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IDBI Capital Report
Birlasoft Ltd. reported subdued Q1 FY23 revenues (1.5% QoQ) mainly due to delay in deal signing and challenges at clients end.
Going forward, the company is expecting the stuck deals (of $15-20 million) to fructify and bolster growth. Hence, the company aspires to surpass FY22 revenue growth (16% YoY) in FY23E.
However, we believe this is an uphill task and we expect Birlasoft to register 12% YoY growth in FY23E. In addition, we have lowered our margins expectation for FY23E based on Q1 FY23 performance.
Further, macro headwinds and shorter deal cycle has led to tapering of our revenue expectation to 11.1% compound annual growth rate over FY22-24E.
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