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KRChoksey Research Report
We expect IT stocks under our coverage to report a combined 4.1% QoQ U.S. dollar revenue growth on top of the decadal high Q3 growth witnessed, as the sector continues to enjoy a growth recovery, with new deal wins, ramp up of recent deals and digital transformation investments to drive revenue.
Cross-currency tailwinds are also expected to aid reported U.S. dollar revenue growth by 50-120 basis points, with Tata Consultancy Services Ltd. to see maximum impact (120 bps) owing to the highest proportion of revenue coming from these currencies.
Indian rupee appreciation will lead to Indian rupee growth coming in lower than U.S. dollar revenue growth.
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