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Nirmal Bang Report
We are upgrading our stance on the Indian IT Services sector from ‘underweight’ to ‘overweight.’ We anticipate a robust double-digit EPS growth (17.5% compound annual growth rate) from FY24 to FY27E, driven by,
solid trailing twelve months deal wins of ~$100.7 billion as at Q1 FY25, up 16.6% YoY despite the downturn;
stabilised margins
sustained medium to long-term opportunities in Digital Transformation, especially in Cloud, cybersecurity and GenAI;
enhancing client’s operations across verticals; and
Potential positive consumer sentiment from expected Fed rate cuts and likely unlocking of client spending.
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