Global SaaS Companies’ On Demand Scenario - Stable With A Positive Disposition: ICICI Securities

ICICI Securities Report

Indian IT players have ‘sell-to’ and ‘sell-with’ partnerships with a number of global software as a system companies. Here, we slice and dice the results of such global companies from the recently ended quarter. The commentaries exhibit a texture of stable demand, improving even. Highlights:

1. Most SaaS companies reported September/October 2023 quarter revenue growth higher than their guidance; some upgraded full-year CY23 guidance too, indicating a stabilising demand environment. Adobe’s guidance for FY24 November-end) and Bloomberg consensus estimates suggest CY24’s revenue growth for SaaS companies to be similar to CY23.

2. There is keen interest in the Gen AI-based products that SaaS players have to offer. We see SaaS players being early beneficiaries of Gen AI, with follow-on effects on IT services industry with a time lag.

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