BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
We believe the disconnect between macro (weakening U.S. and European economy, moderation in demand etc.) and micro (commentaries from management) will no longer continue.
We expect a shift in the management tone from ‘continued strength in demand’ to focus on ‘return on investment and cost optimisation by clients resulting in normalisation of demand’.
Key metrics to track in Q2 FY23 will be:
hiring momentum (Accenture’s headcount addition remained soft at ~10,900 (up 2% QoQ) for second consecutive quarter versus ~40,000 quarterly run-rate from February 2021 to January 2022),
commentary on deal pipeline and any signs of slowdown in deal conversion,
pricing (our assumption remains intact of no pricing gains in FY23),
revenue growth of top clients, core verticals,
margin outlook amidst slowing revenue growth and wage inflation, and
commentary on impact of furloughs in December quarter.
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