Key takeaways include:
Managed Services sees record activity in CY22
Managed Services saw the sixth consecutive quarter of ACV over USD9 billion. It grew ~2% YoY in Q4. Combined ACV declined 6.5%. Combined ACV in Americas grew ~1% YoY, led by strength in as-a-service market. EMEA declined 1.4% YoY, as Managed Services declined in the region. APAC ACV declined 33% YoY due to pressure in China, though Managed Services saw solid growth.
Other notables from the con-call
Commentary by Indian IT firms indicates steady demand
Indian IT firms’ commentary suggests IT spending deterioration is not as bad as anticipated, while the deal pipeline has remained strong amid macro uncertainties. Analysts at IIFL Capital Services expect Indian IT Services sector to clock USD revenue growth of 9% in FY24 (versus 16% in FY22), which is still above pre-COVID levels. However, valuations are also above pre-COVID levels. Hence, analysts at IIFL Capital Services recommend to stay selective, with preference for Infosys/TCS (large caps) and Persistent Systems/LTI Mindtree/Cyient (mid-caps).
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