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IDBI Capital Report
Despite some recovery in cost take out projects along with some traction in banking, financial services and insurance, healthcare and manufacturing, delayed ramp up of large deals likely to push the growth story to H2 FY25 and Q2 is likely to be driven by financial sector.
Absence of wage hike, better operational efficiencies and large/cost optimization deals likely to give an additional comfort to the margin. Gen AI deals are getting higher traction along with transformational ones and becoming the integral part of the IT deals.
We firmly believe that Gen AI has a multi-year tailwind. Though, the Indian IT companies are not providing at bifurcations on Gen AI deal wins but continued focus/participation will lead to solid traction in the near future.
Hence, we expect modest $ revenue growth in range of 0.5%-3.5% in large cap and 2%-4.8% in Midcap. And in terms of margin, we anticipate better improvement in midcap over large cap.
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