Here are the key takeaways:
Managed Services sees record activity in Q123
Managed Services saw another quarter of record bookings, with ACV above USD9 billion. As-a-Service (AAS) market ACV further declined amidst a worsening macro. Combined ACV declined 8%, as Discretionary projects are being paused. Combined ACV in Americas declined 7% YoY, led by weakness in As-a-Service market. EMEA declined 5% YoY, while APAC ACV declined 14% YoY, on the back of slowing growth of Cloud.
Notables from the concall
Indian IT firms indicate near-term caution, even as deals remain strong
Indian IT firms’ commentary indicates near-term pause in Discretionary spending, albeit deal wins remain healthy and pipelines remain strong. Analysts at IIFL Capital Services expect Indian IT Services sector to clock USD revenue growth of 9% in FY23-FY25 (versus 16% in FY22) — still above pre-COVID levels. They recommend staying selective, with preference for INFO/TCS (large-caps) and PSYS/LTIM/COFO (mid-caps).
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