and one of its weakest revenue growth guidance have poured cold water on the hopes of an early recovery of the Indian IT sector. Earlier, analysts were hoping of a revival in 2024 on the back of more spending by businesses as a result of US Fed's latest policy review hinting at at least three rate cuts in the year.
Accenture has a huge employee base in India and is seen as a bellwether for domestic IT peers like TCS and Infosys. "Accenture has underperformed mid-point of initial revenue growth guidance five times in the past 17 years. Note that already the guidance of 2-5% is among the weakest guidance in history, similar or weaker guidance occurred in recession years," Kotak Institutional Equities said on Wednesday.
This story is from the December 21, 2023 edition of Financial Express Mumbai.
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This story is from the December 21, 2023 edition of Financial Express Mumbai.
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