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Prabhudas Lilladher Report
FY25 is expected to have kick-started with moderate performance in an otherwise strong Q1, attributed to depleting enterprise sentiment and confidence to resume discretionary programs at the onset of adverse macros.
Our IT coverage universe (tier-I) is expected to report a median revenue growth of 0.8% QoQ constant currency in Q1 versus a median decline of 0.6% CC QoQ in Q4.
Margin improvement is likely to be stable with median margin improvement of 20 bps QoQ. Major currencies remained broadly stable. euro and British pound sterling strengthened against USD by 0.9% and 0.5%, respectively, diluting reported growth, although not meaningfully.
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