Capgemini Q4 Review - Shows Continued Resilience In Technology Demand: ICICI Securities

ICICI Securities Report

Capgemini reported strong revenue growth and bookings in Q4 CY22 despite macro weakness. The company’s revenue growth was at 14% (12.8% organic) YoY constant currency in Q4 CY22, resulting in full-year growth of 16.6% YoY CC in CY22 – higher than its guidance of 14-15%.

Capgemini won record-high bookings of €6,685 million (up 11.4% YoY CC) despite macro weakness and slippage of some deals (not material though), leading to a strong book-to-bill ratio at 1.16 times.

Headcount addition slowed down with net addition of 1,200 employees, up 0.3% QoQ (similar to peers). Capgemini is also focusing on improving utilisation (up 100 basis points QoQ in Q4). Attrition is cooling off (25.5%, down 130 bps QoQ) in line with industry trends.

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