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KRChoksey Research Report
With a weakening macro environment and looming fears of recession, we remain cautious if there is any moderation in the demand commentary across tier I and tier II IT space.
We may see some pressure across sectors due to retail/manufacturing and will likely to stretch over H2 FY23. The growth deficit in tier I players versus tier II peers will further narrow down the band in Q2 FY23.
The overall tech space is left with a limited scope with further upside in revenue growth in Q2 FY23, given the unchanged demand commentary.
Since last quarter, pound and euro dropped by ~10%, aggravated by yen and Australian dollar, the volatility in currency will adversely impact Q2/Q3 FY23E performance. We expect tier-I IT constant currency growth to remain range bound (11-13%) for FY23E due to negative cross currency impact of ~400 basis points.
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