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'Muted Q3 revenue growth for Indian IT cos, visa issues a concern'

Monday, January 08, 2018

Top Indian IT firms are expected to report muted financial performance for three months ended December due to lesser number of working days in the quarter and softness in banking and financial services (BFS) segment, say analysts.

Investors will also keenly await commentary on the demand outlook by the management of IT services majors like Tata Consultancy Services (TCS) and Infosys, even as implications of the US tax reform and proposed changes to visa rules remain a concern.

TCS will kick-off the third quarter earnings announcement season on January 11, followed by Infosys a day later. Wipro is slated to announce its numbers on January 19.

"We estimate 1-1.8% organic constant currency revenue growth for tier-I Indian IT... We expect muted revenue growth for tier-I players due to the usual end-of-the-year furloughs and continued softness in BFS and North America," Kotak Institutional Equities said in a report.

Mid-tier companies are expected to report higher growth, powered by a ramp-up in deals won, it added.

According to Motilal Oswal, key events that investors will keep a watch on include comments on IT budgets for 2018, preparedness to tackle visa-related challenges and views on key sectors like BFS.

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