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Prabhudas Lilladher Report
We remain positive on the broader theme of IT services outsourcing spends by global enterprises for modernizing or transforming their operations. Although enterprises have pushed savings-led transformation deals of late, versus limiting their spends to cost-focused earlier, the improvement in macro environment is likely to boost sentiment and help resume long-deferred discretionary programs by late FY25 or early FY26.
This could lead to the execution of multi-year large transformation or legacy modernisation deals, thereby improving revenue conversion. Per Gartner, Indian IT services growth would continue to outpace the global market and other key geographies materially and is expected to report ~10% compound annual growth rate over CY23-28E.
Having said that, we maintain caution on the near-term US election outcome, which might delay deal closure activities or execution of projects that have a higher onsite mix.
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