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Indian IT services<\/a> companies have witnessed a moderation in growth in the last two quarters in constant currency terms owing to the base effect and evolving macroeconomic headwinds in key markets of the US and Europe.
Due to these headwinds, the decision-making towards discretionary IT spending has seen a slight deferment, while the cost optimisation deals continue to generate stable demand, it noted.
\"Growth momentum for the Indian IT services industry likely to slow down in the near to medium term,\" ICRA said in a statement.
The slowdown is on account of evolving macroeconomic headwinds leading to lower discretionary IT spending.
It estimated that operating profit margins will moderate owing to wage cost inflation and normalisation of operational overheads partially offset by currency gains.
ICRA's sample set of leading IT services companies reported a year-on-year revenue growth of 18.4 per cent in Rupee terms and 9.9 per cent in dollar terms in nine months of FY2023, against about 17-18 per cent YoY growth<\/a> in USD terms in FY2022.
In terms of the segment-wise trend, growth in the BFSI<\/a> (banking, financial services and insurance) segment, one of the key segments for IT companies, has tapered compared to the other segments in recent quarters. This is partially attributable to lower lending activity.
\"Moreover, if the macroeconomic headwinds persist, the mortgage lending and the retail segments are expected to witness relatively higher moderation in growth, compared to the manufacturing and the healthcare segments,\" according to ICRA.
The industry is also grappling with high employee attrition in recent times, led by the demand-supply gap, especially for digital tech talent.
However, the attrition is on a declining trend from the last two quarters and ICRA expects attrition to further decline over the next two-three quarters before stabilising, supported by a strong hiring in FY2022, which has addressed the demand-supply mismatch to an extent.
\"ICRA expects lower hiring by the IT service companies in the near term because of excess capacity added in FY2022 and expected moderation in demand compared to previous fiscals owing to the macroeconomic headwinds,\" Deepak Jotwani, Assistant Vice President and Sector Head at ICRA, said.
Despite expectation of slowdown in growth momentum, ICRA maintains its stable outlook on the Indian IT services industry supported by its cost competitiveness, growing demand for IT services (including digital and cloud services<\/a>) and healthy credit profile of industry participants.<\/body>","next_sibling":[{"msid":97654048,"title":"Top 10 semiconductor buyers lower chip spending by 7.6% in 2022","entity_type":"ARTICLE","link":"\/news\/top-10-semiconductor-buyers-lower-chip-spending-by-7-6-in-2022\/97654048","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":97655312,"entity_type":"ARTICLE","title":"Indian IT services industry's growth pace may slow down in near to mid term: ICRA","synopsis":"Indian IT services companies have witnessed a moderation in growth in the last two quarters in constant currency terms owing to the base effect and evolving macroeconomic headwinds in key markets of the US and Europe.","titleseo":"telecomnews\/indian-it-services-industrys-growth-pace-may-slow-down-in-near-to-mid-term-icra","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":526,"shares":0,"engagementtimems":618000},"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2023-02-06 18:57:19","lastupd":"2023-02-06 19:02:09","breadcrumbTags":["icra","IT services","cloud services","bfsi","yoy","internet","YoY growth"],"secinfo":{"seolocation":"telecomnews\/indian-it-services-industrys-growth-pace-may-slow-down-in-near-to-mid-term-icra"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2023-02-06" data-index="article_1">
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印度IT服务行业的增长速度可能慢下来接近中期:ICRA
印度IT服务公司见证了适度增长在过去两个季度以不变货币计算由于基数效应和发展宏观经济的不利因素在美国和欧洲的主要市场。
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印度信息技术服务公司见证了适度增长在过去两个季度以不变货币计算由于基数效应和发展宏观经济的不利因素在美国和欧洲的主要市场。
由于这些不利因素,决策对它可自由支配支出了轻微的延期,而成本优化交易继续生成稳定的需求,它指出。
“印度IT服务行业的增长势头可能会放缓在短期或中期内,“ICRA在一份声明中说。
宏观经济发展放缓的不利因素导致较低的可自由支配的支出。
估计营运利润率将温和由于工资成本上涨和正常化运作管理费用部分抵消货币收益。
ICRA样本集的领先的IT服务公司公布的营收同比增长18.4%,卢比条款和9.9%以美元计算FY2023九个月,约17 - 18分同比增长在FY2022以美元计算。
segment-wise趋势而言,增长BFSI(银行、金融服务和保险),IT公司的关键部分之一,锥形相比其他段近几个季度。这是部分归因于降低放贷活动。
“此外,如果宏观经济的不利因素存在,抵押贷款和零售领域将见证相对更高的适度增长,相对于制造业和医疗保健领域,“。举行据“国际机器人与自动化会议”
这个行业也面临着高员工流失率在最近一段时间,由供求差距,特别是数字技术人才。
然而,摩擦也有下降趋势,从过去两个季度预计举行,“国际机器人与自动化会议”摩擦进一步下降在未来2 - 3季度企稳之前,由一个强大的招聘在FY2022,解决供求失配程度。
预计举行”“国际机器人与自动化会议”降低招聘的IT服务企业在短期内,因为产能过剩中添加FY2022和预期放缓需求相比以前财政由于宏观经济的不利因素,”迪帕克Jotwani,助理副总裁和部门负责人,举行的“国际机器人与自动化会议”说。
维护举行尽管预期增长势头放缓,“国际机器人与自动化会议”稳定展望印度IT服务行业由其成本竞争力,对IT服务(包括数字和日益增长的需求云服务)和行业参与者的健康的信用资质。
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