Accenture’s Q1 FY24 Commentary Points To Unchanged Demand Environment: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Accenture Plc , a key peer of Indian IT services companies, reported Q1 FY24 revenue growth of 1.0% YoY constant currency, at the upper end of the company guidance and a little above Bloomberg consensus. But it continues to guide for near-term weakness, with Q2 revenue growth guidance of flat YoY growth at mid-point being below consensus expectations. Accenture is maintaining its FY24 revenue growth guidance of 2-5% YoY CC, suggesting a potentially improved H2 FY24. However, this projection is partially influenced by the inorganic impact stemming from acquisitions (200 plus basis point YoY). Management commentary suggested ongoing weakness in discretionary spend, which we expect to be echoed by its Indian IT peers as well. On the other hand, good deal booking in Q1 (up 10% QoQ) was driven by outsourcing. This, along with a positive outlook on pipeline, should provide some comfort on FY25 for IT services companies. We see the continued weakness in communication, media and technology as an ongoing overhang on Tech Mahindra Ltd. (~40% comm. exposure)..Click on the attachment to read the full report:.Accenture Q1 Results: FY24 Revenue Guidance Maintained But Earnings Forecast Below Estimates.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Accenture’s Q1 FY24 Commentary Points To Unchanged Demand Environment: Motilal Oswal

Good deal wins, but weak Q2 outlook remains near-term overhang

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Accenture’s Q1 FY24 Commentary Points To Unchanged Demand Environment: Motilal Oswal

Good deal wins, but weak Q2 outlook remains near-term overhang

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